SPHINX Term Glossary

3 min readJan 12, 2021

👉👉Price Oracle/Price Prediction Machine

A scheme that adopts a blockchain-compliant mechanism consensus to generate price data from the off-chain world directly on the blockchain.

📖👉Quote Contract

When a quoting miner makes a two-way quote on a trading pair, he or she needs to transfer an equal percentage of quote assets to that contract to prove his or her quote data.

👷👷 Miner

A group of miners who participate in the quoting process on the SPHINX Oracle Machine.

🔨🔨Quote Mining

A quoting miner obtains SPX tokens by quoting a specified pair of transactions, which is called quote mining.

👉💰Quoting Fee

Quoting miners are required to pay for the quotes when they engage in quote mining, which is calculated as follows:

Quoting fee = Quoted BNB size * Mining fee rate (1%)


Anyone can become a verifier and verify the quotes of SPHINX’s quoting miners, so as to earn profit through arbitrage.

🔁👉Verification Cycle

Every single quote initiated by a quoting miner enters a verification cycle of 100 blocks of time, during which any verifier can verify that single quote. After verification, quotes that are completely eaten and sold will be discarded by the system; the price data of quotes that are not completely eaten will participate in the price generation process of the SPHINX Oracle Machine.

👉👉Block Height

SPHINX Protocol is an oracle machine system organized by smart contract architecture running on the Binance Smart Chain. Therefore, the block height mentioned in SPHINX Protocol refers to the (BSC) block height, where the BSC network generates a new block in about 3 seconds.

👉👉Quoting block interval

The quoting block interval refers to the difference in block height between 2 consecutive quotes in a sequence of quotes from the oracle machine.

👉🔗Price Chain

The quoting miner quotes a price P0, which is verified by the verifier V1 via eating the order, and V1 quotes the price P1; and P1 is verified by the verifier V2 via eating the order, and V2 quotes the price P2; … and so on to Pn.

This forms a chain of P0, P1, P2 … Pn price chain.

👉👉Retrieving Assets

Quoting miners pass their approved prices into the quoting contract and then credit the two assets in proportion to their prices. After 100 blocks of verification, the quoting miner can retrieve the quoted assets and the SPX tokens as mining reward.

👉👉Order Eating & Arbitrage

When a quoting miner initiates a quote and the price data deviates from the fair market price, there is room for arbitrage, and the verifier can take the order for arbitrage.

✅👉Savings Dividend Contract

The SPHINX protocol automatically deposits a certain percentage of assets from BNB earnings into the system savings contract, and another portion of the earnings is distributed directly to SPX token holders. The savings contract is essentially a decentralized asset management protocol and a core part of the governance protocol.

👉👍Price Calling

SPHINX is a decentralized network of price prognosticators. Anyone is free to call the price data produced by the prognosticators through an API interface, a process known as price calling.





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