Sphere Weekly Report — CW 81
This Week in Sphere Ecosystem News & Updates
Hey Sphereans! Welcome to the latest edition of the Sphere Weekly Report, your digest of all the news, updates, and developments in the Sphere Ecosystem. This week, we have plenty of exciting news to share from our team.
From new yield opportunities to notable partnerships and project updates, it’s been a busy week at Sphere. Let’s delve into the details.
$OVN Launch for Overnight Progress
We kick off this report with some major news. We are delighted to join Overnight Finance’s launch of their native token, $OVN. As Overnight’s launch partner for the highly anticipated $OVN token, Sphere and Overnight bring together a wealth of experience and expertise to the table in this collaboration. To mark this milestone, a special campaign has been curated and designed exclusively for Sphereans.
The presale for $OVN is already underway, and we highly encourage all Sphereans to secure their whitelist spots promptly. Overnight’s deep industry knowledge and proven track record make for a perfect partner for Sphere during $OVN’s highly-anticipated launch.
Enhancing Returns and Stability
Continuing with some morepositive news from our team: we are actively working on identifying new and more lucrative yield opportunities to enhance the vAPR and provide better returns to our users. Our relentless pursuit of innovation and efficiency is geared towards maximizing the benefits for our community.
Our latest projects are showing promising signs as well. We are pleased to report that more revenue is starting to flow in from these initiatives, contributing to the overall sustainability and growth of $ylSPHERE. This progress is a testament to our team’s dedication and the robustness of our strategies.
However, we want to highlight that there may be delays in both reductions and increases in revenue when reflected in $ylSPHERE payouts. These delays are part of the natural dynamics of the market, and we are navigating them with the utmost diligence.
In the long run, we have a plethora of innovative ideas in development to help smooth out these fluctuations and ensure a more stable and rewarding experience for all of our users. Your continued support and patience are greatly appreciated as we work towards creating a more robust and sustainable ecosystem.
Dyson x Preon: Amplifying Yield Farming
$STAR’s yield farming opportunities continue to offer an exciting avenue to earn lucrative returns on your deposits in the DeFi space. By leveraging Dyson’s auto-compounding capabilities and the stable yields of one of the most powerful stablecoin pairings, the $USDR/$STAR pair, you can take your yield farming game to new heights. With Pearl Exchange as your trusted ve(3,3) DEX, you can rest assured that your farming experience will be secure, efficient, and rewarding. Start amplifying your yield farming today and unlock the full potential of DeFi!
Dyson, our innovative yield maximizer and CL ALM protocol, is designed to maximize your yield farming potential. By leveraging the $USDR/$STAR pair, you can enjoy stable yields while benefiting from the auto-compounding feature. Auto-compounding allows you to reinvest your earned yields automatically, compounding your returns over time without any manual intervention. This means your initial deposit keeps growing, leading to exponential growth in your farming rewards.
Pearl Exchange, one of the longest-standing ve(3,3) DEXs and Solidly forks, serves as the perfect platform to utilize Dyson’s auto-compounding capabilities. With Pearl Exchange, you can seamlessly execute trades and leverage the autocompounding feature provided by Dyson. The ve(3,3) structure ensures robustness, security, and a proven track record, making Pearl Exchange a trusted venue for your yield farming needs.
Milestone: Preon Hits $2M in Total Collateral
In other exciting news, Preon has hit a significant milestone with over $2M in total collateral deposited. This achievement reflects the growing trust and participation in our ecosystem. Furthermore, partnerships continue to be forged, and $STAR yield farming opportunities are going strong, adding to the vibrancy of our platform.
The accumulation of more than $2 million in total collateral deposited on Preon signifies a resounding vote of confidence from our community, to whom we are incredibly grateful. Users recognize the reliability and potential of our platform. This milestone underscores the trust placed in Preon’s infrastructure, protocols, and governance mechanisms. It is a testament to our commitment to providing a secure and transparent environment for users to engage in DeFi.
Integration: MakerDAO’s $DAI in the Preon Universe
We are thrilled to announce that MakerDAO’s stablecoin $DAI has officially become a part of the Preon universe. As the Peg Stability Module (PSM) asset on Polygon, users now have the opportunity to seamlessly exchange their $DAI for $STAR at a 1:1 ratio. This integration marks a significant milestone for both Preon and MakerDAO, strengthening the peg stability of $STAR and opening up new avenues for users to engage in the vibrant Preon ecosystem.
The integration of $DAI into the Preon ecosystem enables users to convert their $DAI holdings into $STAR effortlessly. By utilizing the 1:1 exchange ratio, users can transition between these two tokens seamlessly, unlocking new opportunities within the Preon universe. This conversion mechanism is designed to provide users with flexibility and accessibility, while maintaining the integrity of the peg stability.
The addition of $DAI as a PSM asset on Preon has had a profound impact on the peg stability of $STAR. By establishing a direct 1:1 exchange rate, the integrity of the peg is reinforced, ensuring that $STAR maintains its value. This development instills confidence in the Preon ecosystem, attracting more users and fostering a stronger foundation for the future growth and adoption of $STAR.
Since the introduction of $DAI as a PSM asset on Preon, we have witnessed the creation of several hundred thousand $STAR tokens through this conversion mechanism. This outcome highlights the enthusiasm and demand from users to participate in the Preon ecosystem and benefit from the opportunities presented by the integration of $DAI. The successful minting of $STAR further solidifies its position as a sought-after asset within the DeFi landscape.
Hot Pools: $STAR Paired Stable Pools
$STAR paired stable pools are experiencing unprecedented popularity and engagement. Among these pools, the TangibleDAO x Preon’s $USDR pool stands out as a leader in terms of deposited value. This pool presents users with an exceptional opportunity to maximize their returns while operating in a stable and secure environment.
This pool’s unique features, such as the TangibleDAO x Preon collaboration, enhanced security measures, the stability of $USDR, and transparent governance, make it an exceptional choice for users seeking a stable and secure environment to maximize their returns. We invite users to explore TangibleDAO x Preon’s $USDR pool and experience the benefits it offers within the dynamic Preon ecosystem.
Update: Preon Reveals Massive Front-End Update
We are thrilled to announce a significant update to the front-end of the Preon platform. With the introduction of the Metrics tab in the Earn page, users now have access to an array of powerful tools that will revolutionize their yield farming experience. This update includes an APR calculator and an ROI calculator specifically designed for Preon’s vaults. These essential metrics will empower users to make informed decisions, optimize their yield farming strategies, and maximize their returns.
The Metrics tab within the Earn page represents a major milestone in Preon’s commitment to enhancing user experience and providing comprehensive tools for successful yield farming. This tab houses two essential calculators: the APR calculator and the ROI calculator. These calculators offer users valuable insights into the potential returns and performance of Preon’s vaults, enabling them to make data-driven decisions.
As the name implies, the APR calculator is a powerful tool that allows users to estimate the APR for each of Preon’s vaults. By inputting various parameters, the calculator provides users with an accurate projection of the potential yield they can expect to earn. This information is vital for users to assess different vaults, enabling them to allocate their assets strategically. The ROI calculator complements the APR calculator by providing users with a comprehensive understanding of their projected investment performance. This in-depth analysis ensures that users have a holistic view of their investment journey, facilitating effective decision-making and risk management.
Wrapping Up
That’s all for this week’s Sphere Weekly Report. We are excited about the progress we are making and the opportunities we are creating for our users. As we continue to innovate and expand, we look forward to bringing our users along on this journey and providing them with the best possible yield farming experience.
Thank you for your continued support and trust. Stay tuned for more updates, join our community Discord server, and happy farming!
Yours in innovation,
Sphere Finance
Disclaimer: This article is intended for informational purposes only. It is not intended to be financial advice. Always do your own research and consider your financial decisions carefully.
