Spin.fi is one of the decentralised crypto trading platform that could launch its token soon. Spin.fi already took snapshot for round 1, and since airdrop is a thing now, there are chances Spin.Fi could be airdropping second round of $SPIN tokens to the traders soon.

Every project has realised the power these airdrops hold to popularise the protocol as they bring in new users while also rewarding the older ones. While a lot of airdrops right now have only been hinted at, we believe that the protocol Spin will be launching another airdrop after the success of the last one.

In this article, we will be discussing this new airdrop and how you can be eligible for it. If you missed round 1 of $SPIN tokens, do not miss the next round.

What is Spin?

Spin is a trading protocol powered by the NEAR platform that works towards providing its users with a decentralised, safe, quick, affordable and transparent way of trading virtual currencies. Spin gives the centralized exchanges in the industry a run for their money as it directly challenges them by providing the same benefits while also mitigating the risks of centralization.

The Spin protocol doesn’t just challenge one demographic. But instead caters to both beginners as well as experienced users alone. Their holistic platform combines the best of both worlds i.e Decentralized and Centralized Finance, without ever hampering with the speed, clarity and price structure of the protocol.

Their offerings are of a huge variety including spot trading, instant swaps, and perpetual features. Additionally, Spin is also planning to launch its Automated Investment Products (AIPs) in the near future.

What is $SPIN token?

The spin token is the utility token and governance token for the platform. The token according to the official docs “ is an investment (staking), incentive (market-making, trading), yield-boosting, and governance instrument that forms the economic backbone of the Spin ecosystem of products.”

Who are the investors in Spin.Fi?

The Spin platform is backed by several investors that have a really good reputation in the market. They have managed to raise around 3.8 million dollars in multiple funding rounds through several investors. Some of these are:

  • Lemniscap
  • GSR
  • Spartan Group
  • Angel DAO
  • Long Hash Ventures
  • ZMT Capital
  • NEAR Protocol
  • Block Apex

$Spin Airdrop: How to be eligible for round 2 Airdrop?

The SPIN.FI Protocol completed its first airdrop in December 2022 and saw a huge success as an aftermath. If you did participate in the last airdrop, you can check your allocation by visiting this link airdrop.spin.fi

The winners of this airdrop would receive the SPIN token on trading launch and these tokens will remain vested for a period of three months. In this Early Adopters’ Airdrop around 0.5% of the total token supply (i.e. 5 million $SPIN), were allocated to be distributed. However, if you missed that airdrop, then don’t worry because you can still take part in the second airdrop which has a pool of 3x the size of the previous one.

In a recent AMA, Spin also informed that the snapshot would be taken very soon and also hinted towards many new upcoming events to take place in the second quarter. Some of these events could be the TGE and token sales.

To take part in this second $SPIN airdrop, follow the steps given in this article.

Step 1: Creating and connecting a NEAR Wallet

Before we start interacting with any of the Spin products, we need to have a NEAR wallet. To do so follow these steps

  1. Visit the official website for NEAR Wallet by going on this link or visit wallet.near.org directly.
  2. Click on “create account” and then “get started
  3. Next, you have to choose a security method. You can opt for either a secure passphrase or a ledger hardware wallet. For the purpose of this guide, we will be going with a secure passphrase.
  4. Now click on “Secure my account
  5. Under Setup Your Secure Passphrase you will be shown your passphrase which you must copy and store in a safe place and never share with anyone. After you have saved the phrase just click on “Continue
  6. Next, you will be required to verify your account and your wallet would be created
  7. Now head onto the official website of Spin.fi through this link
  8. Scroll down till you find “Spot DEX” under products and click on it
  9. On the top right corner of the new web page select “connect to NEAR
  10. Choose the first option i.e NEAR Wallet
  11. Click on Next and approve the pop ups after which your wallet will be connected. Make sure you have some near tokens before you connect the wallet.

Step 2: Spot trading

Spot trading function is one of the most popular offerings of the Spin platform. In order to perform spot trading follow the given steps

  1. Visit the official website of Spin.fi through this link
  2. Scroll down till you find “Spot DEX” under products and click on it
  3. On the right side of the web page, you can see an option to either buy or sell NEAR tokens
  4. Select whichever option you prefer, enter the amount you would wish to buy and sell and approve the transaction
  5. Repeat this process and try the buy, sell and swap features.

Step 3: Perpetual Trading

  1. Visit the official website of Spin.fi through this link 
  2. Scroll down till you find “Perps DEX” under products and click on it
  3. After you have some funds deposited, you can look at the right pane where you are allowed to create long and short trades
  4. You can choose the position you want to take, enter the price in USDC and the amount of ETH and place an order
  5. Repeat this process with both long and short orders

Step 4: Decentralized Option Vaults (DOVs)

  1. Visit the official website of Spin.fi through this link 
  2. Next in the top menu select products and from the drop down box choose DOVs
  3. Choose from the two strategy options and then deposit accordingly.

To conclude

Spin protocol, by being powered by NEAR, also has the potential of growing immensely in the future. with the previous airdrop we saw an influx of new users of the project which not only helped in growing the platform but also brought huge gains to the users themselves. This in my opinion is the right time to enter Spin and interact with the platform. all you have to do is create a NEAR wallet and use their products like perpetual trading, spot trading and Decentralized Option Vaults (DOVs). Through just these few easy steps, you can become eligible for a potential upcoming airdrop that won’t demand a lot of investment from you.

At Crypto Bulls Club we have covered a few more guides on airdrop including: