What Is Sphynx Token(SPHYNX)?
A BEP-20 token backed by a solid utility and use case. With the recent development and boom of the crypto space, meme coins have been flooding the market. Ethereum, one of the most popular cryptocurrencies ever created with actual value and usage, unfortunately runs on a network with really high fees. This makes it unsuitable for smaller transactions and hurts the overall reach. This is why we went with the Binance Smart Chain. At Sphynx Token aim to provide an AIO(All-In-One) solution for trading, farming, staking and holding.
This includes one single platform with a consolidated wallet to always have a bird eye view of your assets, dynamic charts, farms and staking portals so you never have to leave Sphynx. The amount of trading, staking and farming platforms out there is overwhelming, yet all of them have a very mediocre user experience. It is very difficult for people unfamiliar with these platforms to get into the world of crypto trading. Sphynx Token made this experience and funnel much easier and faster.
Sphynx Token Storage Key Points
|Coin Name||Sphynx Token|
|Source Code||Click Here To View Source Code|
|Explorers||Click Here To View Explorers|
|Twitter Page||Click Here To Visit Twitter Group|
|Whitepaper||Click Here To View|
|Official Project Website||Click Here To Visit Project Website|
Sphynx Token Token and Tax allocation have been thought out carefully keeping in mind the recent trend and practices in the crypto space. The tax structure benefits investors as well as the project. 1 Billion Tokens with a special minting function accessible only by MasterChef for the farms and staking platforms.
How does the Lottery Tax work?
1% tokens involved in every registered transaction (BUY & SELL) are taken under the Lottery Tax bracket. These tokens are then accumulated and later on sent to the lottery prize pool. This process is called injection. Upon injection, people can participate in the lottery for a chance to win tokens from the lottery pool.
Why is there no Liquidity Tax?
Sphynx Token decided not to add an auto-liquidity function or LP-Tax because it hurts a token’s price indirectly. At the fundamental level the tax is basically charged from native tokens involved in a transaction. In order to convert them into another cryptocurrency they have to be swapped or sold. This swapping needs a trading-pair and that trading-pair is the same pool where they want to add more liquidity.
Sphynx Token, half of the tokens charged for LP tax are swapped for BNB (from the same Liquidity Pool) and the other half are paired with this BNB. This pair is then sent to the pool. Therefore the amount of BNB coming out of the pool and going into the pool remains the same. The amount of tokens on the other hand, increases inside the pool and hence the value or price of the tokens against BNB goes down.
Why is there no BUYBACK-BURN Tax?
This takes Sphynx Token back to the same dilemma as the LP tax. The tax is once again charged in native tokens, sold or swapped for BNB and then used to buy the tokens back from the same pool. These tokens are then burnt. So instead of complicating the process and using up unnecessary gas fees we added auto-burn directly. Tokens are taken from a transaction and burnt.
Why does the token contract have a MINTING function?
The Minting function exists to back Sphynx Token Staking and Farming platforms with Sphynx Tokens. “Only the owner will be able to call this MINTING function. This will be automated and controlled solely by the MasterChef”. A company as developers of the project won’t be the owners forever. They will be transferring the ownership to a MasterChef contract as soon as they’re done with the presale. A company need access to the contract functions in order to TURN OFF TAXES during the pre-sale and TURN THEM ON once it ends.
Private sale for Sphynx Token will be used to prepare the initial Liquidity Pool on Sphynx Swap for users to trade Sphynx Tokens directly on it. A portion of the funds raised in private sale will be used for marketing as well, to ensure fair share.
- Funds reserved for liquidity : 70% (Locked for 3 years)
- Funds reserved for marketing : 30% (Pre-sale marketing.)
- Tokens reserved for private sale : 11% (locked for 14 days period)
SphynxSwap Trading fees
When it comes to centralized exchanges, many of them charge what Sphynx Token call taker fees, from the takers, and what coins call maker fees, from the makers. Takers are the people removing liquidity from the order book by accepting already placed orders, and makers are the ones placing those orders. The main alternative to this is to simply charge flat fees. Flat fees mean that the exchange charges the taker and the maker the same fee. When it comes to decentralized exchanges, many of them dont charge any trading fees at all. This is in fact one of the big arguments that DEX-supporters use to explain why centralized exchanges are on their way out.