SpiritSwap Proposes Partnership with Phantom DAO
SpiritSwap will be creating a PHM-Stable boosted farm (upon completion of the boosted farm migration), where users with inSPIRIT will earn high APR rewards on their LPs based on the voting weight that inSPIRIT holders decide to allocate towards emissions on this farm. As Phantom DAO won’t have their token deployed by the time the boosted farm migration has taken place, SpiritSwap has agreed to pledge a guaranteed boosted farm allocation to Phantom DAO as a part of this partnership proposal, on the grounds that the proposal is passed. This effectively enables Phantom DAO to navigate around what will be a voting process on SpiritSwap forum and snapshot platform.
IF approved, Phantom DAO will be accepting Spirit LPs for bonding.
- PHM — Stable SpiritSwap LPs will be accepted by Phantom DAO bonding capital. This offers the person who’s bonding a discount on PHM tokens after the standard 7 day vesting period.
- With users bonding these LPs, they effectively become POL (Protol Owned Liquidity) of Phantom DAO.
- Phantom DAO can then use these LPs for farming SPIRIT in their boosted farm pool, which in turn will enable the protocol to take ownership of the SPIRIT tokens emitted from this farm.
- The DAO will then use these SPIRIT rewards to lock them into inSPIRIT, this inSPIRIT will allow Phantom DAO to cooperate with the SpiritSwap DAO, the essence of DeFi 2.0. Refer to the section of this article that covers “partnership benefits to SPIRIT holders” for an overview of why this approach is beneficial to SpiritSwap ecosystem.
Partnership Benefits
- Fantom Ecosystem
- To facilitate this migration of capital, users will be able to use our DEX and Fantom bridge with a built-in complimentary faucet to bridge capital ahead of time.
- PHM Holders
- The creation of a PHM-Stable boosted farm on SpiritSwap platform will allow Phantom’s users to farm much higher yields than traditionally possible on its POL.
- SPIRIT Holders
- The increased demand and volume generated from this partnership will result in more swap fees for SpiritSwap which are then distributed to inSPIRIT holders.
