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FANTOM DeFi #4 - Spiritual CRE8R farming on Spirit Swap
Exploring new chains is part of the DeFi journey and finding new places to stake and earn is an adventure. It's hard to find the right swaps, DEXs, pools or tokens... but the search never stops.
I recently started exploring the Fantom chain and using Spirit Swap for all of my DeFi experiences.
The Fantom chain is not the classical type of 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).
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.
This time I will share the top gains I achieved by suppling CRE8R tokens as liquidity. I am earning my $CRE8R by creating content at CRE8R DAO - the best marketing agency in the Cryptoverse. CRE8R DAO served 24 unique clients in less than a year, with 6 clients returning for at least one more epoch. If your DeFi project needs a boost... you know who to contact!
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.
SpiritSwap shares $SPIRIT on a weekly basis, depending on the bribes and value of SPIRIT per inSPIRIT. I claim the bounty now and then, when I remember about it. Last claim I had was 7.09 SPIRIT, a little treat for staking and voting.
I locked 404 spirit until the 8th of June 2023, less then a year from now, to get voting inSPIRIT. I use my voting power to boost the CRE8R - FTM pool, which will have increased APR rate based on the percentage of the votes.
If the CRE8R - FTM pool is doing well, I am earning more. This is why I always give 100% of my votes to the pool I staked in. The SpiritSwap system keeps strong communities together and makes trending tokens more attractive to everyone.
The LP pool has higher APR when a bribe is paid, and was time to dive into the FTM - CRE8R pool! I added 569 FTM and 2711 CRE8R for 0.30% share of the pool!
The CRE8R - FTM pool had a 5.8% boost from the inSPIRIT votes and an APR range between 127 and 304%. I gathered 526 SPIRIT in two weeks of farming, approximately 55 USD. Considering that my staked value was 435 USD, the 2 weeks reward was 12.60% of what I added in the pool. This is DeFi at higher standards.