Spin Archives - Smart Liquidity Research

Spin and Polygon zkEVM Integration

Annz Santos — Tue, 06 Jun 2023 13:03:58 +0000

Spin, a prominent decentralized trading and investments platform, is set to bring its institutional-grade derivatives infrastructure to the Polygon zkEVM network.

This strategic move allows Spin to harness the scalability, low fees, and Ethereum compatibility and security offered by Polygon’s zero-knowledge scaling solution. Paving the way for enhanced trading experiences and expanded opportunities for both retail and institutional users.

By integrating with Polygon zkEVM, Spin aims to develop an institutional-grade trading and investments platform. This strategic move allows Spin to tap into the unique benefits of Polygon’s scalability, cost-efficiency, and Ethereum compatibility.

Leveraging the power of zero-knowledge proofs. Spin’s derivatives infrastructure on Polygon zkEVM will enable users to trade a diverse range of derivative products with enhanced speed, lower fees, and the ultimate security of the Ethereum network.

The platform will continue to prioritize security, while expanding its offerings to include new derivative products and supporting multiple blockchains. Thereby broadening its user base and catering to the growing demands of both retail and institutional traders.

Spin’s integration with Polygon zkEVM marks a significant milestone in the evolution of decentralized derivatives trading.

By capitalizing on Polygon’s zero-knowledge scaling solution and Ethereum compatibility, Spin is poised to revolutionize the trading experience for both retail and institutional users.

The forthcoming institutional-grade trading and investments platform on Polygon zkEVM holds the promise of higher throughput, lower fees, and expanded opportunities for traders. Further cementing Spin’s position as an industry leader in the decentralized finance ecosystem.

About Spin

Spin is a 360° decentralized trading platform on NEAR Protocol that enables Spot, Perpetual contracts, and Options trading.

Website | Twitter

SOURCE:
https://medium.com/spin-finance/spin-revolutionizes-derivatives-trading-with-polygon-zkevm-integration-6b579af6663f

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Spin Partners with Decentral Bank

Eris — Wed, 28 Sep 2022 16:50:30 +0000

Spin is partnering with Decentral Bank, the issuer of the USN stablecoin powered by the NEAR blockchain.

With USN set to become one of the major assets in the NEAR ecosystem, Spin plans to launch more USN stablecoin spot markets and launch USN-backed derivatives in the future. This will allow the NEAR users to trade on-chain Perpetual Contracts and other types of derivatives by depositing USN on Spin.

As USN’s ultimate goal is to become the backbone of decentralized finance in the NEAR and Aurora ecosystems, as well as Spin’s plans to build a one-stop decentralized trading platform, this partnership will expand the options offered to NEAR users. USN derives its yield from NEAR staking.

Partnership plans and goals:

When USN was launched, Decentral Bank’s big plan was for USN to be minted with NEAR. The original approach implemented in USN v.1 allowed USN to be minted with NEAR 1:1. Which obviously had its drawbacks when it came to rebalancing the reserve. USN v2, the current transitional model, only allows USN to be minted with USDT.

USN v.3, which will be launched in the third quarter of 2022, will allow USNs to be issued with whitelisted assets (including NEAR). It will also be a strong and reliable architecture that will allow NEAR to be absorbed into reserves. The NEAR from the reserves will then be staked and the NEAR staking rewards will be converted back to USN using the CDP model. In essence, users will be able to mint USN for NEAR with a very visible overcollateralized ratio.

In this case, Spin Perpetual Contracts will be great hedging and income-generating tool for users. Who would like to speculate on the price of NEAR using USN as collateral, for example. Perpetual trading makes capital more efficient because it does not require holding any specific asset in order to profit from its price fluctuations. Thus, users will be able to continue minting USN with whitelisted assets and use Spin Perpetuals to speculate on the prices of these assets. Sounds like a good plan, doesn’t it?

Spin will also list new markets that will allow trading USN against NEAR and other ecosystem tokens. On Spin, users are invited to benefit from trading with limit and market orders, super low fees, and instant speed. A great choice for on-chain traders! Try trading on Spin today (the current trading limit is $50,000) and stay tuned for the upcoming public release of Perpetuals on the NEAR Protocol mainnet!

About DecentralBank

Decentral Bank is the DAO developing and supporting $USN, the NEAR-native stablecoins. Decentral Bank DAO manages the smart contracts of $USN and its Reserve Fund. The DAO votes on the different aspects and decisions around $USN.

Website | Twitter

About Spin

Spin is a DeFi infrastructure project built on NEAR Protocol, a reliable and scalable L1 solution. The on-chain order book solution offered by Spin provides a CEX-competitive experience to DeFi users.

Website | Twitter

SOURCE: MEDIUM

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Spin partners with Axelar

Mische Martinete — Tue, 16 Aug 2022 14:21:16 +0000

Spin partners with Axelar to enable cross-chain trading on NEAR Protocol. Axelar is a universal overlay network delivering secure cross-chain communication for Web3 users that supports different EVM-compatible blockchains including Aurora.

The partnership of the two Web3 projects will simplify user access for DeFi from various chains to the wide variety of instruments offered on Spin including spot and perpetual trading, decentralized option vaults, and other types of derivatives and investment products.

The upcoming integration of Spin and Axelar will allow users from EVM blockchains to trade on Spin without the actual need to create a wallet and transfer funds to NEAR Protocol.

How will the Spin and Axelar integration work?

You simply click deposit and insert the amount of USDC you want to deposit.
Axelar receives the deposit and locks it on Ethereum, after that, passes a message to mint the equal amount of axlUSDC on Aurora.
The second message is sent via the Rainbow Bridge to Spin to confirm that the ERC-20 USDC has been locked.
Your balance is topped up by the necessary amount of NEAR Protocol’s USDC and you can start trading.

If the user’s balance on Spin increases after a few successful trades, they receive their gains directly to their ERC-20 wallet. If they suffer losses, Spin receives the difference from Aurora over to the platform, and the user receives the remaining difference. As simple as that — super smooth for the end customer!

Spin aims to make derivatives trading and investments more accessible to DeFi and CeFi users by offering them fast onboarding, a handy interface, low fees, instant speeds, and a wide range of trading instruments.

ABOUT Spin

Spin is a decentralized trading platform built on NEAR Protocol. Aims to bring a CEX competitive experience to DeFi users. The DEX was the first on NEAR Protocol to offer on-chain order book trading and to release decentralized Perpetual contracts. Shortly, the team will also release the first decentralized option vaults on NEAR. With 18,000 weekly transactions and 1,000 active accounts, Spin is one of the largest and fastest-growing platforms in the NEAR ecosystem.

Website | Twitter

ABOUT Axelar

Axelar delivers secure cross-chain communication. At its core is a permissionless overlay network that delivers Turing-complete message passing and composability of programs. A simple API enables developers to build cross-chain dApps. Connect users to any application, any asset, on any chain via 1-click experiences. Axelar is for Web3 and Stripe is for mobile and internet applications.

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RESOURCES

Medium

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Spin Partners with NearPay

Lida Dinnero — Wed, 18 May 2022 19:34:46 +0000

Spin partners with NearPay to provide users with a powerful solution for fast and safe fiat-to-crypto payments built on NEAR protocol.

Therefore, they plan to integrate the NearPay widget, which will simplify buying crypto with fiat currencies to give you the chance to join the NEAR ecosystem and enjoy all the unique features on Spin.

The NearPay widget will power payments for online and offline retailers, marketplaces, and software platforms.

Benefits for users

Spin Partners with NearPay to benefit users with the most flexible payment solutions and an all-in-one user experience in fiat-to-crypto transactions.

In addition, the partnership with NearPay strengthens the mission to deliver the best-decentralized trading experience. Also, NearPay alone will help unlock the full potential of fiat-to-crypto payments. It’s powered by the NEAR Protocol ecosystem, thus enabling Spin to get one step closer to the experience traders have on centralized exchanges.

NearPay in Details

The company is on a mission to bring new users to the DeFi and NEAR Protocol ecosystem. It’s done by minimizing obstacles new businesses. Thus, helping those businesses develop and scale their products and services.

Firstly, NearPay is a formidable fiat-to-crypto gateway authorizing safe and fast access to the products. They are built on NEAR Protocol and the entire DeFi space for retail users. Secondly, NearPay is also a solution for merchants to grow businesses globally. It’s done by acquiring crypto payments with minimal fees, total transparency, and fast speed.

About Spin

Spin was founded in mid-June 2021 and is the first decentralized derivatives infrastructure and on-chain order book DEX on the NEAR Protocol network. Spin is constructing a solution for on-chain derivatives trading that enhanced CEX-competitive user experience in DeFi.

About NearPay

NearPay was founded in 2021 by Switzerland-based Kikimora Labs and is the primary NEAR Protocol solution to offer users a convenient website widget for instant fiat-to-crypto transactions. And, NearPay aims to distribute virtual and physical prepaid cards for its retail users. Further eliminating barriers to more efficient access to crypto payments.

SOURCE:

https://medium.com/spin-finance/spin-partners-with-nearpay-23883946a985

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