Thread by @Spirit_Swap

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V2 is LIVE ! 🧵

Users can now access SpiritSwap V2 beta via the following link : beta.spiritswap.finance/home

Users can read our full medium article on protocol upgrades via: spiritswap.medium.com/spiritswap-v2-…

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We want to stress that this is a public beta round which will run for a few weeks, while we take feedback from the community & fix any bugs that are reported. Once the beta testing is completed and bugs squashed, we will then revert our URL to face V2 permanently.

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Here's a quick TLDR surrounding some of the main upgrades that V2 includes.

- Hybrid AMM model

- Addition of new vAMM (Solidly adaptation)

- Addition of Stable (sAMM)

- Further addition of linear sAMM and weighted pools (V2.1)

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Fees have been restructured with 3 different fee models.

• Stable Fees = dynamic (0.01%)
• Weighted fees (dynamic)
• SpiritSwap vAMM fees (0.3% < 0.18%)

This is to offer more competitive swaps and take advantage of aggregator traffic.

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Our vAMM fee has been reduced in order to take a bite out of the "bigger pie". With the use of aggregators increasing, The DAO recognize the importance of staying competitive on swap pricing / fees and producing as much revenue as possible for our #inSPIRIT holders.

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Distribution of the 0.18% fee has been allocated as follows.

25% base fee (inSPIRIT holders weekly distribution)

25% to the NEW "protocol fee"

50% to the NEW vote fee (given to inSPIRIT holders each week depending on the volume of the gauge you voted for)

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Lets explore these vAMM fees in detail.

The base fee works the same as V1 (1/6 of fee's that go inSPIRIT holders each week via our SpiritMaker contract).

However with V2, inSPIRIT holders will be able to collect 1/4 of the fees generated from the vAMM via SpiritMaker

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The new "protocol fee" will see 25% of fees go back to protocols who support liquidity on SpiritSwap.

E.g LQDR - FTM pool fees will see 25% of fees captured by this pool go to LQDR in POL. This incentivizes deeper liquidity & volume to collect more fees for #inSPIRIT.

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The novel 50% Vote Fee takes from solidly's model and rewards users who vote on high VOL gauges.

More votes on high volume gauges = deeper liquidity via incentives
=
More volume
=
More fees for everyone.

This rewards those who vote in favor of the protocols ecosystem.

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Stable fees of 0.01% are more simple with;

50 % going directly to LP's
And the other
50% going to base fees ( weekly inSPIRIT rewards)

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V2.1 addition of weighted pools will see these fees as dynamic, meaning whoever sets up the pool can determine the fee.

This said any weighted pools established by SpiritSwap will follow our 0.18% vAMM fee for the sake of competitiveness and simplification of continuity.

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How the weighted fees are then distributed is slightly more complex and dependent of a few factors. We recommend you read the medium for a full explanation of this.

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V2.1 addition of Permissionless Farms:
This allows any protocol to incentivize their own liquidity from the get go. Based on a model of meritocracy, inSPIRIT holders can vote for these farms to be promoted to $SPIRIT incentivized gauges.

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These permissionless farms give new projects an incentive to deploy initial liquidity with SpiritSwap as its a quick fire way to the possibility of getting a $SPIRIT gauge, subject to the volume and subsequent trade fees the underlying LP's generate.

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Participants in these farms will also be eligible to receive the "protocol fee" from their LP, thus opening up an additional revenue stream for new projects deploying on FTM.

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Our "SpiritBridge" has also seen a massive upgrade thanks to our partnership with @lifiprotocol, Transitioning to a full bridge aggregator. This allows for more EVM compatible chains to be added as well as offering a "swap while bridge" function.

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The "Swap while bridge" function allows users to swap assets into $FTM while bridging, thus negating the requirement for a faucet and offering a solution to the dreaded "lack of gas" conundrum.

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Our new "bribe UI" functionality housed within our inSPIRIT tab allows ANYONE to set up a bribe on any gauge.

This improves the user experience for both participating protocols and #inSPIRIT holders receiving bribes.

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This is a perfect time to Segway to the new "Collect Bribe & Vote rewards" feature (one of the many new additions to our new inSPIRIT design).

This function allows users to harvest any bribes they have participated in along with the 50% vote fee from the gauge LP.

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SOULLY'S new #RealYield mechanism ensures #inSPIRIT holders are getting a subsidized flow of the emissions to avoid them ever being diluted by farmers, making inSPIRIT more attractive. This will promote more activity in governance and reward inSPIRIT holders further.

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The redesign of our UI offers a user interface that embodies the playful nature of SOULLY, while highlighting the key elements users expect from a DEX, is where inspiration came from. We hope all of our users are pleased with the result of months of blood sweat and tears.

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We want to thank EVERYONE involved in the V2 upgrade. Internal developers, designers, moderators, testers, content creators (@cre8rdao) & most of all our V2 partners @lifiprotocol, @paraswap @Covalent_HQ, @kektoken @UniDexFinance @FantomFDN (sorry if we missed any) 😅

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Above all we want to thank our community who have stuck with us through thick and thin. We ask you all to be patient during this public beta.

Your feedback will be aggregated & utilized to fix any bugs ASAP. Thankfully the new codebase will help expedite this process.

🙏

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The purpose of this thread was to cover key updates that V2 covers. There are plenty of additional updates that would have turned this thread into a yarn, so make sure to check out our Medium article for a deep dive into everything V2.

Cheers & enjoy