Proposal to add SPIRIT to CREAM as a collateral asset

Summary

The Spirit community (19,300 addresses strong) would like to propose adding $SPIRIT to the Cream Finance platform as a collateral asset. SPIRIT is the native protocol token to the SPIRITSWAP DEX (on Fantom). “Spirit is earnt by staking or providing liquidity to our DEX and farming either directly through our farming portal within our DApp or auto compounding vaults like supra.finance and frankenstein.finance”.

SpiritSwap is a prominent, high ranking DEX, native to the Fantom ecosystem. Since launch, we have had over 400 million in volume traded through our exchange, which we see as a respectable figure considering we are less than two months old.

Our community is rapidly growing, as does Fantom network usage and we only expect this to continue as Fantom is adopted as the preferred chain by the DeFi community due to its high TX throughput and immensely cheap transaction cost. Fantom chain is currently averaging half a million transactions per day. What we are proposing is an immense opportunity for the Cream Finance community to bridge and connect with a well engaged and extremely active community of DeFi enthusiasts on an ever growing network. The SpiritSwap team is extremely focused, resourceful, driven and eager to connect, partner and support other DeFi platforms on Fantom (and other chains as we integrate).

Vote action items

For: Add Spirit as collateral asset

Against: Do nothing

Additional details

Market cap: ~10m USD (70m USD prior to recent market downturn)

Token holders: ~19,335 unique addresses (FTM)

Current markets:
SpiritSwap
SpookySwap
SushiSwap
HyperJump

Token burn mechanism

On the 16th of May, SpiritSwap’s Team announced that a burn mechanism would be added to the Spirit protocol. The “0.05% fee” on every swap is currently used to buyback and burn SPIRIT. https://layer3.gitbook.io/spirit-swap//contracts

SpiritMaker buys back SPIRIT and sends it to the burn address (anyone can call the convert function to trigger a buy back burn).

inSPIRIT

inSPIRIT is the governance token of SpiritSwap that is based on a vote locking model. The main benefits for inSPIRIT users include:

  • A share in protocol profits
  • Boosted SPIRIT farming rewards
  • Voting power.

This model is based off veCRV from Curve Finance and DILL from Pickle Finance.

To get inSPIRIT, users must lock SPIRIT tokens for a user-defined timeframe. Users can lock their SPIRIT for any timeframe between 1 week to 4 years. Locking SPIRIT for a longer timeframe yields a larger amount of inSPIRIT. For example:

  • Locking 10 SPIRIT for 1 year yields 2.5 inSPIRIT.
  • Whereas, locking 10 SPIRIT for 4 years yields 10 inSPIRIT.

The amount of inSPIRIT slowly decreases in the users wallet until it reaches 0. This signifies that the lock period has ended and the user can withdraw their SPIRIT.

inSPIRIT is a non-transferrable token.

inSPIRIT Income

Protocol income is distributed to inSPIRIT holders. Protocol income comes from transaction fees (0.05% swap fee) on SpiritSwap. The protocol fees are used to buy-back SPIRIT and distribute it to inSPIRIT holders once a week.

inSPIRIT Boost

Users holding inSPIRIT get boosted SPIRIT farming rewards. Farmers that hold inSPIRIT can receive a max boost of up to 2.5x in farming rewards. For example, a farmer with no inSPIRIT could farm FTM-SPIRIT for 100% APR, while a farmer with sufficient inSPIRIT could reach an APR of 250%”.

inSPIRIT Vote

inSPIRIT holders vote on farm emission allocations and protocol governance.

1 inSPIRIT = 1 Vote

inSPIRIT holders can vote once a week on farm emission allocations. inSPIRIT holders can vote on protocol improvement proposals through snapshot governance.

Emissions

  • SPIRIT for farming and dev fund are emitted on a curve (4 years)
  • Airdrop and ecosystem fund will be emitted overtime (team will be conscious of supply dilution)
  • Dev fund has quarterly unlock for remaining tokens (team will be conscious of downward pressure)

Integrations, partnerships and collaborations in DeFi :

Partnership with the Fantom Foundation. Granted an audit to be carried our on SpiritSwap.

Coingeko - listing of both token and DEX.

CoinMarketCap - listing of both token and DEX.

DefiLima - listing of both token and DEX.

Vfat - integration with Vfat to give users a birds eye view of their DeFi activities and interactions across the SpiritSwap protocol.

Anyswap - collaboration with Anyswap to offer cross chain support of SPIRIT token to BSC. This widens our reach to other chains, users and communities.

**There are a handful of other larger partnerships/integrations we have in store, however for preservation of IP and due to NDA’s these can not be disclosed at this time.

Community and Communication

SpiritSwap is active across Telegram and Discord for community management. The marketing team also operate on Medium and Twitter for outreach, marketing and PR. GitHub is up to date and can be found in resources links below.

Token Distribution

98,718,160 / 1,000,000,000 SPIRIT are currently in circulation. There is a further 74,171,475 SPIRIT minted (in reserve) for further airdrop allocation. However, once DAO is launched alongside inSPIRIT, we expect the community is going to vote to have this allocation burnt.

  1. 600,000,000 SPIRIT is to be farmed over a 4 year period (see emissions for more details).

  2. 200,000,000 SPIRIT will be reserved for the ecosystem, these tokens will primarily serve as grants to support the development and growth of both the SPIRIT and Fantom ecosystem.

  3. 100,000,000 SPIRIT reserved for airdrops (currently 26% of this has been distributed with potential for the remaining 74% to be burnt subject to DAO vote).

  4. 100,000,000 SPIRIT for team development funds (see emission schedule link).

SPIRIT holders list

Available Audits

Audit was released this morning, completed by MixBytes (same company who audited AAVE, Yearn, Curve, 1Inch, Cover, SUSHI and most importantly CREAM).

Links - DEX: Incentivized AMM on Fantom Opera - SpiritSwap

Gitbook: Getting Started - SpiritSwap

Youtube tutorial: How to get started with Spirit Swap - YouTube

GitHub link to smart contracts: GitHub - Layer3Org/spiritswap-core: Smart contracts for SpiritSwap DEX. https://app.spiritswap.finance

Factory: Contract Address 0xef45d134b73241eda7703fa787148d9c9f4950b0 | FtmScan

Router: Contract Address 0x16327e3fbdaca3bcf7e38f5af2599d2ddc33ae52 | FtmScan

SPIRIT Token: Contract Address 0x5cc61a78f164885776aa610fb0fe1257df78e59b | FtmScan

Spirit Chef contract: Contract Address 0x9083ea3756bde6ee6f27a6e996806fbd37f6f093 | FtmScan

5 Likes

100% for this, very well written <3

1 Like

Hi Michel, Nick (FTM DEGEN) from SpiritSwap here. Please reach out to discuss further if you are keen to support us on this.

FYI EVERYONE, small edit to be added by the poster of this proposal. Our audit was released this morning, completed by MixBytes (same company who audited AAVE, Yearn, Curve, 1Inch, Cover, SUSHI and most importantly CREAM!)

Link below

1 Like

Hi Spiritswap, aleady added the audit!

1 Like