In February, I quietly worked on a DEX, SphereX. As the popularity of blast declined, I thought this project, which had the potential to replace dydx, would also die. Unexpectedly, SphereX survived and now launched a testnet with a total transaction volume of more than 150 million US dollars, attracting more than 40,000 users to participate.
Generally speaking, a project is first launched on a popular public chain and is prepared to become the leader in that public chain. As the popularity of the public chain wanes, it is difficult for the ecological project to have the determination to continue operating. However, it is rare for SphereX to rise again after adjustments. Let's see whether we should keep an eye on SphereX this quarter.
This article is mainly divided into the following aspects:
What does SphereX do and how is it different from dydx?
What is the background of SphereX?
From the perspective of SphereX token economy, is there any profit in brushing transactions?
Airdrop Tutorial
1. What is SphereX?
SphereX is a decentralized exchange (DEX) with transparent and low-cost order books. It came into everyone's attention at the beginning of 2025. If you have used Blast, you must have used SphereX. It has won a large number of user fans with its speed, stability, security, simplicity and directness.
"Speed, stability, security, simplicity, directness and ease of use" are the main purposes of SphereX. SphereX uses zk-rollup technology to improve transaction security and reliability, on-chain KYC (DID) to enhance ecosystem transparency and user authenticity, and a DAO-based governance model to incentivize token holders and enrich the trading ecosystem.
As a perpetual contract, market security is an important task. SphereX integrates Chainlink’s Cross-Chain Interoperability Protocol (CCIP) to facilitate cross-chain transfers based on the highest level of cross-chain security.
These two core systems allow SphereX to provide a user experience comparable to that of a neutral exchange while retaining decentralized transparency.
DEX has always been a competitive track for project parties. Binance has been incubating new projects in this area in recent years, but has not yet produced a DAPP that has an impact on the industry. So, does SphereX have any industry competitiveness?
Does SphereX have any industry competitiveness?
DEXs are mainly divided into two categories: automated market makers (AMMs) and limit order books (CLOBs);
AMM can ensure continuous liquidity, which is what most DEXs do, but price volatility and impermanent loss may lead to increased fees. When prices fluctuate drastically, trading is not as smooth as CEX.
CLOB is a mature concept borrowed from centralized exchanges, which can provide transparency and user control, thereby effectively reducing trading risks. However, CLOB will encounter challenges in terms of insufficient liquidity, especially for specific assets. This can also be seen in projects such as DYDX and Bluefin, the largest DEX on SUI, due to the low participation in the DeFi market (DEX only accounts for 1% of total futures trading volume).
SphereX seems to have been working hard to address the issues of high DEX participation threshold and insufficient user participation. From its recently updated interface, we can see that it is already highly consistent with the centralized exchange interface. It also ensures that users can experience DEX seamlessly through the above-mentioned transaction speed and security features.
In order to lower the user entry threshold, SphereX has made major adjustments in transaction channels and transaction costs in addition to technical solutions, such as:
Chain expansion: First launched on Blast, opBNB and ZKLink, with plans to expand to Bera, Monad, Polygon, etc.
High performance and scalability: With comprehensive API and SDK support, there are no data barriers.
2. What is the background of SphereX?
SphereX is a project led by Kaimin Hu, the former IBO of BitMart. After its establishment, SphereX launched a "dual-track incentive system", becoming the largest TVL contributor on BLAST, while leading users to complete various goals of BitMart.
Given the impressive data in the short term, SphereX received a lot of investment from VCs such as Fundamental Labs and SNZ Holding shortly after its launch.
Fundamental Labs is a well-known company in the field of blockchain and cryptocurrency investment. It has invested in many star projects, such as Coinbase, Binance, Polkdot, etc.
SNZ is a cryptocurrency-native, research-driven investment firm with a portfolio of over 200. The SNZ team has been active in community building and incubation since 2014. In addition to investment, the SNZ team is one of the earliest supporters of Ethereum in Asia and a strategic partner for Chainlink’s expansion in Asia.
In addition to the above investors, SphereX also received financing from GALXE, Evo Invest, Oasis Ventures, Cipholio, CGV, TKX Capital, DWF Ventures, Kronos Ventures and other institutions.
3. From the perspective of token economy, is there any profit in brushing transactions?
$HERE
Total 900 million:
Private placement round: 5%
Public offering: 0.5%
Team: 18%
Community (including airdrops): 42.5%
There is no token unlocking mechanism in the public information. According to the previous coin issuance of other projects, it is estimated that TGE will reach between 15-20%. If it exceeds, users and institutions will dump it.
Since it is a DEX project and it is still a test network, the tokens that may be allocated are generally at most 5%, which means 45 million tokens will be airdropped. These are all free, so it is still worth trying.
IV. About Airdrop
SphereX mainly adopts the transaction + invitation mechanism, and distributes airdrops to test network users through points, so when we are working on this project, we can start by inviting small accounts with big accounts.
Here’s how to participate:
Step 1: Enter the official website:
https://testnet.sx.xyz/referral?code=EP-IoUz9
, link wallet
Step 2: Get water
Step 3: Increase transaction volume
Airdrop Details:
The above airdrops are testnet activities, mainly to receive test coins, and then increase transaction volume to gain points to receive airdrops.
After getting points, you can participate in the Lucky Wheel and the Points Opponent Plate that you can participate in 24 hours a day to increase your points.
If the mainnet is already online when you see this tutorial, we should know that the mainnet activity requires using your own funds to increase trading volume. SphereX is a perpetual contract DEX, and if you are not careful, your position will be liquidated. Therefore, when you are updating the mainnet, you can use a fingerprint browser to open an AB number for hedging. In this way, except for the loss of transaction fees, you can basically achieve zero loss.
The fingerprint browser I am using now is MorLogin, which has not been hacked in the past six months:
https://www.morelogin.com/?from=AANvwSB8onX4
(50 free environments)
Airdrop multi-opening tutorial:
https://link.medium.com/bLWtLQBHrMb