SpiritSwap is excited to take our partnership with Grim.Finance to the next level, delivering a new use case for inSpirit. Introducing GinSPIRIT!
By combining the power of our newest feature (inSPIRIT) with Grim Finance’s auto compounding smart vaults, a new masterpiece of yield optimization has been created !
Together, the Grim.Finance and SpiritSwap teams are now able to offer a whole new paradigm of staking and farming opportunities. Via the Grim. Finance platform, SpiritSwap liquidity providers will be able to earn trading fees and claim boosted inSPIRIT without locking SPIRIT themselves.
Staking SPIRIT on Grim Finance
Grim Finance’s revised vaults now add an additional layer of use case for the SPIRIT token via single asset SPIRIT staking within their vaults. These stakers will be rewarded with a share of the boosted SPIRIT, on Grim’s platform. The main factors are as follows:
- Receive liquid GinSPIRIT, granting anyone the ability to exit their staked inSPIRIT position;
- Receive SPIRIT rewards (distributed weekly and compounded into more GinSPIRIT);
- Earn a share of the GRIM platform fees in GRIM (soon to be activated).
GinSPRIT — A token breakdown
GinSPIRIT will essentially act as a tokenized inSPIRIT.
- SPIRIT tokens can be deposited into GRIM.Finance and will be locked out of circulation in perpetuity;
- GinSPIRIT, a tokenized version of SPIRIT, will be returned to the user at a 1 to 1 ratio
NOTE** the price of GinSPIRIT is not pegged to inSPIRIT .
- Staking of GinSPIRIT on the GRIM platform will allow users to receive SpiritSwap fees (just like normal inSPIRIT) that will be automatically compounded for more GinSPIRIT;
- With GinSPIRIT, you will be able to receive a percentage of GRIMS platform FEES (paid in GRIM token) in the near future;
- GinSPIRIT will supercharge your “boosted farms” within the GRIM platform. This will pass on those super sweet new APR’s we’ve recently been acquainted with on SpiritSwap;
GINSPIRIT Liquidity Pools
- Rather than staking GinSPIRIT, users can also choose to contribute to the GinSPIRIT-SPIRIT liquidity pool on SpiritSwap’s staking tab to also earn SPIRIT.
- Users can then stake their SPIRIT LP token in the Grim.Finance vault thus compounding your LPs and converting the rewards you receive in SPIRIT to more GINSPIRIT - SPIRIT LPs.
This V2 partnership with Grim.Finance not only offers our SpiritSwap and GRIM users the same benefits as inSPIRIT, but supercharges the entire inSPIRIT ecosystem. By passing on the same benefits of inSPIRIT to GRIM users, the internal mechanics of GinSPIRIT will continue to lock more and more SPIRIT out of circulation in perpetuity (forever), not only further stimulating the inSPIRIT ecosystem, but allowing EVERYONE who participates to be rewarded generously in the process.
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Grim.Finance resources :
Website: Grim Finance