Thread by @RiddlerDeFi

1/ If you're following the #DEX narrative you know that it's present on every chain 🌐

Some chains still have few projects on though

I'm going to explore one that has the first-mover-advantage on @NEARProtocol 🔎

@spin_fi $SPIN
👇🧵

@NEARProtocol @spin_fi 2/

TL;DR 🎙️

@spin_fi is a #DEX on @NEARProtocol founded in June 2021 📆

It's the first to bring perps to $NEAR, with a crazy good UI/UX #CEX quality

It has its NFT collection and a rich roadmap moving on swiftly 🗺️

@NEARProtocol @spin_fi 3/

What I'll cover in this thread:

🌀 What's @spin_fi?
🌀 How the #DEX works
🌀 Tokenomics
🌀 NFTs
🌀 Roadmap

@NEARProtocol @spin_fi 4/

What's @spin_fi? 🌀

@spin_fi is the first perpetual #DEX on $NEAR 🥇

It was founded in June 2021, launched the DEX in April 2022, and released perpetual trading in September

It has high-quality UX/UI and many interesting products coming 💻

@NEARProtocol @spin_fi 5/

Even though it's the 1st on-chain, it didn't go easy on the quality

Spin created a great ecosystem and is quickly expanding in anticipation of $SPIN launch

It also has an NFT collection with utilities within this ecosystem 💎

@NEARProtocol @spin_fi 6/

For now, the basic functions are the spot and perpetual trading, with different kinds of orders 💹

In Q1 the DOVs will arrive, with their simplification of options trading

In the future, there will be a #DAO and even #NFT floor perps 🖼️

@NEARProtocol @spin_fi 7/

@spin_fi has planned out a #RealYield mechanism for $SPIN 🌽

The stakers will share 50% of the revenues generated by the #DEX

$GMX has started a movement, many new protocols followed the lead with their own Spin 🌀

@NEARProtocol @spin_fi 8/

How the #DEX works 🌀

Atm, the DEX has spot trading and perpetual

It has an Instant Swap function and the first AIPs (Automated Investment Products) are on testnet

The first AIP will be a #DOV (Decentralized Options Vault) similar to what @dopex_io does 🐂

@NEARProtocol @spin_fi @dopex_io 9/

Regarding the Insta-Swaps, fees on @spin_fi are almost x3 cheaper than the rest of the $NEAR chain

This AMM-like interface has more accurate pricing than elsewhere

And this counts for larger orders as well 💰

@NEARProtocol @spin_fi @dopex_io 10/

The #DEX is still young and there's only a perp for $NEAR atm and a bunch of spot options

Think of classic $WBTC, $ETH, and some @NEARProtocol based tokens 💱

Limit and trigger orders are already working though, and you can bring your $USDC to @spin_fi to trade

@NEARProtocol @spin_fi @dopex_io 11/

Tokenomics 🌀

$SPIN is still unreleased but we know it will come sometime during Q1 2023 📆

We also know that there is going to be an airdrop 🪂

$SPIN tokenomics work with a 3-tokens system 👇

@NEARProtocol @spin_fi @dopex_io 12/

The basis is of course $SPIN

It will be used for the upcoming #DAO governance, and can be obtained as a reward, but most of all it can be staked 🔒

Staking $SPIN will give you a share of 50% of the DEX revenues

@NEARProtocol @spin_fi @dopex_io 13/

The staking rewards are in $USDC but there are more incentives:

You receive extra rewards in $escSPIN, escrowed token to reduce selling pressure 📉

escSPIN can be vested linearly for a year to get back tradeable $SPIN

Or it can be staked as well 🔐

@NEARProtocol @spin_fi @dopex_io 14/

Staking $SPIN and $escSPIN also gives you Spin Points (SP)

They are given in proportion to the number of tokens staked and time spent staking

They get burnt accordingly when staked capital is withdrawn 🔥

You can stake SPs to boost your protocol rewards 🤑

@NEARProtocol @spin_fi @dopex_io 15/

Other ways to receive $SPIN are as rewards for

🌀Using the #DEX
🌀LPing
🌀Market making
🌀Vaults' bonuses

Or catching the #Airdrop, if you want to know more, I made a 🧵 sometime ago👇

https://twitter.com/RiddlerDeFi/status/1592567126262702081

@NEARProtocol @spin_fi @dopex_io 16/

Freaky Elves NFTs 🌀

The official @spin_fi NFTs minted for 0.7 $NEAR each and are now standing at ~30N in floor

These 2022 1:1 tokens can be bought on @ParasHQ and have some interesting utilities

@NEARProtocol @spin_fi @dopex_io @ParasHQ 17/

What are they good for? 👇

▶️ Priority access to $SPIN sale
▶️ Boosts in trading tournaments
▶️ Airdrop share
▶️ Early access to mainnet and community voting
▶️ Secret holders’ Discord chat

More is coming, like decreased fees and special products, and more early access

@NEARProtocol @spin_fi @dopex_io @ParasHQ 18/

Roadmap 🌀

At this stage, @spin_fi is getting ready for $SPIN TGE and testnet is trying out the first DOVs

DOVs are a one-button investment product that simplifies options trading 🗳️

Covered Call and Cash-Secured-Pit are the 2 DOV vaults coming

@NEARProtocol @spin_fi @dopex_io @ParasHQ 19/

Later, @spin_fi will release more AIPs like passive LPing, staking, and a series of Delta-neutral strategies

Basis trading is one of those, profiting from positive funding rates 👆

The Crab strategy is another one, coming in Q3 🦀

@NEARProtocol @spin_fi @dopex_io @ParasHQ 20/

If you're looking for more exotic derivatives, Power Perps, Everlasting Options, and NFT Floor Perps are your thing

Multi-Collateral Contracts are also a cool idea

All in all, @spin_fi has the first-mover advantage, and it's now going for #CEX quality too 💎

@NEARProtocol @spin_fi @dopex_io @ParasHQ 21/

The Team makes sure to never have their community bored

They make trading tournaments, guild wars, and various activities ⚔️

Of course, you can gain in these activities in the form of $SPIN, like the recent #Spinosaur journey 👇

https://twitter.com/spin_fi/status/1620802006465282049

@NEARProtocol @spin_fi @dopex_io @ParasHQ 21/

Links 🌐

Twitter: @spin_fi
Discord: discord.gg/spinfi
Telegram: t.me/spin_fi
Medium: medium.com/spin-finance
Docs: docs.spin.fi
Site 👇
spin.fi

@NEARProtocol @spin_fi @dopex_io @ParasHQ That was it for this thread 🧵

You know the drill 🫡

Follow me @RiddlerDeFi for more alpha 🧠 

Best way to support is to simply drop a RT + LIKE on the #1 tweet of this thread 🖤

https://twitter.com/RiddlerDeFi/status/1623351217140256768