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Welcome to the New To Crypto podcast designed to guide you through the crypto landscape with pinpoint accuracy created for the new and intermediate crypto investor. Join your host Crypto Travels Michael as he takes you through the different facets of getting started and succeeding in your crypto journey. New to crypto podcast brings you new episodes daily Monday through Friday with surprise bonus episodes sometimes on the weekend. Let me ask you, are you new to crypto, don’t know where to start? Are you more experienced but have questions? Then you’re in the right place. This podcast is designed for you, coming at you from the training center in the lifestyle design studio. Here’s your host Crypto Travels Michael.
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Hey, welcome to today’s episode 1064 cities around the world spanning six continents. I truly think all of the listeners. I thank you some of the top cities are Sydney, Australia, Singapore, Mexico City, Brisbane, Australia, Perth, Australia and Los Angeles, Melbourne, Australia. So I welcome you wherever in the world you’re tuning in. I highly recommend that you share this with your friends anybody who’s interested and wants to know more about crypto so let’s jump into today’s episode it’s all about SpiritSwap. So what is SpiritSwap, today’s episode, SpiritSwap, is actually part of the Fantom ecosystem series that I’m doing and SpiritSwap is a decentralized exchange (a Dex) on the Fantom opera blockchain.
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SpiritSwap is designed based on UniSwap’s automated market maker AMM, And in an AMM, liquidity providers deposit a token pair and an algorithm automatically creates markets for the token pair traders can easily trade between tokens in the AMM and get guaranteed rates for the trades of fees charged on each trade on SpiritSwap and this fee is later distributed to the liquidity providers. The fantom blockchain is known for its unmatched speed security and high performance. I love the fantom project. SpiritSwap was built on fantom because it offers open source smart contracts with high speed while it executes transactions instantly. Its fees are low and more decentralized.
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So what are the benefits in the technology SpiritSwap. Is known as the biggest decentralized exchange built on the Fantom network. SpiritsSwap has all encompassing features from the low fees, fast transactions, decentralized networks Ethereum virtual machine or EVM compatibility, high liquidity, yield farming, and staking. Users get to earn a percentage of every trade when they stake the SPIRIT token. SpiritSwap offers users a simple way to provide liquidity for tokens in fantom through automated liquidity pools or LPs. To become a liquidity provider on SpiritSwap, a user must deposit equal values of two tokens in return, they receive spirit LP tokens. These are SpiritSwap’s liquidity pool tokens and the SPIRIT LP tokens represent a proportional share of the given LP and liquidity providers can claim their underlying tokens at any time.
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Liquidity providers receive a quarter of a percent fee for each exchange that occurs on their peer a quarter percent fee is added directly to the LP which increases the value of the SPIRIT LP tokens. I have a good friend he loves to be a liquidity provider. He’s all about providing liquidity on different platforms. Liquidity providers can also participate in yield farming with backed LPs. Unlike centralized exchanges, the decentralized exchange does not necessarily work with an order book.
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Just like other crypto trading activities, there is a taker and a maker on the SpiritSwap exchange. SpiritSwap exchange charges trading fees in every trader is charged a point 3% trading fee after a swap for instance, if a trader is swapping a token for another token, they will be charged point 3% of the token that they are depositing will be deducted to ensure that liquidity is constant the fees charged for every swap completed are towards rewarding the liquidity providers and the point 3% deducted from the value of every deposit is to ensure that liquidity pool reserves keep increasing fees are not incurred directly on the SpiritSwap exchange. But the fees are directly stored into the liquidity pool.
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On SpiritSwap there is no limit to the number of transactions done daily. Also, users get to trade tokens instantly right away, liquidity is to be maintained in constant. SpiritSwap aims to incentivize liquidity through yield farming liquidity is created very easily, users get the value of what they contribute. If they add to the liquidity pool, if a user creates a trading pair, a quarter of a percent will be given to that user. With every transaction done in that pair. The liquidity pool is to remain constant and fees are constantly added to liquidity pool to ensure that the value keeps increasing.
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One of the features that have made decentralized exchanges different is the wallet. The wallet keys help users to keep control over their funds. Although SpiritSwap does not have a direct wallet, it allows users to connect a wallet to start trading. The exchange still works towards ensuring that users own their cryptocurrency and manage their wallets and keys without any interference. SpiritSwap works towards ensuring that users are able to trade independently and easily after you have successfully connected your wallet then you can sell your tokens, swap them, stake them, you can join a farm contract or create and add liquidity. So who is the founder? Robert near is the co founder of SpiritSwap, he’s mostly known for his previous work as a gaming web developer. The tokens with SpiritSwap… SpiritSwap has three different types of tokens that users can get SPIRIT which is the utility protocol token that runs on fantom it can be earned through farming or alternatively SPIRIT tokens can be locked to obtain in-SPIRIT, in-SPIRIT that’s I-N SPIRIT is one of the most non transferable governments tokens that benefits users with additional tokens when holding it the main benefit for inspirit users include a sharing protocol profits, boosted spirit farming rewards and voting power.
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This model is based off of VECRV from career finance and dill from pickle finance. So and then there is the SPIRIT LP The last of the three represents a proportional share of users in pools spirit LP can be utilized to farm spirit. This SPIRIT token gives a lot of incentives so they can strengthen spirits swap to acquire liquidity from DeFi users, the SPIRIT token has a maximum supply of 1 billion tokens. The current SPIRIT market cap is $37 million, with a total supply of just over 193 million tokens. That’s the total supply, but the current circulating supply is just over 111 million tokens. Today, the current price of SPIRIT on coin market cap is just somewhere around 33 cents 33 US cents. So I hope today’s episode has really helped you understand SpiritSwap and this is one of the first times that I’ve took in a deeper dive into liquidity providers and everything related around that. So I hope that this is a good introduction for you. Because in the future, I’m going to take you deeper and we’re going to go into more information about liquidity pools, becoming a liquidity provider and everything related to that. So for now, I hope you liked today’s episode, like and subscribe the podcast, show your support and definitely chime in here tomorrow as we roll out another episode. Until then make it a great day.
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