SpiritSwap <> Phantom Partnership Proposal

1) Partnership Summary

Today we are extremely excited to announce a partnership proposal with SpiritSwap, Fantom’s most spirited DEX. This partnership will benefit the whole Fantom ecosystem, increasing TVL, volume and Phantom token holders’ returns. SpiritSwap will be creating a PHM-Stable (TBD) LP gauge where we will earn high APY rewards on our Protocol Owned Liquidity (POL). SpiritSwap is moving towards on-chain governance for gauges and the emissions will soon be directed to gauges aka “boosted farms”, based on how many votes that gauge receives. Given Phantom plans to be a significant holder of its own liquidity, we will be able to positively influence this process as the treasury grows.

As such, initial LP bonding will be done via SpiritSwap — further details to be announced.

2) Brief Background on Both Protocols

SpiritSwap

SpiritSwap is a decentralized exchange (DEX) on the Fantom Opera Network. Traders can easily swap between tokens within our application and get guaranteed rates for these swaps. Each swap on SpiritSwap incurs a fee, which gets distributed between liquidity providers and is used to buy back SPIRIT tokens at market rate, which is then distributed to inSPIRIT holders. While offering lightning fast swaps at an affordable rate, SpiritSwap is moving toward becoming a full DeFi suite, offering users different strategies to manage their cryptocurrency assets. SpiritSwap’s key features include Zap, inSPIRIT, boosted farms, lending, borrowing,a cross chain bridge and eventually leverage trading. Our team is focused on building out our protocol to become more than just a DEX, but rather a hub of all things DeFi on Fantom.

Phantom DAO

PhantomDAO seeks to become a treasury-backed accelerator on the Fantom chain. Phantom will be focused on building infrastructure, services and protocols to support the successful growth of the Fantom blockchain, however the accelerator thesis will be broad enough to accept participants outside of Fantom where the merits of the applicant makes sense. The treasury provides a safety net for the DAO to take on concentrated accelerator participants, likely to result in outsized returns — which will be distributed 100% to the treasury to increase RFV. Phantom will be launching DAO-first.

3) Partnership Benefits

Fantom Ecosystem

This partnership proposal is an important one for the Fantom chain. We are expecting to see more value bridged from other networks to Fantom ahead of Phantom’s launch. SpiritSwap will be our preferred DEX for facilitating the bridges and swaps in the near future we will have clear instructions made for those who will be using SpiritSwap to bridge their funds ahead of the launch. These will be posted in our Discord, so be on the lookout.

PHM Holders

The creation of a PHM-Stable (TBD) LP gauge on SpiritSwap will allow Phantom to farm much higher yields than traditionally possible on its POL. We are expecting APYs north of 60% with the ability to significantly increase these yields through governance voting once SpiritSwap completes its transition to on-chain governance of gauges “boosted farms”.

inSpirit Holders

The increased demand and volume generated from this partnership will result in more fees for the platform and inSPIRIT holders. We anticipate the demand to remain sustainably high for Spirit’s services.

4) What’s Next?

Voting for this proposal will happen on-chain as part of our launch plan (full details to be announced later). If approved, this will just be the beginning of what we see as a long standing partnership between SpiritSwap and Phantom. We have extremely ambitious plans for the next few iterations of our protocol and SpiritSwap will play an important role in helping us achieve these milestones. Helping our token holders benefit the most from the protocol will always be our number one objective.

Together, we will change this game.

PhantomDAO Socials:

Discord: discord.gg/phantomdao
Twitter: @xPhantomDAO