Mihai Radu on meme trading growth across decentralized exchanges

0:01I'm ashon Addison from the cryptocoin show and today on blockchain interviews with Mii Ru head of investor relations from spherex Mii welcome to the show and thanks for taking the time thank you so much ason thank you crypto coin show it's a pleasure being with you for this interview thank you so much guys yeah I'm very excited to dive into uh decentralized exchanges meme coins which

0:24the communities have only been getting bigger and stronger and I think surprising a lot of people that it's a legitimate category that's actually leading the way in community growth in in the cryptocurrency industry um so excited to dive into all of that and what the team has been working on let's just start off from a high level on what exactly is sphere x uh the Perpetual

0:45decks meme Centric what does that mean then we can dive into all the details right thank you so I'll begin with like uh the definition that we have envisioned so it would sound like uh sphere x uh we've channeled it to be a cut engage decentralized exchange redefining digital assets trading with unmeshed freedom and Innovation and we are looking to combine the offchain

1:10matching for Rapid trade execution the onchain settlement for maximum security and the cross margin for uh Capital efficiency on short what this means is that we want to create to Envision a wmart experience um for the defi space or you know you you you go inside uh and you are able to shop whatever you want you can go to you know groceries meat whatever you want it's everything under

1:37the umbrella of yourx yeah that I love that uh comparison and um you know sort of like a everyday uh low prices um experience and and you'll find the meme coin section there we also find everything else um so there's a lot of dexes that are popping up and some of them are easier to use than others what are the main differentiators for sphere X as a decentralized

2:03exchange so as of now as we've launched the the main recently like this month uh we are operating as a Perpetual Dex but we are building uh you know as mentioned earlier all the other features and uh and you know campaigns we will have swap SP lending liquidity lotteries and a lot of other things but where we want to differentiate ourselves is um you know

2:28besides this Walmart approach we will have a delegated community that will hold 51% of the voting power and will decide on everything that's coming new um this will sort of tie in with the gamification of uh the entire ecosystem that we want to have so it will be called the trader Dao round table and uh it will be launched sometime next year um there will also be some sort of like

2:54tough interviews for uh traders to be on board it and to be like representatives and whatnot and however we will follow a professional Financial rout for the product um as we have the token ticker here we are also approaching um a meme token like um narrative for the community so we want to make it more appealing we want to be 100% on board um the meme coin uh space and you know

3:26activities and you know also just um back our users back our community initiatives and uh you know just have the journey together with them MH yeah I think it's really important to have uh user driven feedback or community-led growth and I feel like decentralized exchanges have that with the integration of dowo Technology as it continues to grow I'm excited to see how that works

3:55with with sphex as it gets integrated I'm curious on your thoughts on you know overall in the market the shift or the growth of centralized exchanges versus decentralized exchanges uh is one easier to use than the other should somebody who's just getting into crypto choose one over the other or both what do you think about that I think um you know until now it

4:22used to be only centralized exchanges because they also offer the onramp and offramp solution but what what are you going to do now when you have certain jurisdictions uh certain economies certain parts of the world where they have specific onramp and off-ramps and the centralized exchange is no longer needed anymore I mean you can think of the centralized ex exchange as a

4:46guarantee for what product you're using for uh the power for maybe some backing on the reserves um but you know if you take that away and you put some strong teams on the D IED once as well to vet on like what to bring on uh you you know there's nothing more to it anymore right um it's it's just the liquidity the users that have to be you know brought through uh

5:15great campaigns great marketing activities great plans great incentives plans uh for them so in short I think the TX Market will uh overtake the centralized exchange one and the centralized exchange is um more disguised or not are looking to have the Dex component as well um they may disclose it officially or they may keep it under the radar um but for example

5:40you know we have binance um we all know that pancake swap um is big on BC and you know they they collaborate together um so and I think we also had one from from bybit um Apex I think it was called it's becoming more and more obvious uh the decentralized exchanges uh with will make more and more uh availability to different parts of the world yeah yeah

6:08and that's a great point about the backing of their reserves but normally in a decentralized exchange you don't need to back their reserves because you don't need to lose access to your funds you hold everything deposit and and trust that you want to withdraw will be there for you who knows if it's 100% reserved or fractionally reserved when you see the numbers on the screen but

6:29it's not really on the Block yes you get it even better everything is is wallet there's no there's no worry for anything else and you mentioned their pancake swap which is normally on a BSC binance smart chain but meme coins and a lot of different assets there's so many blockchains now which can get confusing and I feel like centralized exchanges you don't have to worry about

6:54what's on what blockchain because you're just looking at the user interface and you're just looking at you know they're sort of handling the blockchain stuff on the back end for you how does that work on a decentralized exchange if I want to buy a coin that's on this blockchain and then there's another blockchain you know but I have my own funds and there's is

7:12there a bridge or that's handled by The Exchange how does sphere X work with multiple blockchains on a DEX so exactly we we we've noticed we've noticed this problem and from the getg go from the beginning we had in mind to solve the scalability problem so we will integrate as many chains um as we see fit as as possible like chains that are that are popping that are um you know with with

7:40uh strong teams behind um initially we we wanted to launch on blast which we did uh we are now uh like supporting BC ethereum op BMB ZK link uh base and blast um there's also you know the meme component that is present on on uh on base that's present on ethereum that's present on on BSC and we want to have um Solana pretty much uh in the next period

8:07as well um you know we have to bring everything inside so there's no need to have like you know a difficult Bridges or anything if you have that Meme coin um you know on on uh on ZK link on on whatever you will just trade it and then you can switch to the others um it's going to be amazing mhm yeah no that's good to know I I I'm going to check it out and see how

8:34exactly it would work and on that salana integration I feel like that's important because I've seen the salon Community seems like they're very strong it's continuing to grow it seems easy to launch projects on salana I think that's why it's growing a lot but base as well I know uh you know obviously they have the backing of of coinbase and it seems

8:55like there's great communities popping up there so I think that's that's important um with those two obviously the growth has been around memes and you mentioned at the beginning sort of a meme Centric approach to the decks you know what does that mean are you really focused on Meme coins more than blockchains or different other categories AI defi things like

9:20that um or you know how can you specifically drive more growth through meme Centric if that's what the goal is yeah so of course we will have the strong projects that are you know interesting and that are like um Blue Chips so to say but there's a funny thing happening with with the mem coins and I think it's been present in our lives since forever I I was just staying

9:49today and I was I was on Tik Tok and I noticed I mean a video came to my feet and it was one guy with a loaf of bread one tomato and one um spicy I don't know spicy ingredient and he was just eating them and that video had 1 million views so the the thing is the the uh the more um odd um the more intriguing uh like the more undervalued

10:22or strange something appears to be it will always get the attention of the people uh be because they find it funny or be it because they want to stick let's say with the underdog and flip a narrative right um You can like a few days ago there was a meme coin called um miharu and it was um a dolphin with pants and that thing did 20x or something like that and you know it's

10:51it's just the fun uh the amusement of flipping something big we remember what happened with GameStop where people just wanted to to see the billionaires lose money and they were just putting you know trades against them this is something on a deeper level the mem coin approach is just something that's been in our mind um since forever we remember I think the the jackass movies right

11:17where there were like crazy guys that did a lot of crazy things um it was not something cultural it was not changing the world but it's all like crazy so you know it it brings people uh together for fun for the culture for the meme uh I I mean I I can't even F to explain it it's just a way of communication it's

11:46it's something to break barriers right I mean um you know you can just understand yourself with somebody else from like another culture through the meme you don't necessarily know the language you will just understand the vibe and what's happening with that Meme inside um you know everybody laughs at the at a dolphin with pants or like a cat that has the tongue out and again it's just

12:12the the ambition to flip the big coins and maybe to prove a point so the meme space is getting crazy traction and either because it's a self-fulfilling prophecy that we like the people from the crypto space want to make it happen or it just happens as it is I wouldn't be able to tell but certain moves are impossible to to deny of what's going on right now so yes we will focus on on uh

12:42on on memes our token ticker is here easy to Market easy to implement easy to remember here to stay here to pump here for you here together um here to make it that's what we have in in mind of course we will have the Blue Chips as mentioned but the craziness will be to have the meme coins um the ones that turn out to be legit and have sufficient

13:11liquidity to be able to you know maybe use them with some sort of uh margin maybe a 3X a 2X um it will be crazy fun and if you like something it will just be Amplified with us if you don't like something maybe it will be you know worse with us but it's just to pump the emotions further on yeah it's definitely crazy that um we're seeing the movement of a lot of

13:39capital into some of the meme coins you know there's a handful now that are over a billion dollars of market cap and have a lot of liquidity uh but also there's thousands that can be created that get no traction or you know maybe for a day it looks exciting but then it sort of goes to zero so how do people differentiate and how does it work on sphx where you want to make

14:07sure that you know the good ones are there and there's not ones that die or or scams things like that is there a vetting process or can you trade any coin that's been there for only 5 Seconds how does that work for differentiating the actual legit projects or good memes so of course we will start with the blue chip mem coins right we will start with the blue chip mean points

14:30with the ones with the biggest market cap with the ones that have that have stood the proof of time and you know what makes a a mcoin successful the community right if the community has been let's say maybe once rocked and they came back or if the community was never rugged uh that shows for a strong community so we're looking for meem coins like that initially they

14:52have to surpass the test of time it has uh you know it's it's a requirement for some time to pass and see if it's made some waves if it's going well um if the community is strong the sentiment inside it and sort of what what what wave is created because you know trading it uh like with 15,000 liquidity and you know you can already do that you don't really

15:18need um the cross chain or like the the margin to do it because you have the the the huge pumps because it's so small right be able to get your 30X just in a couple days if you hold it and if it runs well but once it gets big you need some sort of uh you know some sort of supplement to make it run um you know even even better like a boost so yeah initially we will be Perpetual decks for

15:49spot uh maybe we will consider some smaller caps but only when the spot is done for now as Perpetual we will have the the the big ones the big boys in the meme space cats dogs frogs all of the animals in the farm will be there yeah that's good to know and you mentioned there about the the sphere X ticker coin here I feel like a lot of memes could come out of that as well um

16:18is that all meme or is there utility and I I feel like some of these meme projects have no utility and they're great some have great utility even something like Dogecoin where you know the blockchain is actually cheaper and faster than a lot of blockchains um or other use cases can you talk about the the here token and you know what's the meaning behind that is there a

16:40sustainable ecosystem that's created for the decks and and and utility and value there yeah well for the for the token itself um you know for the normal user we have of course um the fees participation if they if they hold and and and stake when the staking component will be will be ready um there will be the referral aspect as well which will be available I mean is

17:07available for KS and K managers and for normal users as well however they have a different structure uh we incentivise K managers and KS like really uh generously to be able to um bring people and you know promote the fund but also the normal user will be able to take a rake back from his fees and from from the level one of referral that he provides like the first um invited

17:35person for the Q managers they will be able to invite further second level or third level to the platform to be able to uh earn from the fees generated um it will be the the the the Dow governance it will be choosing what to happen for like further be you know um fun stuff be it more D gen stuff um it will be um how to say you know the bigger the platform will be the more

18:05value the the token will acre because it will be fostered in in in the governance D on on short those would be like the the two components for the token itself the CHS the feedback and the governance contributed to it of course more are under development Yeah the more teaches we will have yeah MH yeah well it looks like you know some of the major exchange

18:31like like binance the the BNB uh coin it stood the test of time and it has a lot of utility in the exchange I know there's a lot of functionalities you can do to integrate uh the coin in there so I'm definitely going to follow along with that and I'm curious on what you think about the the current growth trajectory of meme coins compared to you know Bitcoin and the whole

18:57cryptocurrency industry it looks like after the all-time high of Bitcoin in in the spring of 2024 this year there's been a summer low which I think the smart Traders expected but meme coins have sort of stood out to be the number one category of altcoins that have even uh out tested Dex coins defi all of this um and now that we're seeing a little bit of Revival in what's considered to

19:23be October or at least the second half of October um do you think meme coin coins will lead the way uh more than Bitcoin or more than the other altcoins and is that part of the strategy in being meme Centric Focus tax so this Revelation just came to me by now um I think it will be as I mentioned earlier I think the Bitcoin and the Blue

19:51Chips will be available for for the traditional guys for the guys that come new into the space and it's already a huge market cap for them and the mcoin space will try to overtake it this will be the purpose for this bullan I believe it will be to flip the blue chips with pure mem coins that guy mad that spoke token 2049 he said there will be

20:20multiple uh mean coins in the billions of market cap and he actually may be right but to push it further and to give it more context I think the battle will be to try to flip one of the first three or four um four uh tokens like it used to with uh Dodge when Dodge overtook Solana I think back in the days or something like that Dodge

20:47was like number three or four or overtook uh Ripple I mean it was the same with cardano cardano was was taken down from the from the top places if if I recall correctly and you know I think this will be the purpose um as it happened with GameStop as it's with the normal with with with the mem coins trying to push them to the billions um if we are to put a label to that is to

21:13try to flip I think uh ethereum Bitcoin or to have like an index of mem coins that overtake everything else overtake uh real world assets overtake dippings overtake AI I think that will sort of channel in the mpoint space it will be the ois that will try to you know have some fun know the guys that post mean frogs the smart guys that's what they will try to do whereas the normal people

21:42the banks the black rocks the JP Morgans they will stick to get liquidity into Bitcoin through their ETFs and offering this sort of uh very risky Investment Portfolio to their clients it will be again a battle good versus something that uhhuh well it's it's interesting and exciting because this time the battle is completely inside of of the crypto industry rather than um

22:09you know Bitcoin versus the stock market or something so either way uh you know the the overall market cap of cryptocurrencies is going to go up a lot I feel like because even compared to Gold we're you know at small percentage there's a lot of room for growth if we're going to be tokenizing the entire world yeah yeah completely so with where spherex is at right now and sort of the

22:36road map for the end of 2024 moving into next year uh we'll see how the growth trajectory of of crypto assets moves what's the plan on expanding the features I know you mentioned a few about about the Dow or margining so can you explain so what where are you at mainly right now and what are the next major milestones for the growth of the decks okay so right now we have the

23:03Perpetual launched we have certain I mean we we we have a few chains already going we have a few pairs already going you can trade you can take your profits you you you can uh Farm the campaigns and all of this um minor Milestones will be um finishing the current incentive plans and campaigns and launching another like launching more can't disclose them right

23:27now um launch in more uh pairs to launch like to integrate some new memes some new coins on the platform to be able to trade those as well to be able to to to incorporate some parts of their Community as well to give them some nice uh incentives to trade on the more major side um as mentioned we are also building the spot we are building the landing um we are building uh the

23:54staking feature and at the end of the year uh probably in quarter one not later than that we will have the trader Dow in which uh you know um um it will be likely or possible for the current like the most performing KS or k managers to be able to take an even more important role in that um so it won't be only external first we will maybe try to

24:22look internal because these would be the guys that stood initially with us and they should have a right of preference but at least for the interview and you know for for for seeing if they would be fit so minor campaigns pairs uh chains Integrations major uh product development uh for new features and Trader Dow preparations that are coming at the at the beginning of 2025 mhm

24:48sounds great and what is the best way to to well first of all to get started on it go into the community figure out which meme coins are going to be launched next or follow along with the release of the Dow um how can people stay involved with that and sort of jump on it on day one so right now all they should do is they should uh start engaging with the activity center on our

25:16page um I may be able to share my screen a little bit uh sure let's see this one okay so let me take this thing over here so for the activity center we have a few things going on in which the users can participate the first one would be

25:44uh the FX Nexus this is the journey right this is um the big event which will end um in 10 days uh there are certain requirements there are certain activities you have to do trading tasks um epic Rewards please guys go and read all about it uh make sure you finish this it's just 10 days left then there will be a trading challenge which oh it's just ended

26:13pardon for that it will be revamped it will be updated then we got some activities with you know beding wheel and Lucky Spin you know to be able to to to gamble with your points and whatever you want but essentially uh this is the star that they have to engage with right now then get into the community and keep posted for all the updates and just uh try to

26:40bring um more users alongside with you to be able to bring something else um you will just get your code and you will be able to get 7% plus 5% of the fees that you generate so you'll be able to get your break back and stti on that so um yeah the classic just be part of the community show you like suggest meme coins um we may even start some sort of

27:08ambassador program um for the normal users a lot of things we are thinking of to implement sounds great uh I'm going to take a look at that Nexus program and I can leave a link to it in the show notes below as well just to the sphx main page so people can check it out I'm really excited actually to see what's in for the next meme coins it's been all over

27:31Twitter and it just continues to grow so um I think it's a good approach to be focused on that but also with the blue chips and Bitcoin as you mentioned so I'm going to check that out I appreciate your insights into uh where the industry is at with memes uh mihi and everything that you and your team are working on at spherex wishing you guys all the best uh

27:52on everything with the decks moving forward and uh let's definitely follow up in the near future thank you so much ason thank you for everything it's been a pleasure talking with you in your community today