SpiritSwap —Incentivized DEX On Fantom
Fantom is a high-performance, scalable, and secure smart-contract platform. It is designed to overcome the limitations of previous generation blockchain platforms. Fantom is permissionless, decentralized, and open-source.
Let us tackle this ecosystem that is built on Fantom Chain. Let us know how this platform works.
Introducing SpiritSwap
What is SpiritSwap?
SpiritSwap is a decentralized exchange (DEX) on the Fantom Opera Chain. SpiritSwap’s design is based on the Uniswap constant-product automated market maker (AMM). In an AMM, liquidity providers simply deposit a pair of tokens and an algorithm automatically makes markets for the token pair. Traders can easily swap between tokens in the AMM and get guaranteed rates for the swaps. Each swap on SpiritSwap incurs a fee, which gets distributed to liquidity providers.
To use SpiritSwap you will need Metamask Wallet. Here’s how to start with:
1. CONNECT TO METAMASK and after connecting you will to start the second process
2. BRIDGE FROM ETHEREUM which needs some requirements such as:
Have $ETH in your MetaMask wallet to cover transaction fees
Have erc20 $FTM (or another erc20 token) in your MetaMask wallet to bridge to Fantom Opera
- Have MetaMask set to the Ethereum Network
3. BRIDGE FROM BSC and follow some requirements
Hold BNB on a MetaMask wallet connected to BSC Network
- On the same wallet address, hold FTM and be connected to the Fantom Opera on MetaMask
After taking all the instruction you then confirm your transactions.
SpiritSwap build on Fantom for the reason that, Fantom can offer a lot as a smart contract platform such as low gas fees, short block times, more decentralized than BSC, and EVM compatible. These advantages can allow a DeFi ecosystem to flourish on Fantom. Fantom already has an AMM (SushiSwap), money-market (Cream), and stablecoin AMM (Curve).
SpiritSwap is launching with trading, staking, and even the farming of its native token Spirit (SPIRIT). By offering a farming platform that runs on Fantom, Spirit can provide incentives other AMMs on Fantom cannot provide due to their native tokens being tied to their communities on Ethereum. This incentive will help grow the user base on Fantom and the DEX itself.
HOW TO EARN WITH SpiritSwap?
- Earn a percentage of each trade in a pool when you stake your SPIRIT LP tokens in one of SpiritSwap’s farms.
- Appreciation of your owned SPIRIT tokens. As time goes on the SPIRIT token may appreciate in value, and farming early can lead to big gains when the token performs.
- Lower transaction fees than Ethereum.
- Faster transactions than Ethereum.
Tokenomics:
- Token name: SpiritSwap Token
- Ticker: SPIRIT
- Emission rate (tokens per block): 40 (this may come down overtime)
- Initial token price: $0.01
- Total supply: 1 billion
- Pre-mint amount: Total of 200 million pre-minted (20% of total supply). 10% will get airdropped to users. Likewise, 10% will go to the core team.
Furthermore, the SpiritSwap team wants to focus on making this a successful DEX to serve its traders, early adopters, stakers, farmers, and of course bring that much needed liquidity over to Fantom.
ABOUT SpiritSwap
SpiritSwap is an AMM (a partial fork of PancakeSwap) on the Fantom blockchain, with liquidity incentives. Liquidity providers on SpiritSwap will be able to yield farm the SpiritSwap protocol token ($SPIRIT).
