Spiritswap: AMM on Fantom Network
Spirtiswap is the new AMM on Fantom Opera network. The protocol build on Fantom, adds incentives for FTM network participants. It is a decentralised exchange similar to Uniswap.
It introduces revenue sharing through automated market maker model. It is a platform on FTM network for trading, staking, and farming, like CAKE is for BSC.
Each swap that happens on SPIRTSWAP incur a fee that is given back to the liquidity providers and $SPIRIT stakers
Spiritswap recently got AID from FTM foundation.
NOTE: The smart contract is not audited yet, so there is a RISK of losing your investment.
What we are going to learn?
How to use Spiritswap Network? Metamask Settings
- Install Metamask.
- Click on CUSTOM RPC and add the details
Network Name: Fantom Opera
New RPC URL: https://rpcapi.fantom.network
Chain ID: 250
Currency Symbol: FTM
Block Explorer URL: https://ftmscan.com/
Save the network.
- Choose Fantom network.
Now that we are in FTM network, we need to send FTM to the address.
How to send FTM to FANTOM network?
Best and cheapest way to send FTM to Fantom network is via Binance. Buy FTM on Finance and send to FTM address. Choose FTM network while sending. Note: I have noticed Binance has suspended withdrawal. They remove the suspension and add it again. So keep your eyes open and as soon as Binance opens withdrawal, buy and send FTM via Binance.
- Bridging via Multichain
Buy some FTM via Uniswap or Sushiswap. You will need to spend some GAS fee. After making the purchase, go to Multichain.xyz
a. Choose Ethereum network on Metamask.
b. Select FTM from ETHEREUM network to FTM in FTM network. You will see that 80 FTM is deducted as fee. You need to pay the fee. No matter how many FTM you transfer 80 FTM remains the transfer fee that needs to be paid. Note: Better to transfer a bigger amount at one go.
c. Now that you have FTM in your FTM network, swap FTM to SPIRIT. Ensure you have some FTM left that you need to pay for GAS.
FTM transaction fees are very cheap.
Note: Even transfer using multichain is taking a lot of time. I received my FTM after 1 hour.
PRO TIP: Transfer USDC from ETH to FTM and buy FTM there. It has ZERO fees. If you do not see USDC (FTM), choose USDC (BSC) and click the arrow swap option. Click on BSC and then click from and enter USDC again and it should appear.
How to earn SPIRIT via STAKING
After you have purchased SPIRIT, if you want to hold for a long term, best way is to go to STAKIN and stake your SPIRIT. You can earn more SPIRIT from your SPIRITS. Simple, is not it?
Currently, the APY is around 150 percent.
Farming SPIRIT: How to earn SPIRIT token via Farming?
If you want to farm SPIRT, you can do so via various pools:
- SPIRIT-FTM LP
- WBTC-FTM LP
- WETH-FTM LP
- FTM-USDC LP
- ZOO-FTM LP
- ICE-FTM LP
- SUSHI-FTM LP
- CREAM-FTM LP
- CRV-FTM LP
- LINK-FTM LP
- COVER-FTM LP
- YFI-FTM LP
- FRAX-FTM LP
Choose the one that you think suits best.
Let’s say you chose WETH-FTM LP.
Now you need to create LP pair. With your FTM, SWAP some to WETH.
Now that you have both the tokens, you are now ready for creating the LP.
Click on the liquidity, choose the amount, and click on ADD LIQUIDITY. Ignore the amount mentioned in the below screenshot, as it is just for demonstration. Once the LP pair is created, we are now ready for farming Spirit
Click on the APPROVE button on FTM – ETH LP and add the LP.
That’s it. Now you will keep earning SPIRITSWAP
Please understand and learn about impermanent loss. If the price of SPIRIT or WETH goes down, you will end up losing value and tokens. I will write a detailed guide on yield farming and will explain everything in detail. For now enjoy the $SPIRITs that you earn. If you have any doubt, please feel free to share under comments and I will try to reply you back as soon as possible.
Current price of SPIRIT is 1.5 USD. Spirit is a long term hold for me.
Is Binance withdrawal working for FTM ?
At the time of writing, FTM withdrawal is open for FTM network. However, it is taking time to deposit. So far 12 hours and counting
What is the circulating supply and marketcap of SPIRITSWAP?
Circulating supply: 35,158,525
Token price: 1.5 USD.