Sphere Weekly Report — CW 74
Hey Sphereans!
Exciting times are upon us. The Ecosystem is brewing with a plethora of action — all engines are fired up, and blast-off is about to commence.
As we approach the final countdown of our latest protocol, new developments are also unfolding for the entire ecosystem as Sphere Finance becomes more and more poised to take the DeFi world by storm.
In short, Sphereans, there has been no slowing down.
Join us as we explore all the latest and most exciting news you need to know!
Preon Audit: Secret Revealed
As mentioned in the last edition of the Weekly Report, Preon is currently under the watchful eye of one of the giants of the industry.
This week that giant was revealed to be Dedaub.
Dedaub provide security solutions for the world’s leading Web3 projects, and have audited many of the Web3 space’s most prominent names.
Now, Preon will also be added to that list of names, as we are hot on the trail towards the project’s upcoming launch.
As a quick refresher on what Preon is:
Preon is a revolutionary CDP lending protocol that is part of the Sphere Ecosystem’s suite of solutions disrupting the DeFi space. It also incorporates some elements of yield farming and concentrated liquidity, with unique tokenomics and synergies.
To do your own deep dive on our powerful new lending protocol, listen to the Preon AMA recap on YouTube by our very own Price Time.
In addition, we would like to remind you that whitelist spots for our presale of $PREON will be distributed soon, and many other exciting festivities will be announced in the build-up to Preon’s imminent launch. To stay on top of it all, join our community Discord:
We would also like to extend a big thank you to Crypto Linn, DeFI Saint and Cyril for their phenomenal threads detailing what Preon is and how DeFi users can benefit from the protocol — show them some Spherean love!
Are you ready to reach the $STARs, Sphereans?
Preon Collateral In Balance
One more piece of Preon news, Sphereans…
Balancer Pool Tokens (or BPTs) can now also be used as collateral on Preon.
As Sim explained succinctly in the tweet linked above, users can deposit BPTs into Preon, where they will be farmed. They can borrow $STAR using their BPTs as collateral & later sell that $STAR to receive more BPTs and increase their exposure. That way, you can leverage BPTs!
Preon is one of very few protocols able to leverage BPTs in this way.
Sphere Kick Period Commences
In last week’s edition, we also covered Sphere’s first unlock epoch. In it, we mentioned the three options available to Sphereans who had yield-locked their $SPHERE tokens, as well as our recommendations for next steps.
We also mentioned the fact that those who do not relock or withdraw their $SPHERE manually after the conclusion of their lock epoch faced removal from the Sphere Earnings Pool and loss of a portion of their tokens (and earnings).
That removal period has now begun, and even those who are not penalized risk losing emission power over time.
What To Do?
Our recommendation is simple and has not changed: relock your $SPHERE on Dyson or withdraw it manually.
We also highly encourage you to read this article on the unlock epoch for a much deeper understanding and a clearer picture on the topic:
Dyson: Concentrated Liquidity Power
Long-time Dyson partner Chronos revealed that they are collaborating with Dyson to implement Uni V3 concentrated liquidity pools, which enable gas-efficient swaps on their DEX.
As a powerful driver of volume on volatile pairs, Uni V3 can be extremely potent — if managed correctly.
Dyson, the Sphere Ecosystem’s very own yield maximizer protocol, has previously worked with Chronos to produce a liquid wrapper solution for their governance token $CHR.
Now, Dyson has a back-tested engine of manager vaults that are peer-reviewed and offer consistent performance with low rebalancing costs.
As such, Dyson will be the sole automatic liquidity manager of Chronos’ liquidity on their dApp, making automated, easy and passive liquidity management accessible to all through Dyson.
We would like to take the opportunity to congratulate Chronos on their continuous building within the space, and are looking forward to building the future of DeFi alongside them.
The Ecosystem continues to brew as the Sphere Team continuously builds in the background and as it does, more thrilling news will be revealed.
To ensure you never miss an update, follow us here on Medium and on Twitter, and join our community Discord server:
Thank you for reading Sphereans — stay awesome. Until next time, Sphere over and out.
