Maybe many of you have not paid attention to the Fantom ecosystem, but among Landscape in Fantom Last week, the project team released very important updates to improve the network. The FTM token has also had a x2 gain for the week.
Therefore, today I will introduce to you SpiritSwap (SPIRIT) which is a very important piece in the AMM array of the Fantom ecosystem.
What is SpiritSwap?
SpiritSwap is an AMM platform on Fantom’s Blockchain. You can simply understand that SpiritSwap is like Uniswap on Ethereum or PancakeSwap on BSC.
Liquidity Providers on SpiritSwap can provide liquidity to trading pairs for trading fees, as well as Incentives from the project’s Farming programs.
Highlights of SpiritSwap
In terms of platform features, I find SpiritSwap nothing outstanding, it can be said that this is a “Fork” version of AMMs like PancakeSwap or Uniswap.
However, the highlight of SpiritSwap is being a “First Mover” in the Fantom ecosystem Landscape in Fantom Last week, you can see important points such as the number of Users and the number of transactions skyrocketing. This will be a solid stepping stone for the development of AMMs.
Before SpiritSwap was deployed, Fantom Ecosystem also had AMMs but completely Cross-chain AMM like SushiSwap or AnySwap. However, these AMMs are not “Fantom Only” AMMs and can completely bridge the flow of value out of the Fantom ecosystem.
For example: With AMMs like SushiSwap or Curve Finance that support Fantom, however, these AMMs only act as Bridges to bring liquidity to Fantom. It is absolutely impossible to be the main AMM in the ecosystem, because users are too used to using Sushi or Curve on Ethereum, thus leading to limited liquidity for Fantom, thereby making it difficult to promote strengthen the ecosystem.
Thus, with being one of the first AMMs in the ecosystem (Besides Spooky Finance), Spirit Swap has the advantage of being a “First Mover”.
In addition, the project has also announced to receive a Grant from the Fantom Foundation. From there, it can be seen that this may be the main AMM in the Fantom ecosystem and will be the next cash flow sucker after FTM.
SPIRIT . Token Information
Key Metric
- Token Name: SpiritSwap Token.
- Ticker: SPIRIT.
- Blockchain: Fantom Opera.
- Token Standard: FRC-20.
- Contract: 0x5cc61a78f164885776aa610fb0fe1257df78e59b
- Token type: Utility.
- Total Supply: 1,000,000,000 SPIRIT.
- Circulating Supply: 118,885,489 SPIRIT.
Token Allocation
SPIRIT tokens have a total supply of 1 billion and are distributed as follows:
- Airdrops: 10%, which is equivalent to 100,000,000 SPIRIT.
- Ecosystem Fund: 20%, which is equivalent to 200,000,000 SPIRIT.
- Dev Fund: 10%, which is equivalent to 100,000,000 SPIRIT.
- Yield Farming: 60%, equivalent to 600,000,000 SPIRITs to be Farmed at speed. 26 Token/Block and will decrease over time.
The project ended the first Airdrop with 20% of the Token equivalent to 20,000,000 SPIRIT. Thus, there are still 80% more Tokens that have not been Airdropped, try “Skin in the game” with SpiritSwap, maybe you will receive a generous Airdrop from the project in the next Airdrop.
Token Release Schedule
According to the information I refer to Gitbook of SpiritSwap, the project did not mention how long the Team’s Token will be locked.
Token Use Case
SPIRIT is the project’s Token and has the following Utility:
- Governance: Brothers participating in Staking $SPIRIT will receive back the Token $XSPIRIT to participate in project governance.
- Staking: You can use $SPIRIT for Staking and get part of the revenue from the platform.
- Reward: $SPIRIT is used to reward Liquidity Providers for participating in providing liquidity as well as Farming on the platform.
How to earn and own SPIRIT . tokens
Currently the only way to own SPIRIT tokens is to Swap tokens directly on the platform SpiritSwap.
Roadmaps & Updates
Stage 1: Initial Launch (completed)
- Efficient operation of existing AMM functions.
- Build a strong community.
Stage 2: Foundational Work
- Received Grant from Fantom Foundation (completed).
- Update the project’s Roadmap (completed).
- Conduct Audit Smart Contract.
- Deploy more Pool Farms.
- Presenting the Token Vesting roadmap of the development team.
- Cooperation with other projects.
Phase 3: Start building the Future on Fantom
- Research and develop new Token Model to increase the Demand Side of SPIRIT.
- Increase the efficiency of capital use of LPs.
- Implement Auto-Compound function.
Stage 4: Knife
- SpiritSwap will become an official DAO and decisions regarding the platform will be decided by the community through Voting.
Project team, investors and partners
Currently, on information sites such as Twitter or Medium of the project, I do not see any official information about the Team or the investors and partners of SpiritSwap.
In addition, when you “Skin in the game” with SpiritSwap, you should also note that the project has not been audited and there may be a risk of Smart Contract.
However, there is one point that makes you feel more secure, that is, the project has received a Grant from the Fantom Foundation as I mentioned above.
You can fully expect that the investment by Fantom Foundation is a proof that the project has been verified by Fantom Foundation and reduces the risk of Rug Pull.
Some SpiritSwap On On-chain Stats
TVL
Although it has only been released for more than a week, SpiritSwap has achieved an extremely unbelievable TVL of $ 260.8 million.
With Pool Farms giving a very high amount of APY, along with a strong community and smooth Swap experience with almost zero fees, SpiritSwap’s TVL volume has grown significantly (From 20 million USD from April 26).
However, there are still many doubts surrounding whether the TVL figure is really achieved. Currently, this information has not been clarified so I will update you guys as soon as possible in the Series Landscape in Fantom.
Market Cap
Currently, SPIRIT’s Circulating Supply is quite large at 120.67 million Tokens with a Market Cap of about $158 million.
However, it should also be noted to you that, in the range of more than 120 million Tokens, there is a wallet that stores up to nearly 80 million SPIRIT.
I think this is the wallet for the project to deploy the remaining 80% of the Airdrop to the community. Thus, the current amount of Circulating Supply of SPIRIT is only about 40 million Tokens and the Market Cap accordingly is just over 50 million USD.
Similar projects
Project website: SpiritSwap
Source: What is SpiritSwap (SPIRIT)? SPIRIT . Cryptocurrency Complete
– TechtipsnReview
