SpiritSwap: The First Incentivized DEX on Fantom
Exchange tokens, earn with liquidity pools, and farm with this native Fantom DEX.
- Website: https://www.spiritswap.finance/
- Discord: https://discord.gg/SpiritSwap
- GitBook: https://app.gitbook.com/@layer3/s/spirit-swap/
- GitHub: https://github.com/Layer3Org/SpiritSwap
- Twitter: https://twitter.com/Spirit_Swap
Why build a DEX on Fantom?
Fantom can offer a lot as a smart contract platform: (1) low gas fees (2) short block times (3) more decentralized than BSC (4) EVM compatible (read more here). These advantages can allow a DeFi ecosystem to flourish on Fantom. Fantom already has an AMM (SushiSwap), money-market (Cream), and stablecoin AMM (Curve). However, each of these protocols have poor liquidity (on Fantom). Why? Because incentives such as yield farming aren’t there!
For example, Fantom users have no way of earning Sushi through farming SushiSwap on Fantom. Communities like SushiSwap’s are more focused on Ethereum than Fantom. We need a native token for Fantom that can bring incentives and benefits to Fantom users. A DEX with incentives such as yield farming is needed to bring more liquidity and users to the Fantom blockchain. It has been proven that liquidity and user traffic can be improved with the right incentives.
SpiritSwap is an AMM (a partial fork of PancakeSwap) on the Fantom blockchain, with liquidity incentives. Liquidity providers on SpiritSwap will be able to yield farm the SpiritSwap protocol token ($SPIRIT). The exchange will launch with four incentivized liquidity pools: FTM-SPIRIT, FTM-USDC, FTM-WETH, FTM-WBTC. However, more pools will be added overtime, with a focus on protocol tokens that are also building on Fantom.
With these incentives SpiritSwap can build a strong community around its project that will help it grow organically, expand its feature set, and bring more liquidity to the Fantom chain for the greater good of Fantom and its close cousin Ethereum.
SpiritSwap is launching with trading, staking, and even the farming of its native token Spirit (SPIRIT). By offering a farming platform that runs on Fantom, Spirit can provide incentives other AMMs on Fantom cannot provide due to their native tokens being tied to their communities on Ethereum. This incentive will help grow the user base on Fantom and the DEX itself.
How can you benefit from using SpiritSwap?
- Earn a percentage of each trade in a pool when you stake your SPIRIT LP tokens in one of SpiritSwap’s farms.
- Appreciation of your owned SPIRIT tokens. As time goes on the SPIRIT token may appreciate in value, and farming early can lead to big gains when the token performs.
- Lower transaction fees than Ethereum.
- Faster transactions than Ethereum.
The tokenomics of any project is key to making sure early adopters are fairly incentivized, the core team is not overly compensated, and that the project stays healthy. Here is a quick overview of SpiritSwap’s tokenomics:
- Token name: SpiritSwap Token
- Ticker: SPIRIT
- Emission rate (tokens per block): 40 (this may come down overtime)
- Initial token price: $0.01
- Total supply: 1 billion
- Pre-mint amount: Total of 200 million pre-minted (20% of total supply). 10% will get airdropped to users. Likewise, 10% will go to the core team.
The team won’t be promising a specific list of features yet. That being said, the plan is to get the community involved in governance to determine the project’s trajectory. Before building out new features, the SpiritSwap team wants to focus on making this a successful DEX to serve its traders, early adopters, stakers, farmers, and of course bring that much needed liquidity over to Fantom.
Head on over to the SpiritSwap Discord and ask any questions you have there! Cheers.
Follow SpiritSwap on Medium and other channels to keep up to date with the latest news!