How’s your inner DeFi spirit feeling today? Is it howling for another high-flying DEX? We are excited to share SpiritSwap, a decentralized exchange sure to lift your spirits and let your earnings soar!
The SpiritSwap DEX operates on the Fantom Opera Chain and has started its platform by offering trading, staking, and farming. For SpiritSwap, this is just the beginning though. The platform has much more in store, constantly working on development to improve the decentralized experience for all Fantom-tastic users.
SpiritSwap’s design is based on the Uniswap constant-product Automated Market Maker. They give users the opportunity to easily swap tokens in the AMM while being provided guaranteed rates.
With 8 different phases already lined up within SpiritSwap’s roadmap, the platform is in it for the long haul. With its initial launch and foundational work all complete, its resilient token in place, and extra features being launched ongoingly, SpiritSwap is stacked with features and a great road ahead.
Let’s float through the features of SpiritSwap a bit. Of course, given its ghoulish name, the platform is a great place to swap. Using automated liquidity pools on Fantom, SpiritSwap makes trading tokens simple. This effective swap is determined by the AMM and comes with a low fee of 0.3% for the transaction. 5/6 of that fee goes to liquidity providers of the given Liquidity Pool while the remaining 1/6 of the fee goes to the protocol fee vault, which is used to buy-back and distribute SPIRIT to inSPIRIT holders.
SpiritSwap offers farming on the platform to incentivize liquidity on the exchange. Liquidity providers on different farms have the opportunity to earn rewards through the platform’s token inSPIRIT. Every farm deposit will have a 1% fee, which will be used to buy-back and burn SPIRIT.
The platform’s protocol token, SPIRIT, has a max supply of 1 billion tokens with 267,669,563 in circulation. The token is currently listed at about $0.34. Currently SPIRIT has a market cap of $90,868,966. The token hit its all-time high on April 30 at $1.77.
Of the 1 billion SPIRIT tokens, 81.82% has been allocated for farming, 8.18% to the DAO, 7.50% to development, and 2.5% to airdrops.
The platform also has a governance token, inSPIRIT, which gives users a share in protocol profits, boosted SPIRIT farming rewards, and voting power. In order to get this non-transferable token, users must lock SPIRIT tokens for a user-defined timeframe. This time frame can be anywhere from 1 week to 4 years. Naturally, locking for longer periods of time will yield a larger amount of inSPIRIT. The platform also has one wrapped token so far which is referred to as winSPIRIT. Wrapped inSPIRIT tokens are created by autofarms by locking SPIRIT tokens forever in order to increase the APR of their SpiritSwap boosted farm vaults. The first of its kind, ginSPIRIT, was wrapped by Grim Finance.
The platform breaks each token down as the following:
SPIRIT
Protocol token
Earned by farmers
Can be locked to obtain inSPIRIT
inSPIRIT
Governance token
Non-transferable
Receive a multiplier on farms
Receive swap fees
The team behind the platform is quite diverse, spanning Argentina, the United States, Germany, Turkey, and New Zealand. Their focus has been to provide the DeFi world with an option for low gas fees, short block times, EVM compatibility and of course, the utmost decentralization possible.
On November 7th, there was an airdrop of $BISON tokens to inSPIRIT holders!
SpiritSwap is far from done and we know this platform is one to keep eyes on! Let your spirits get lifted away through Fantom’s SpiritSwap!
