What Are The Gitcoin Grants?

Gitcoin grants are the grants which allow various developers to get their fair share from the donations that the respective chain decides on giving out to. Quadratic funding is a crowd-funding campaign in which the contributions from the users are matched equally, and it amplifies the donations made by a large community over the contributions made by large donations from a small group. As SpiritSwap on Fantom’s Gitcoin Grant Program.

How Will The Grants Be Used?

As you might know, SpiritSwap is expanding to the Canto chain to provide more revenue streams for the DAO. They believe that it is of great importance for the DAO to create more revenue streams so that it can continue to move forward, for any means necessary. Whether it would be for marketing & developing, expanding and growing or even keeping it in the treasury to be able to react to certain situations like they have been able to with the GoDaddy exploit.

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About Fantom

Fantom (FTM) is a smart contract platform for digital assets and DApps designed to overcome the limitations of the previous-generation blockchain networks facing the blockchain “trilemma.” The platform can execute multiple blocks simultaneously using its unique asynchronous byzantine fault tolerance consensus algorithm. FTM is the native utility PoS token of Fantom powering the ecosystem.

­Website | Twitter

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About SpiritSwap

SpiritSwap is a decentralized exchange (DEX) on the Fantom Opera Chain. SpiritSwap’s design was originally based on the Uniswap constant-product automated market maker (AMM). With the launch of their V2 model, they have stepped away from the original Uniswap “look and feel” and redesigned the entire code base from scratch, a unique experience we decided to deliver to the Fantom community.

­Website | Twitter

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About Gitcoin

Gitcoin is the community of builders, creators, and protocols at the center of open web ecosystems

People come to Gitcoin to develop their future, and the future of the open internet.

­Website | Twitter

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SOURCE: MEDIUM

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They are excited to announce that 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!

About SpiritSwap

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.

Website | Twitter |

About Resonate

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.

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