Resonate Partnership with SpiritSwap
What are they doing together
SpiritSwap has committed to deploying $10,000 worth of SPIRIT to bribe entry into a MIM-USDC SLP pool on Resonate.
They will initially deploy $2,500 worth of SPIRIT to this pool, with an additional $7,500 worth of SPIRIT will be held in reserves to be deployed on an as-needed basis. SpiritSwap will be offering a yield of 6% as upfront bribes to MIM/USDC liquidity providers to lock their liquidity for 1 year. This is projected to catalyze an increase of over $160,000 in TVL within SpiritSwap, upon whom the Beefy Finance farm they will be utilizing is built.
This means that if you were to LP $100 worth for 1 year; you would now have the option to lock your LPs for the term within an FNFT through Resonate. This would result in an immediate payout of $6 worth of SPIRIT paid to your wallet — funded by SpiritSwap. You would retain the rights to your MIM/USDC LP principal, locked within your own unique FNFT, while Spiritswap would gain ownership of your future yield through a separate FNFT. This allows SpiritSwap to purchase USDC-MIM at a highly discounted rate, as the farm projected to earn yields of roughly 11% annually — meaning that SpiritSwap receives roughly $18,000 worth of USDC-MIM for their initial SPIRIT outlay.
Where will the yield come from?
Upon committing to the MIM/USDC pool, Resonate will route these MIM/USDC LPs into the MIM/USDC Beefy Vault, who will then farm them in SpiritSwap.
By integrating this program with Resonate, SpiritSwap forecasted to gain over $18,000 in MIM/USDC Spirit LPs, from the $10,000 worth of SPIRIT set aside.
There are a number of benefits that can be seen from this undertaking. Because SpiritSwap will be offering Spirit upfront and gaining returns in MIM/USDC LPs; Spirit is essentially performing a synthetic swap. Through this synthetic swap, the program will aid SpiritSwap in diversifying their treasury into stablecoins. As an additional effect, since SpiritSwap will be making a return of over 80% on its deployments. It provides SpiritSwap the opportunity to grow their treasury too!
SpiritSwap a DEX on the Fantom Opera Chain. By combining core DeFi solutions such as Yield Farming, Liquidity provision, Lending & Borrowing, Stable Swaps, Cross chain bridging, veTokennomics, Protocol rewards, Leverage Trading and Limit orders; and bundling them all in one place — a truly unique product offering form which hard-found elsewhere.
Resonate a Yield Futures Protocol developed by Revest Finance and built on top of Revest’s Financial NFT (FNFT) technology. Using Resonate, we’re able to separate the principal and interest components of a position by issuing two FNFTs; one containing the principal and the other containing the rights to future interest on that principal. Resonate facilitates the commerce of the rights to future interest by matching issuers & purchasers.