TVL > 100K
What is SpiritSwap (SPIRIT)?
SpiritSwap (SPIRIT) is a decentralized exchange (DEX) hosted on the Fantom Opera blockchain. The design of this DeFi trading platform operates on the Uniswap introduced automated market maker (AMM) technology . In an AMM, liquidity providers contribute a pair of tokens, and the underlying demand automatically calculates market price for the given token pair. Users can effortlessly swap between tokens in the AMM and receive guaranteed rates for the trades. Each swap (an assets exchange activity) on SpiritSwap involves a fee, which gets divided among liquidity providers as their rewards for supplying liquidity to the platform. Trading fees are claimed to be as low as 0.3% per deal, which is significantly cheaper compared to other DEXs. SpiritSwap (SPIRIT) provides functionalities for trading, staking, and farming crypto assets without any centralized middlemen like banks. To take advantage of SpiritSwap, users will need to switch to the Fantom Opera chain by connecting their MetaMask wallets to this blockchain. This platform is powered by a triple-token system: SPIRIT. It is the utility protocol token issued on the Fantom Opera Chain. SPIRIT tokens can be utilized for farming to get extra rewards. Additionally, SPIRITs can be locked to get inSPIRIT. inSpirit. It is an un-transferable governance token. This token receives a multiplier on farms and is also paid to holders as a reward from swap fees. SPIRIT-LP. These tokens reflect the liquidity position of users in pools. Participants can utilize SPIRIT-LP to farm SPIRIT.
Who are the founders of SpiritSwap (SPIRIT)?
It is said that the project was founded by Rober Neir. The rest of the team of SpiritSwap (SPIRIT) mostly comes from Argentina. Five other developers are engaged in the project. Notably, the SpiritSwap team received a grant from the Fantom Foundation, which facilitated the project’s quick launch and helped it to gain traction.
What makes SpiritSwap (SPIRIT) unique?
SpiritSwap is one of the most prominent dApps built on the Fantom network and much of its adoption will come from Fantom users and FTM token holders. Although each trade on the SpiritSwap platform incurs a fee, part of this revenue is then distributed among liquidity providers, while the remaining part is used to buy back SPIRIT tokens at market rate, which is then given to inSPIRIT holders. Offering lightning-fast swaps at an affordable price, SpiritSwap is moving towards becoming a complete DeFi ecosystem, offering users various strategies for managing their crypto holdings. SpiritSwap's core features include Zap, inSPIRIT, boosted farms, lending, borrowing, leverage trading, and a cross-chain bridge. The team is striving to build a protocol to serve more than just a decentralized exchange, but a full-blown HUB of all DeFi activities on Fantom.