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Exploring Spirit Swap on Fantom - DeFi got cooler than Casper!

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Avatar for PVMihalache
Written by   1008
1 month ago

I recently started exploring the Fantom chain and using Spirit Swap for all of my DeFi experiences. I grew quite fond of Spirit Swap and had to share my experience. I was impressed since day one, when I discovered the suite of tools available on the platform.

If you are not using Fantom, you should give it a try! Fantom is not a real block-chain, but a Directed Acyclic Graph-based smart contract platform with 3 blockchains. The DAG system used by Fantom doesn't centralize all the power on a single decentralized ledger, creating a "decentralized, permissionless and open source, high performance, scalable, customizable and secure platform for smart contracts, designed to overcome the limitations of previous generation blockchains."

Spirit Swap is a decentralized exchange on the Fantom Chain, the best option in my opinion! Spirit Swap's design is based on the Uniswap constant-product automated market maker (AMM). The liquidity providers simply deposit a pair of tokens and an algorithm automatically makes markets for the token pair, while the traders can easily swap between tokens in the AMM and get guaranteed rates for the swaps. I found everything I needed on Spirit Swap, from token Bridge to Boosted Farms and Lend/Borrow.

I will start with the Bridge function and the amazing faucet that Spirit Swap integrated. I hate it when it happens and I am sure it happened to everyone! You are on a new chain, ready to try some new things and then you realize that you don't have enough native token to pay the gas fee! HATE IT! Not with Spirit Swap, because every first time user can claim 0.4 $FTM faucet straight into the wallet.

My first usage of the bridge was easy, fast and stress free. I claimed the faucet and sent USDC to Polygon. Paid $0.02 for the transaction and received the tokens few seconds later. This is what I call high blockchain efficiency!

The swaps are made via automated liquidity pools, therefore one token is sold to buy another token. The rate of the swap is determined by the AMM and gives the user the best possible rate. I swapped 34 $USDC into 404 $SPIRIT, with price impact was only 0.05% and just 0.20 USDC fee for the Liquidity Provider.

With such low fees and speed of execution, I started using Spirit Swap more frequently. It become my first option for swap, bridging and staking. I started hanging out in the SpiritSwap Discord to keep up to date with the news and updates. The community is vibrant and helpful.

I locked the $SPIRIT into inSPIRIT to take part in the evolution of Spirit Swap. inSPIRIT is the vote-locking model governance token of SpiritSwap. The holders receive participation rewards, boosted SPIRIT farming rewards and voting power.

I had to lock the SPIRIT tokens for a defined timeframe to obtain inSPIRIT. Users can lock their $SPIRIT for any timeframe between 1 month to 4 years, with larger amount of yields for longer periods. I locked my SPIRIT tokens for 1 year and used the inSPIRIT to vote for boosted farming rewards.

Farmers that hold inSPIRIT can receive a max boost of up to 2.5x in farming rewards. In the below example, the Spirit-FTM LP had the majority of the votes. This LP was selected by inSPIRIT holders and received farming boost based on the vote allocation.      

And then .... Spirit Swap got even better!  The new CRE8R - FTM LP was more then welcome, and the top APR range made me ape in. The APR can grow, depending on the votes received from inSpirit holders.

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Written by   1008
1 month ago
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You really discover a lot of things Pvm, I am so behind on all of this 🤧.

$ 0.00
1 month ago

In January, a friend advised me to buy some $FTM. I didn't. This seem like something that would boost the price of the token. Not like I know the value now

$ 0.00
1 month ago

Looks like a cool dex, I think. Does it have a Prediction market?

$ 0.00
1 month ago

Not sure... i use it for bridge and stake

$ 0.00
1 month ago