Frequently Asked Questions (FAQ)

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"What are the social links for Sphynx?"

"Are there any utilities involved?"

Oh, absolutely! We're pleased to present the cryptocurrency world with utilities such as SphynxSwap, Papyrus Charting, Nile Staking, Pyramid Farming, Sphynx Bridge, and so much more!

In-depth information about such utilities and FAQs (Frequently Asked Questions) specifically catered to these utilities can be found in their respective sections of the Gitbook.

"What happened to the BUSD Rewards?"

Previously, prior to our initial launch, we had it so holders would receive 4% $BUSD rewards. While this was a fantastic feature in theory, it has been exploited heavily in recent times, as observed by sundry coins offering BEP-20 rewards. This exploit allowed hackers to drain funds from the rewards pool, thus putting a strain on the charts of those tokens and their longevity as a whole.

We didn’t want to risk with scrambling with a workaround for this exploit, only for it to be exploited at a later date, so we decided to remove the $BUSD rewards. Furthermore, because the rewards are only driven from the token volume alone, it’ll be hard to sustain for a long term project and will end up being wasted tax. It truly didn’t benefit Sphynx in the long run.

Well…what is going to replace the BUSD rewards?

Glad you asked!

We did extensive research on what could possibly top $BUSD rewards and we came up with the game-changing Swap Fee Rewards.

Click here to learn more about the Swap Fee Rewards.

"Why the change from 'Dividends' to 'Swap Fee Rewards'?"

On Monday, October 11th, 2021 at 6am UTC, the SphynxSwap CEO made an announcement on the Sphynx Telegram group, informing the community that the "Dividend" has been changed to "Swap Fee Rewards" for legal reasons.

"What's the difference between staking and farming?"

A stakeholder is someone who has an interest in a company and is generally the person who stands to gain or lose from the company's performance. In crypto, staking is the concept of purchasing cryptocurrency—let's say $SPHYNX—and then putting it aside while other transactions are happening. The source of income would be rewards and interest. You deposit your tokens—let's say $SPHYNX—into a pool and earn $SPHYNX or other tokens, depending on what's available.

A farmer is often referred to as a custodian of the landscape and nature, and this is because they're harvesting crops and providing society with the food they need. In crypto, farming is the idea of creating a ratio of LP tokens by providing liquidity for the pair you're trying to farm like SPHYNX/BNB. The general motive here would be to gain the highest yields possible, but there's a risk of impermanent loss that exists in every yield farm.

"Why is there a minting function?"

A mint function in a normal BEP-20 token is often considered a nefarious function because the owner of the contract could mint tokens at any time. However, a mint function is mandatory in a contract related to a farm, which Sphynx offers, and this is why we have a mint function in our contract. PancakeSwap does as well with $CAKE, so please do not be concerned about this function — we need it to operate our farms.

Initially, only the owner will be able to call the mint function, and it’ll be automated and controlled solely by the MasterChef. If you are not familiar with the term, a MasterChef is a smart contract written in Solidity, and it was originally invented to mint new tokens by staking existing tokens into a farm controlled by the MasterChef contract. The contract incentivizes users to provide liquidity to the farms and gain LP tokens, then stake those tokens to contract itself to earn more rewards.

We can check a MasterChef to make sure a farm can’t do anything malicious or easily exploitable by reading its code and looking for rugs, bugs, or exploitable code. We as developers of the project won’t be the owners forever, and we will be transferring ownership to the MasterChef after the CertiK audit is complete so that our staking and farming platforms can go live. Once this is done, there will be no way of turning back the clock, which is why we’ve been waiting until we have received the greenlight from CertiK.

"Was there a presale?"

Yes, there was a public presale and a private one. Below is the full breakdown of both.

Private sale

Total Raised: 300 $BNB.

Funds reserved for liquidity: 70% (locked for 3 years.) Funds reserved for marketing: 30% (presale marketing.) Tokens reserved for private sale: 11% (Subject to vesting.)

Price: 287,500 Sphynx tokens per $BNB

Private sale holders will get airdropped 40% of their allocations at launch, the following 30% a week after, and the final 30% the following week.

Presale

Sphynx had its public presale on DxSale, a well-known and trusted presale platform. If you're confused as to why there even is a presale, then it's important to note that a presale allows us to ensure that we have adequate funds for marketing and liquidity once the project goes live. Funds reserved for liquidity: 70% (Locked for a brief window and then migrated to our own swap's liquidity pool.) Funds reserved for marketing: 30% (Post-launch marketing.)

Price: 250,000 Sphynx tokens per $BNB.

Minimum contribution: 0.1 $BNB. Maximum contribution: 3 $BNB.

Softcap: 500 $BNB Hardcap: 1000 $BNB

Public Sale

The public sale, as in when Sphynx goes live, will have no discounts whatsoever.

Public sale carries an 11% tax on every transaction. The liquidity on PancakeSwap has been locked for a window of time, after which liquidity will be moved entirely to SphynxSwap. The liquidity on our own swap is going to be locked for three years. Price: 250,000 tokens per $BNB This equates to 222,500 Sphynx tokens per $BNB after 11% tax. This is just the initial price at launch, as the price will change as soon as trading commences.

What are the tokenomics?

There's a total tax of 11% for $SPHYNX, and this tax structure was carefully thought-out to adhere to current trends and practices.

  • 5% goes towards Development. Funds have been allocated from the tax for uninterrupted development of the NFT Marketplace, Swap, Staking and Farming platforms, NFT Line, Cross-chain Bridge, Launchpad, Wallet dAPP, SphynxTV, as well as reserving funds for future additions to the Sphynx ecosystem.

  • 5% goes towards Marketing. Funds have been allocated from the tax for marketing to ensure that Sphynx is being heard all across the internet. This can be in the form of securing slots on major platform AMAs, advertisements on top-tier social media networks, hosting generous cash prize giveaways, and so much more.

  • 1% goes towards the Lottery. Those who wish to partake in this lottery will have to purchase a ticket using Sphynx tokens.

Note: the supply is 1 billion tokens with a special minting function accessible only by MasterChef for the farms and staking platforms.​

"What is the contract address?"

Please make sure to be careful when asking for the contract address in public chats because there's a chance that some nefarious party might be waiting for the opportunity to sneak in a scam contract address that may lead to you losing funds.

Please always remember to look to the pinned messages on Telegram if you're not sure, or type "/contract" on Telegram to receive the answer automatically by our bot.

You may also look to our listings or BscScan itself.

"What is The Sphynx Weekly?"

The Sphynx Weekly is a magazine that covers Sphynx related events that have transpired over the week.

The first issue was released on Friday, October 1st, 2021.

"Is it true that Sphynx and CertiK have partnered up?"

Yes, this is correct — CertiK will be collaborating with Sphynx through the projects that will be launching via Sphynx’s LaunchPad.

CertiK is an internationally recognized security company that has audited high-level products such as Binance. It is also one of the recommended audits to have done when inquiring to list a token on a major exchange. CertiK’s process of auditing is next level in the sense they sift through every line of code, essentially analyzing contracts at a microscopic level. Therefore, only those teams that are in it for the long-haul and are serious about their project will order an audit from a top-tier company like CertiK.

Although nothing can be a hundred percent safe, having CertiK onboard will mitigate the chance of potentially high-risk projects launching through Sphynx. Moreover, anti-bot and anti-dump protocols will be in place for projects launching through Sphynx, providing another layer of protection for investors.

Below is the link to our CertiK audit with 24/7 Skynet.

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