Spherium Finance, a mobile-first, cross-chain wallet that aims to optimise returns on digital assets while reducing overall risk, has announced a dual IDO across BSCPad and PentaLaunch on June 16, 2021. Spherium Finance will be the first insured initial dex offering (IDO) on DoraFactory’s PentaLaunch platform.
The registrations for Spherium Finance’s IDO on PentaLaunch will start on June 16, 4:00 AM UTC and close on June 16, 10:00 AM UTC, with a total supply of 128,205 ($25,000) worth of $SPHRI tokens available for sale on PentaLaunch. The maximum cap for individual participants is set at 2000 $SPHRI tokens. The participants will be able to claim tokens on June 16, 12:00 PM UTC.
The IDO on BSCPad will start with the closure of the staking eligibility deadline on June 16, 3 AM UTC, the opening of the allocation round at 6 AM UTC, and the FCFS round opening at 11 AM UTC. There will be a total of 641,025 $SPHRI tokens available during the IDO. $SPHRI will be listed on PancakeSwap on June 16.
The token contract address will be shared on June 15.
Spherium Finance is one of the first DeFi projects to insure its IDO against potential security threats prevalent in the industry. Spherium has insured its PentaLaunch IDO through InsurAce Protocol, a Singapore based DeFi Insurance protocol that has quickly become the second-largest protocol in DeFi insurance, reflecting Spherium’s readiness and proactiveness in ensuring the security of the funds of its investors.
As smart contracts are susceptible to security risks, Spherium has already partnered with two of the leading blockchain security firms (QuillHash and PeckShield) to conduct comprehensive security audits that have been completed without any potential risks being detected.
Having insurance for its IDO allows Spherium to provide an additional layer of security to all the token sale participants.
About Spherium Finance
Spherium is a decentralised and borderless financial ecosystem that aims to provide a circular consensus economy for DeFi while offering a convenient solution to the current industry fragmentation by offering a unified platform with cross-chain functionality, mobile-first AMM, decentralised money markets, a user-friendly experience, and multi-wallet integration. Spherium will offer users complete control of their finances while being able to manage and trade assets on large liquidity pools cost-effectively & efficiently. The platform unifies the existing defragmented DeFi landscape providing users with a single platform to access multiple decentralised financial services.
Spherium leads the DeFi space in creating a cross-chain token swap protocol built on Ethereum, Binance Smart Chain, and Polygon, as well as, cutting-edge layer-2 solutions to mitigate high gas fees and transaction confirmation times prevalent in the current DeFi products.
Spherium Finance IEO witnessed a 1500x oversubscription reflecting the high degree of interest in the crypto community. The global public token sale offers 1,897,436 $SPHRI (1.90% of the net token supply).