SpiritSwap V2- The Ultimate DeFi Hub on Fantom -- SpiritSwap Tutorial

Decentralised News

Welcome to our official YouTube channel! Today, we're excited to unveil the launch of SpiritSwap V2, a groundbreaking decentralized exchange (DEX) on the Fantom Opera Chain.

Transcript

00:00what's up guys welcome back to the channel in today's video i'll be doing a step-by-step

00:06tutorial of spirit swap which is a dex on phantom chain so this is pretty much a decentralized

00:15exchange on the phantom opera chain initially kind of modeled around uniswap's constant product

00:23automated market maker system and the introduction of their v2 actually um spirit swap themselves have

00:32significantly diverged from uniswap's original aesthetics and functionality opting for

00:37completely redesigned code base specifically tailored for the phantom community if you like

00:43the type of content we drop on this channel make sure you hit that like subscribe to the channel

00:48and always head on over to our main site centralized dot news for the best cryptocurrency exchange

00:52reviews d5 platforms nft marketplaces and all things crypto related also free resources and

00:58tools all the links to my favorite platforms will be down below and also make sure you always

01:04join all our socials the links are also in the description so spirit swap and its appeal are

01:10pretty much something that amalgamate the finest elements of decentralized finance into a comprehensive

01:17d5 hub spirit swaps automated market maker facilitates effortless token swaps by pretty much allowing

01:24liquidity providers to deposit token pairs which are then automatically market made by an algorithm

01:31ensuring that they are fixed swap rates so if you want to get started on swapping using spirit swap

01:38make sure you follow through in this tutorial there's also a link in the description to the full guide on

01:44our main site but we can start by literally connecting our web3 wallet in this case we'll be using metamask

01:50it's always the easiest wallet to interact with web3 dApps sometimes once you've connected you can

01:58pretty much proceed to execute your swap in this demonstration we are going to swap multi usdc so this is not

02:06a usdc backed a one to one dollar backed coin it's just a multi usdc which is on ftm which is the phantom

02:16chain so we are going to swap some of that for some ftm tokens make sure you set your spending cap if

02:23you're using metamask you probably will be requested to do this and then you would have to pay your gas fee

02:28which is generally zero for just assigning the transaction but then obviously once your swap is

02:33approved you then have to pay the small transaction fee you can see is literally pennies pennies pennies

02:39uh fractions of pennies really and your transaction will be successfully processed and the status of

02:45the transaction you will also be able to see so as far as the swap fees on spirit swap itself they do

02:52charge a fee for each transaction distributing the collected fees among partner protocols liquidity

02:57providers and also in spirit holders which is another one of their native tokens presently spirit

03:03swaps our automated market maker on v2 encompasses two types of amms so they've got the variable amm which

03:11is the v amm and which utilizes a 50 ratio of 50 to 50 token matching and the stable amm as well

03:21supports one-to-one directly pegged liquidity pairs improving obviously on the solidly model and they have

03:27plans in place to expand on the v2 amm to include four subtypes as well aiming for better support for weighted pools and

03:35linear stable pools also increasing capital efficiency for stable pairings and uh

03:40spirits what themselves so prides themselves on integrating core d5 solutions like yield farming liquidity

03:47provisioning and lending and borrowing among others into a singular comprehensive d5 platforms with abrogate

03:53upgraded spirit swap v2 leverages multiple amm models unified through a master router to also optimize

04:00benefits for traders and liquidity providers and the exchange does employ a mix of vamm's and balanced amm

04:06infrastructure to also help with the future implementations aimed at minimizing impermanent loss

04:13and maximizing cost efficiency so for token exchanges spirit swap also simplifies the process through its

04:20automated market maker liquidity pools with a notable reduction in the vamm's uh and the fees from 0.3%

04:28to 0.8% and this is just to help foster a more positive ecosystem feedback loop as well and they do have a

04:36competitive fee structure also introducing the stable automated market maker set at a may 0.01% which is

04:44pretty good yield farms play a very crucial role in the ecosystem acting as incentives for

04:50users to provide liquidity by staking the digital assets in decentralized market making pools and

04:56liquidity providers are then also rewarded with spirit tokens for their contributions this just

05:02promotes adoption and functionality for them as a dex and also as far as just the actual token economics

05:08themselves spirit obviously does serve as the protocol token is rewarded to farmers and usable as

05:15collateral as well within the lending network and then you have the other native token which is in spirit

05:20which is a governance token essentially a non-transferable one and it does offer different benefits including

05:26farming multipliers also participation in governance and the lp tokens represent shares in liquidity pools

05:34which actually just further enables you as a user to farm spirits by actually staking these other tokens so

05:40it's a pretty interesting uh amm very popular on phantom uh i want you guys to let me know what you think

05:48about using it i've used it a couple of times i think it's a pretty neat tool uh also let me know what

05:54other phantom ecosystem projects you'd like me to review on this channel don't forget to head on over to

05:58our main site download my book d5 millionaire which is a d5-millionaire.com it's a free download no excuses

06:04and also check out my other books if you want to support the channel tokenized trillions of blocking

06:08applied you will learn a lot about real world asset organization and all that distributed ledgers has

06:14to offer in terms of just applications within different industries so make sure you check those

06:19out all the links are in the description also join our telegram our discord server don't forget to like

06:24share and subscribe and turn on the notifications i'll see you guys in the next video peace

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