SpiritSwap cryptocurrency exchange is a decentralized exchange (DEX) built on the Fantom Opera Chain. It was launched on the 25th of April, 2021. The platform aims to grow its community organically to build a genuinely strong foundation and become one of the major liquidity providers on the Fantom blockchain. The Automated Market Maker (AMM) component utilized by the platform is one of SpiritSwap’s most important features.
In terms of KYC requirements, users do not need to go through a long and complicated process before gaining access to the services offered by SpiritSwap crypto exchange. Users only need to connect existing crypto wallets like MetaMask, Trust wallet, Math wallet, and others.
Markets
As of writing this article, the platform has four major incentivized pools, which are FTM-SPIRIT, FTM-WBTC, FTM-USDC, and FTM-WETH. These are the main SpiritSwap trading pairs available. However, more pools will be added as time goes on, though the only focus will be on Fantom-based tokens. The only available type of trading on the exchange is SpiritSwap spot trading.
As for SpiritSwap crypto fees, every swap on SpiritSwap incurs a 0.3% fee. However, there are no fees paid for farm deposits. 0.25% of the generated fees go to liquidity providers of the given liquidity pool while the rest goes to the protocol fee vault, which is allocated towards an incentive pool. The latter is used for distributing rewards to all active participants of the protocol. SpiritSwap exchange fees are very important, as they make the platform provide liquidity to its users when needed.
The SPIRIT token is SpiritSwap’s native token that has a maximum supply of 1 billion. It serves as an economic incentive for users to encourage them to remain active on the platform. Some of the use cases of the SPIRIT token also include staking and farming operations. Check the SpiritSwap crypto price right here.
Besides SPIRIT, there's also the inSpirit token, which is a non-transferable governance token of the SpiritSwap crypto exchange. It is used for voting on changes to the protocol. Users receive inSpirit tokens through swapping, farming, or locking SPIRIT tokens.
Additionally, there are SPIRIT-LP tokens, which represent a proportional share of users in pools. These tokens are used to farm SPIRIT.
The SpiritSwap trade volume stood at around 28 BTC, or $470 thousand, over a 24-hour period in December 2022.
Other Services
Other major services of SpiritSwap are staking and farming of the SPIRIT token. While staking SPIRIT, users can receive SPIRIT tokens purchased with 17% of SpiritSwap exchange fees. As for providing liquidity in farms, users earn SPIRIT tokens as farming rewards.
About the Company
SpiritSwap crypto exchange has formed partnerships with numerous other promising projects such as Covalent HQ, Graviton.one, Gelator Network, Popsicle Finance, CasperDeFi, and Hedgey. Additionally, the project has partnered with Starter – a multi-chain launchpad built on the Binance Smart Chain (BSC) and Polygon.
Rober Neir is the co-founder of SpiritSwap. He attended the USC Viterbi School of Engineering where he graduated with a degree in computer science. Before starting SpiritSwap, he worked as a video game developer at Microsoft, and he is also the co-founder of Layer3, a company focused on building Web3 and blockchain solutions.
