It is with immense pleasure that we share our one year anniversary with our beloved community and the wider Fantom ecosystem. The journey to date has been a combination of excitement, fury, vexation, laughter, tears but most of all emotions of joy and jubilation!
V2 is in its final stages. With security being our main priority, we are in the process of engaging Byte Masons to review our contract additions/upgrades that encompass V2 along with other peer review models. We understand everyone is eager to test out V2, however we will not sacrifice security to appease an eager market, especially considering the recent run of exploits across Fantom and other chains. The safety of users’ funds is our main priority. We have the utmost respect for Byte Masons and their contributions of security towards the Fantom ecosystem hence why we are currently engaging their services. While we complete the final stages of our V2 roll out, we wanted to celebrate our anniversary by compiling a list of accomplishments we have achieved over Soully’s first year of existence.
Apha: There is a birthday surprise for you at the end of this article, so read on!
After launch on the 25th of April 2021, we were quick to start taking on feedback from users, identifying their needs and requirements so we could add more value to the Fantom ecosystem and meet market demands.
It became apparent that people wanted a quick solution to deploying LPs, as such on the 24th of June Zap was born! This provided a frictionless solution for entering a liquidity pool with the single click of a button.
After surveying SpiritSwap users further, we discovered they wanted more versatility around trade functionality, as such on the 16th of July SpiritSwap released limit orders for our users to enjoy. This enabled our users to take advantage of trading while they slept and negated the dreaded “missed opportunity”.
After the successful deployment of limit orders, we quickly followed up with the introduction of inSPIRIT on the 20th of August. Recognizing we needed to give more utility to the SPIRIT token, the ve locking model not only restricted supply but also gave extra purpose to its existence. This added an extra revenue stream for inSPIRIT holders by way of fee sharing, but also allowed users to gain more control over our protocol by way of gauge voting and aligning our future snapshot governance model. This was a perfect segue into greater decentralization.
Quickly following up from the deployment of inSPIRIT, on the 24th of August we announced our partnership with Ola Finance which allowed us to add an additional layer of value to the SpiritSwap ecosystem by way of allowing people to directly lend and borrow SPIRIT assets. This enabled people to, in effect, leverage the SPIRIT token without having to sell counter assets. This gave greater purpose to the SPIRIT token in 2 ways:
1. SPIRIT could now be used for lending.
2. SPIRIT token rewards could now be used as collateral for borrowing.
On the 26th of August we celebrated the first distribution of inSPIRIT rewards, and since then are proud to announce that a total of 25,877,119 SPIRIT rewards have been distributed (at the time of writing this), that’s 9.14% of the circulating supply!
Upon noticing a significant influx of capital to the Fantom ecosystem, we decided to work on a bridge to facilitate the transfer of capital over to Fantom via SpiritSwap. As a result, we launched the “SpiritBridge” on the 19th of October.
On the 26th of October we celebrated our peak TVL of more than 400 million dollars, REJOICE SPIRITS!
On the 2nd of November, in partnership with our friends at Olympus DAO, we were the first to bring bonds to the Fantom ecosystem. This not only allowed SpiritSwap to start amassing POL, but opened the door for other Fantom protocols to take advantage of this model (your welcome).
On the 23rd of December we announced the establishment of our Commonwealth and Snapshot governance forum. This reinforced another use case for the inSPIRIT purpose. inSPIRIT holders now had a way to actually govern the protocol. Since then, we have had 11 proposals made to the DAO.
On the 4th of Jan we wasted no time establishing our multisig after the introduction of our governance platform. This proposal and validated;
-Austin (FTM Alerts)
-Michael Kong (Fantom Foundation)
-Dr.Liquid (Liquid Driver)
- FTM D3gEn (SpiritSwap)
-Cobra (DeFi Advisor)
- Heesh (SpiritSwap)
As SpiritSwap’s multisig members, once the vote was passed by our DAO on the 11th of Jan. A day after the multisigs were proposed, the SpiritSwap development team embarked on our V2 development process.
On the 2nd of February our first bribe was announced, thus opening up another layer of revenue for inSPIRIT holders. Since then, over half a million dollars in bribes have been distributed to inSPIRIT holders.
The journey has been monumental! The love and engagement we have received from the Fantom community has been unparalleled, so want to take this opportunity to thank our community for their ongoing engagement, loyalty and participation towards our ecosystem. It also goes without saying, a massive thank you to our internal team of developers, our designers and our community management crew. Your efforts over the last 12 months have been monumental and greatly appreciated!
As the launch date for V2 draws imminently close, we look forward to furthering our devotion, dedication, commitment and aspirations of enriching the Fantom ecosystem even more.
BIRTHDAY SURPRISE !
As a special birthday surprise, while our community members eagerly await the deployment of V2, we wanted to add a new element of value to our ecosystem. Without further ado, we are pleased to announce that as of today, inSPIRIT fNFTs are available to market thanks to a collaboration between Revest and NFT Garage!
SpiritSwap inSPIRIT fNFT
You can now participate in inSPIRIT by virtue of the novel fNFT functionality, pioneered by the Revest team. For those that are unaware, an fNFT allows for illiquid assets (like inSPIRIT) to have their value stored in an NFT, thus allowing it to retain its utility but providing a semi-liquid state through the provision of NFT market places. This means if you want to exit your inSPIRIT position the NFT can be sold on an open market place at a mutually agreed rate between buyer and seller.
We understand some existing inSPIRIT holders may feel this update is unfair to them, but after monitoring LQDR’s approach earlier last month and seeing such a positive response from the community regarding the deployment of their fNFT, we decided this wouldn’t really be an issue for those who are currently locked. After all, even though this was not a possibility in the past, it is now, and we are determined to give our users this choice.
For those who are still concerned, we ask you to consider the following.
1. Just because you are currently locked in inSPIRIT doesn’t mean you can’t participate in this new model. It is simply providing a wider range of options to get people involved in the SPIRIT ecosystem, options are a good thing.
2. It breaks down barriers of entry for new participants in the ecosystem. More users, more liquidity, more SPIRIT to be locked up, and more volume being generated, which in turn benefits all inSPIRIT holders.
3.There are still benefits that traditional inSPIRIT locking offers over the fNFT option, such as farm boost factor . These benefits are only possible for the traditional inSPIRIT locking mechanism to receive.
So what’s the catch? With any option there is always a trade off. You are correct in saying this.
There are four trade offs in the case of Revest’s inSPIRIT fNFT.
1. Boost factor — Due to contract limitations, the boost factor that most users receive from locking inSPIRIT in its original fashion can not be passed on in its fNFT format.
2. Gauge voting on boosted farms — In its current state, the fNFT will not be able to vote on gauges/collecting bribes, however rest assured this functionality will be one of the first things we get to work on integrating as part of our V2.5 upgrades. We would like to have included this in V2 however the more functionality we add to V2 at this stage, the longer the deployment process will take.
3. Snapshot voting — Again, in its current state the fNFT will not allow for voting on governance Snapshot proposals, however the Revest team has confirmed that this will be implemented in about 4 weeks. At that point it’s just a case of SpiritSwap adopting this novel contract strategy to our Snapshot profile and this functionality will then be enabled.
4. Revest’s fees: Revest has delivered an innovative product to market, and as is fair with any business transaction, the counterparty must get their cut. Any inSPIRIT fNFT minted will see a 1 FTM mint fee and a 6% royalty on the weekly inSPIRIT distribution shared between Revest and NFT Garage in perpetuity. This means if you receive 100 SPIRIT from your weekly distribution, 6 of that 100 will be shared between Revest and NFT Garage.
Ultimately this innovative new option gives participants of the SpiritSwap ecosystem more choice! People now have the option of:
1. Locking for inSPIRIT in its traditional fashion
2. Engaging in one of the 6 available winSPIRIT options
3. Locking for inSPIRIT by the novel feature of an fNFT (sharing the same utility as the traditional approach, minus the boost factor and taking fees into consideration).
Those who wish to participate in the fNFT locking function can do so now via our friends at NFT Garage https://nftgarage.world/fnft/inspirit.
As mentioned, we will unlock further functionality of the fNFT (ability to vote on snapshots and gauges) as part of the V2.5 upgrades. To reiterate, the reason this will not be a V2 feature is because it would require additional development work/rounds of bug testing which would add too much time to the V2 deployment.
You can view a TLDR how to on how to interact with these novel fNFT’s via the following article : https://medium.com/@spiritswappartnerships/d8601317d30c
Did someone say AIRDROP !?
Lastly, to piggyback off this new development and to truly celebrate our fNFT being deployed in conjunction with our anniversary, we’re happy to announce we have pre-locked 700,000 SPIRIT into these novel fNFTs which all inSPIRIT holders can now claim as a free airdrop and as a way to familiarize yourselves with the minting and claim process moving forward. This claim function will be open for a period of two months.
If you held inSPIRIT at block #35998406, you would have been included as part of this snapshot. If you visit : https://nftgarage.world/fnft/inspirit you will be able to claim this airdrop to get a better grasp of the minting UI.
Please note there is a minting cost of 1FTM + gas fees.
As explained above, this fNFT will entitle you to:
- Future inSPIRIT rewards for the next 4 years
- Ability to vote on gauges/collect bribes (in the near future)
- Ability to participate in Snapshot votes (in the near future)
We hope this update is well received by the community as yet another option to get involved in our ecosystem. We want to take this time to yet again thank all of our supporters for their devotion and look forward to sharing more updates about V2 and its imminent launch over the coming weeks.
We look forward to celebrating with everyone shortly during our anniversary AMA.