Thread by @rektdiomedes

Thread: New Update On @Spirit_Swap And Their Insanely Cool V2 Release…

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So… many of my Twitter frens will remember that I did a big thread on @Spirit_Swap back in December…

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Well, in recent months the team has been diligently working behind the scenes on their new V2 release, which is- to say the least- very impressive.

This thread will highlight some of the new innovations.

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For V2 the team has apparently re-built the entire codebase from scratch, and in so doing also added a bunch of new functionalities.

The first is the new Protocol Fee/Voting Fee Model...

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These relate to the swap fees on the platform and how those fees are distributed.

The new setup is quite gigabrained, and their below graphic provides a thorough breakdown of it:

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It gives 'Protocol Fees' to protocols that list their LP's on Spiritswap, and 'Voting Fees' to inSPIRIT holders who voted for the gauge attached to the pool in question..

Thus creating a 'virtuous feedback loop' of more listings, more voting, more rewards, etc.

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Next: Real Yield/ Anti-Dilution for inSPIRIT holders:

This is an updated mechanism designed to both catalyze further adoption of inSPIRIT as well as protect inSPIRIT holders from dilution from farming rewards.

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Beyond the above, there's a bunch of other cool upgrades as well, most in V2 and a few in V2.1 which will be released shortly afterward.

One such development is the addition of new ‘weighted pools’ like one would see on Balancer or Beethoven.

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If by chance you don’t know what this means, it is essentially LP pools with more than two tokens, and/or LP pools with non-50/50 splits. This gives users way more flexibility in terms of provisioning liquidity.

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As an example, if you’re super bullish on $EXMPL token you could potentially farm something like a 80/10/10 $EXMPL/$USDC/$FTM pool, instead of a 50/50 $EXMPL/$FTM pool, which would give you more $EXMPL exposure and reduced impermanent loss.

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They're also incorporating some Solidly-style AMM dynamics and extremely efficient stable swaps, etc.

Basically they've just taken many of the best recent dex innovations and added them in, along with their own custom add-ons, to maximize protocol efficiency.

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There'll also be 'Ecosystem Farms' that are essentially permissionless pools where any other protocol/new protocol can create an LP pair.

This relates to the Protocol Fee sharing mentioned above, allowing these protocols to earn 25% of the fees their pools generate.

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There is also apparently going to be a much faster and smoother UI and UX, though I’ve never had any problems with the existing one.

V2 also improves capital efficiency via usage of dormant liquidity in the lending network (see below).

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They're also implementing a bridge aggregator connected to the AMM, so you can bridge AND swap at the same time.

(i.e. bridge $USDC from Polygon and receive $FTM on the Fantom side, or other such combinations.)

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Beyond this, briboors and bribe-receivoors can also rejoice, as there will be a built-in mechanism for bribes within the protocol itself :)

There's also some really cool additions to the UX, like the 'SpiritWars' page (see screenshot below).

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Overall the site looks fantastic, + frontend is fully functional without having to connect your wallet, which I like (this is important best practices design imo).

The analytics page is also excellent (see screenshot below).

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Also as already mentioned... Some of the above is coming in the V2 release and some will be a couple weeks later in V2.1, so the #FrenchChart at the start of the thread should be considered a picture of the full V2/V2.1 @Spirit_Swap.

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In conclusion, I'm very stoked to see the Spirit team bust out these updates, max-building in the bear, as it were :)

If you found this helpful/interesting plz follow and RT!

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Tagging some Fantom-Chads who may appreciate the thread:

@Deg3ntrades
@crypto_klay
@FTMAlerts
@Ceazor7
@EthFugu
@Subli_Defi
@GCOdysseus
@Prof_Crypto_B
@DeFi_Made_Here
@ftm_ecologist
@ChadMcchief
@LiquidDriver
@deficryptofarm
@NurseDave10

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Also here's some links to some other great info on @Spirit_Swap:

First... the excellent thread the Spirit team themselves just released:

https://twitter.com/Spirit_Swap/status/1557474412223414275

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New @NickDrakon video on it:

https://twitter.com/NickDrakon/status/1557750043259682816

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Excellent thread from @The_ReadingApe:

https://twitter.com/The_ReadingApe/status/1556671724623577088

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A very thorough article on it from @paragism_:

https://twitter.com/paragism_/status/1557726769548967937

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