Thread by @rektdiomedes

Thread:

The team at @Spirit_Swap has been shipping like crazy lately!

Here’s an updated thread on everything to know about Spirit Swap and $SPIRIT for the start of 2022:

1/x

Brief intro: Spirit Swap is one of the OG dex's/AMM's on Fantom.

Today, with $FTM surging upward, the @Spirit_Swap team is unveiling some extremely innovative stuff, and have pivoted to a tokenomics model that could be VERY consequential going forward :)

2/x

Before we get to the new stuff, some basic info...

$SPIRIT’s current price is $0.161 and market cap is 47M.

It has a TVl of around 210M, making it the second-biggest Fantom-native dex after Spookyswap.

It currently ranks #669 on @coingecko by marketcap.

3/x

Like all AMM’s, it has yield farming opportunities where you can receive apr in the $SPIRIT token for LP'ing.

What differentiates it from many however is the fact that the Spirit team has- as noted above- added all sorts of extremely interesting innovations of late.

4/x

There’s a ‘Portfolio’ page, where you can see all your Spiritswap positions AND everything in your Fantom wallet (which is very nice).

5/x

There’s also a ‘Bridge’ to facilitate bridging to Fantom from other chains. It utilizes AnySwap/Multichain, but is a little more user friendly (and includes a faucet that provides you a bit of $FTM for gas, which is extremely nice).

6/x

If you’re looking to use the Spirit Swap bridge, here’s an awesome video on it from Austin of @ftmalerts:

7/x

Next, @spirit_swap also has AAVE-style over-collateralized lending, via @ola_finance.

Here’s a video from Spirit Swap themselves breaking down how this works and showing you how to use it:

8/x

The newest feature @Spirit_Swap is releasing is “Ape Mode”.

Ape Mode- if I am understanding correctly – allows leveraged long positions to be taken on a variety of assets on the Fantom chain, and does so by utilizing $MIM and @sushiswap’s Kashi Lending.

9/x

Ape Mode does not seem to have been fully released yet, but I definitely think this is one of the coolest updates Spirit has come up with...

Here’s a video on it:

10/x

Now on to the tokenomics, which I think are the most exciting part of @Spirit_Swap’s development.

There’s two aspects to this part of the discussion….

The first being quite cool but the second being the most significant in my opinion.

11/x

The first is that @Spirit_Swap has partnered with Olympus Pro to offer $SPIRIT enthusiasts the chance to get discounted $SPIRIT via bonds.

To learn more about this, I would recommend listening to the conversation @Ceazor7 had with Spirit Swap’s Heesh (cont)...

12/x

...where they discuss it.

OR… read the fantastic notes taken on it by @the_readingape at the link below:

https://twitter.com/The_ReadingApe/status/1460585974245707778

13/x

The second and most significant development re: tokenomics is the introduction of a veCRV-style mechanism where one can lock $SPIRIT to gain $inSPIRIT or its two alternatives, $ginSPIRIT and $linSPIRIT.

This is VERY cool...

14/x

Essentially, users can now lock $SPIRIT for extended periods to gain voting rights on emission structure and access to emissions (yield/lp rewards paid in $SPIRIT,/etc).

This is very similar to the @CurveFinance model, or the @QiDaoProtocol model.

15/x

This is valuable for regular users of Spirit_Swap, but also may be valuable for other PROTOCOLS, potentially initiating “Curve Wars”-style competition, complete with ‘bribes’ just like we see with Curve/Convex.

16/x

There are essentially three ways to lock $SPIRIT in this way.

One can do it on @Spirit_Swap itself, and receive $inSPIRIT in return.

Or, one can go to one of two partner protocols that offer what Spirit Swap calls “$winSPIRIT”, which is wrapped (liquid) $inSPIRIT.

17/x

There are two kinds of wrapped $inSPIRIT- one from each of the partner protocols…

They are $ginSPIRIT from Grim Finance, and $linSPIRIT from Liquid Driver.

Below is a screenshot from the Spirit Swap docs page explaining how this all works:

18/x

@LiquidDriver is a fascinating protocol in and of itself, and I’ll be doing a thread on it as well soon! If $linSPIRIT catches on @LiquidDriver would essentially be the ‘Convex’ to Spirit’s ‘Curve’, and the potential downstream effects are quite fascinating to think about.

19/x

For an excellent video on all of the above from @rektfoodfarmer, click the link below:

All in all, I find all of the above extremely bullish (cont)…

20/x

It will be very interesting to see more protocols in the sub-1B TVL range start adopting Curve-style tokenomics.

@qidao has done something similar though which seems to be going extremely well so far, and I am very optimistic regarding @spirit_swap’s doing so too.

21/x

It also seems clear that @Spirit_Swap has some extremely talented and dedicated dev’s, and for that reason (full disclaimer) I will likely be picking up some small bags of $linSPIRIT via @LiquidDriver.

22/x

For more info on the synergy between these two protocols and on linSpirit, check out this excellent video on $linSPIRIT from @Prof_Crypto_B:



23/x

Conclusion:

There are a lot of very smart folks who understand this stuff much better than me, and if you’re interested in @Spirit_Swap and @FantomFDN in general, make sure to check them out!

@Prof_Crypto_B
@FTMAlerts
@rektfoodfarmer
@Ceazor7
@takegreenpill

cont..

24/x

And make sure to follow these other $FTM gigabrains such as:

@Route2FI
@JackNiewold
@phtevenstrong
@TaikiMaeda2
@milesdeutscher
@harryyeh
@Tweak896
@THEVinhvuong