According to reports from Wu, Sphinx announced the completion of a $2 million Pre-Seed funding round, led by Eckhardt Capital, with participation from Big Brain, Blizzard Fund, Cosmos Hub, and others. Sphinx is building an energy commodity derivatives exchange based on its self-developed licensed Layer 1, supporting futures and perpetual contracts in markets such as oil and gas. The funds will be used for mainnet launch and institutional partnership expansion.