SPHINX Ecology and Governance

SPHINXUP
3 min readJan 16, 2021

👉👉Participants in SPHINX ecological construction mainly include the following parties:

1. Ordinary investors: purchase and hold SPX tokens for a long time in the secondary market, receive system rewards weekly, and waits for the ecological prosperity to rise.

2. Technical investors: develop intelligent mining scripts, become miners to quote and verifiers, provide prices for the Defi world, and deposit the mined SPX tokens into the quoting contract to receive weekly rewards or selling SPX tokens in exchange for BNB in the open market for circulatory mining.

3. Price callers: participate in SPHINX ecological construction by calling the price of SPHINX, and provide value support for the whole ecosystem.

4. Price demanders: project parties that need to generate prices can get decentralized prices for their projects through SPHINX’s quoting protocol.

👉👉SPHINX Protocol Governance Mechanism

Step 1: The SPX Node holder initiates a voting contract📄

1) Deploy an execution contract and set it to open source status to generate a contract address for the execution contract.

2) Deploy a voting contract via a voting factory contract, pledge at least 10 SPX Nodes, and set the execution contract address.

Step 2: Enter the SPX Node voting session🗳

1) After the voting contract is created, the SPX Node holder can participate in node voting, the voting cycle for the SPX Node holder is 1 day.

2) If the number of pledged SPX Nodes reaches 100 or more during the voting period, the SPX Node vote is approved.

3) If the SPX Node vote does not pass, the pledged SPX Node can be retrieved after 1-day voting cycle. If the SPX Node vote passes, the pledged SPX Node can be retrieved after the SPXN Token vote ends (7 days of voting cycle for SPXN Token holders).

4) SPX Node’s SPXN proceeds during the pledged period will be destroyed.

Step 3: Enter the SPXN Token voting session ✅

1) The voting period is 7 days, during which the SPXN holder can vote with the SPXN currently deposited in the SPXN Access Contract.

1 SPXN = 1 vote

2) Only 1 voting contract can be voted on at the same time, and can be cancelled before the vote is approved.

3) If you need to retrieve SPXN in the voting state, you need to cancel the vote first.

4) Vote rate = total number of votes cast / total number of SPXNs in circulation at the time the voting contract is initiated.

5) At the end of the voting cycle, if the vote percentage >= 51%, the ballot is approved and can be executed by any person to make the contract effective (after the 7-day voting period has expired).

SPHINX

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