Sphere

Every $SPHERE you hold is automatically an NFT, and every NFT is an equal share of the same Uniswap v4 pool.
SphereStable: backed 1:1 by a USDC + USDT on AAVE.

[Sphere @sphere_lp]

Read it:

Sphere: https://t.co/BQvI5uD6qh
SphereStable: https://t.co/GSTQabFYWF
Hook: https://t.co/6JmbC9ljsO

[Sphere @sphere_lp]

Removing liquidations and real-time oracles from stable value is the exact design space SphereStable already lives in.

We took the other branch from options. Rather than a position that drifts toward its strike and has to be rolled, SphereStable keeps its backing in yield and compounds it underneath you, so holders are paid to wait instead of slowly sliding off their target. No liquidations, no price feed to spoof, and none of the rebalancing slippage the options route still has to answer for.

The options design stays fully ETH-native, and that edge is real. Ours leans on the collateral underneath in return for being boring on purpose and already live on mainnet.

SphereStable is the version you can hold today.

[vitalik.eth @VitalikButerin]

Building index-tracking assets on top of options instead of debt

https://t.co/gFNEvCbHct

What if the use options as the base of defi, instead of CDPs and liquidations? So instead of extreme price movements creating a sharp and global "you get liquidated" effect, instead your exposure to the index diverges quadratically from your preferred exposure in a smoother way?

A key benefit is getting rid of the need for instant oracles, and instead making everything work on top of "slow oracles" (ie. the type that prediction markets use)

This design has a significant downside - the need to do regular rebalancing - and an open question of whether and how this rebalancing can be made slippage-resistant enough. But it's worth considering and trying IMO. I would feel much safer holding algostables inside something like this, than in something that depends on an oracle that has to give real-time answers (and therefore could be tricked into giving wrong real-time answers with no time for human recourse).

[Sphere @sphere_lp]

🚨 BE AWARE OF FAKE CONTRACTS 🚨

Big news coming soon...

[Sphere @sphere_lp]

🚨 ANNOUNCEMENT 🚨

objects may look closer than they appear...

[Sphere @sphere_lp]

TLDR: this is the first stablecoin where the collateral and the liquidity are the same pool of capital. That one design choice kills the cold-start problem every new stable runs into, and it means you earn yield just by holding -nothing to stake or claim.

A stable built this way wasn't possible until @Uniswap V4 hooks, because hooks let you merge the AMM pool and the mint/redeem contract into a single object.

Pre-V4 it couldn't be done: a pool was locked to a constant-product curve, and minting/redemption lived in its own separate contract. Hooks break that open - a pool can now catch an incoming swap and run its own logic in place of the usual curve. Take the input, do whatever you want with it, hand back a custom output.

SPHERE takes that and routes you straight into collateralized minting instead of trading against whatever inventory LPs happen to have parked. The result is effectively no cold start — the thing that quietly kills most new stables. Liquidity is the collateral, so the book is deep and priced fairly from block one.

It also wipes out mercenary LPs, impermanent loss, and emissions. The usual playbook is to torch a mountain of token incentives to rent liquidity - the entire Curve-wars economy is built on exactly that. SPHERE rents none, so there's no incentive-driven sell pressure baked into the token.

Distribution comes for free. Since it presents as a standard V4 pool, any aggregator, router, or wallet that already speaks Uniswap can route into it with zero integration work. You plug into Uniswap's reach instead of grinding to build your own.

Tighter peg. Both mint and redeem settle at fair value through the hook, so there's no detached secondary market that can drift off into a premium or discount. Price equals reserve value by construction - you're not crossing your fingers that arbitrageurs show up.

Yield with zero clicks. 70% of every harvest lifts the redemption value of the base token itself, so holders capture yield without staking, wrapping, or claiming anything. Cleaner UX than sDAI-style wrappers.

A flywheel that's mechanical, not narrative. More float → more Aave yield → more SPHERE bought and burned. $SPHERE's value is wired directly to how large and how active the stablecoin becomes.