Atom Accelerator DAO (AADAO) Grant Announcement Card - in Blank
Team: Sphinx
Amount Asked: $80,000
Status: Rejected

Sphinx

This page's content is auto-generated from the grant application based on the content the applicant gave consent to share. Since this application is still pending review or was rejected, the Atom Accelerator DAO is not endorsing or otherwise indicating support for this project. This page has been made public as part of our commitment to transparency

Sphinx represents a revolutionary approach to trading commodities, offering an exchange and application-specific blockchain that seamlessly integrates the requirements of both the physical and derivatives markets within a unified platform. Our overarching mission is to disrupt the trading landscape by unlocking substantial improvements in capital efficiency while addressing critical shortcomings prevalent across existing exchanges. Within traditional trading venues, numerous challenges plague market participants, hindering optimal trading experiences and impeding market growth.

One of the primary issues stems from the use of inefficient instruments, which often lack the flexibility and customization necessary to meet the diverse needs of traders and investors. Perpetual Swaps offer an unique opportunity for physical commodity traders to hedge their risk more efficiently. The requirement to do so stems from the fact that physical commodity traders usually lock in their price at the moment of delivery. Currently dated futures do not give traders the flexibility to do as they have to trade along the futures curve instead of getting access to a direct spot price..

Limited exchange access further exacerbates these challenges, restricting market participation and limiting opportunities for portfolio diversification. Additionally, inadequate market transparency undermines trust and confidence among market participants, leading to suboptimal decision-making and reduced market efficiency. Furthermore, the prolonged settlement times associated with conventional exchanges introduce unnecessary delays and operational inefficiencies, constraining liquidity and hindering capital deployment strategies. These systemic problems underscore the urgent need for a transformative solution like Sphinx, poised to reshape the commodity trading landscape and deliver unparalleled efficiency, accessibility, and transparency to market participants worldwide.

We believe the project is a strategic value add for Cosmos as a whole. Given our customer base (mostly large institutions in traditional finance), support from the ecosystem would give us the confidence to drive these customers towards other projects and applications within the ATOM ecosystem.

Team: Sphinx
Current Status: Rejected
Funding Program: Regular Grants
Funding Category: ATOM Zone build-out

Amount Requested: Amount in their initial application, or for RFPs, their first quote or that of the nearest competitor $80,000

Date Applied: Nov 05, 2024
Date Rejected: Generally includes time spent doing interviews, rescoping or amending the application, and due diligence Nov 12, 2024 (7 days)

Latest Approved Funding

Zellic: Security Audits for the Cosmos Hub
In Progress

Zellic: Security Audits for the Cosmos Hub

Team: Zellic
Approved: Dec 03, 2024
Amount: $440,000
Range Security: Monitoring and Threat Detection for Hydro
In Progress

Range Security: Monitoring and Threat Detection for Hydro

Team: Range Security
Approved: Nov 27, 2024
Amount: $95,000
Zephyrus: Vote aggregator for Hydro
In Progress

Zephyrus: Vote aggregator for Hydro

Team: Moonkitt
Approved: Nov 27, 2024
Amount: $85,000
ATOM Interchain Insights: Comprehensive TVL & Flow Analytics for ATOM
In Progress

ATOM Interchain Insights: Comprehensive TVL & Flow Analytics for ATOM

Team: Map of Zones
Approved: Nov 27, 2024
Amount: $91,200