SpiritSwap

To conclude, SpiritSwap is comparatively far smaller than other decentralized exchanges. It has many competitive advantages of the Fantom Opera Chain in order not to be dominated. By adding multiple DeFi features like what SushiSwap did, SpiritSwap is actively biting more of the DeFi cake.

SpiritSwap has formed partnerships with numerous other promising projects as follows: Covalent HQ, Graviton.one, Gelator Network, Popsicle Finance, CasperDeFi, Hedgey. They are standing together for mutual support and thrive.

SpiritSwap has formed partnerships with numerous other promising projects as follows: Covalent HQ, Graviton.one, Gelator Network, Popsicle Finance, CasperDeFi, Hedgey. They are standing together for mutual support and thrive.

SpiritSwap is one of the first Decentralized exchanges (DEXs) built on the Fantom Opera Chain that the platform is based on an Automated Market Maker. It allows users to swap without any intermediary and centralized governance. Working with an AMM, Liquidity Pools automatically calculates the token price for two deposited tokens with high performance.

Whenever each swap is securely executed, traders will be charged a small fee of 0.3% as usual. And the fees are distributed to Liquidity Providers and inSPIRIT token holders to motivate the growth of the exchange platform.

To swap one token for another, SpiritSwap offers an easy way to do so via automated liquidity pools. Like other popular DEXs on other blockchains, the swapping rate is calculated by the constant-product equation x*y=k.

An example swap on SpiritSwap

Moreover, the trading fee is 0.3% which is reasonable in comparison to other DEXs. To clarify, 0.25% of the fee goes to Liquidity Providers providing their tokens into pools. And the rest goes to the protocol vault responsible for the buy-back mechanism and distribution to inSPIRIT holders.

SpiritSwap’s Liquidity Pools require depositing equal values of both tokens. In addition, when providing liquidity to the preferred pool, users receive SPIRIT-LP (SpiritSwap Liquidity Pool tokens) in return. The SPIRIT-LP token represents the share of users in the liquidity pool, and they can claim tokens back anytime. When depositing in pools, users are charged a 1% fee.

inSPIRIT holders get boosted SPIRIT farming rewards. Farmers that hold inSPIRIT can receive a max boost of up to 2.5x in farming rewards. For instance, a user, with no inSPIRIT tokens, can farm FTM-SPIRIT for 100% APR. Whereas a farmer with inSPIRIT tokens can farm FTM-SPIRIT up to 250% APR.

Boosted Farms

On SpiritSwap, there are three types of tokens that users should be aware of as follows:

• SPIRIT: The utility protocol token running on the Fantom Opera Chain can be earned through farming. Alternatively, SPIRIT tokens can be locked to obtain inSPIRIT.
• inSPIRIT: The non-transferable governance token benefits users with additional tokens when holding it.
• SPIRIT-LP: Represents the proportional share of users in pools. SPIRIT-LP can be utilized to farm SPIRIT.

The SPIRIT token has lots of incentives so that they can strengthen SpiritSwap to acquire liquidity from DeFi users.

SpiritSwap has a very flexible roadmap adjusted based on the overall market situation. They have launched an abundant number of DeFi products such as Farm, Lending, NFT, and IDO platform, which shows the careful preparation for future opportunities. Spiritswap’s product ideas and roadmap are as follows:

• Launchpad, Stable swaps, DEX tools, Stable coin pool.
• Timelock, Token burn mechanism.
• Trading tools/graphs.
• Vault strategies.

• Functional DEX: Staking, trading, and farming.
• Community: A superb, productive, and engaged community.
• Landing page: A nice place for newcomers to land that accompanies the DEX and highlights our partners.

• A complete Roadmap.
• More farming pools: Adding new farming pools for the ecosystem to grow.
• Emission schedule: The detailed token emission schedule can be changed by the inSpirit holders.
• Team vesting schedule: The team needs to have funds from distributed Spirit tokens to make sure everything goes as planned.
• Subgraph and Analytics page: similar to Uniswap’s analytic page.
• Partnerships with projects such as Fantom Foundation, CoinGecko, AnySwap, FRAX, BitBean, etc.
• Audit: The first audit was completed by MixBytes on June 8th, 2021. And another is still in progress.

• Zapper: Zapping from token to LP and between LPs.
• Limit orders
• Lossless lottery.
• Baby Soully: A baby Spirit token.

• Launch inSPIRIT: Allow users to lock SPIRIT tokens to generate inSPIRIT.
• Gauge governance: Vote to decide which boosted farm should get higher emissions.
• Boosted farming to increase APY.

• Phase V: Soul Credit/Stable provides Lending services for capital efficiency.
• Phase VI: The DAO will be able to vote on emissions, supply, etc, which effectively shapes the future of SpiritSwap
• Phase VII: v2 Optimized AMM.
• Phase VIII: Community Decides through the voting mechanism.

• Rober Neir is the Co-Founder of SpiritSwap.
• The members of the Spirit team mostly come from Argentina.

SpiritSwap has formed partnerships with numerous other promising projects as follows: Covalent HQ, Graviton.one, Gelator Network, Popsicle Finance, CasperDeFi, Hedgey. They are standing together for mutual support and thrive.

SpiritSwap's Partners

Moreover, SpiritSwap partnered with Starter to integrate a fundraising platform into the Fantom blockchain. In short, Starter is a multichain launchpad on Binance Smart Chain and Polygon. They both plan to collaborate to drive growth and add liquidity to fuel the ecosystem.

FTM, USDC, and especially SPIRIT tokens can be used for purchasing in fundraising rounds. That means the demand for SPIRIT will rise if the IDO platform is delivered to the Fantom ecosystem.

SpiritSwap x Starter

To conclude, SpiritSwap is comparatively far smaller than other decentralized exchanges. It has many competitive advantages of the Fantom Opera Chain in order not to be dominated. By adding multiple DeFi features like what SushiSwap did, SpiritSwap is actively biting more of the DeFi cake.