Q1 2022 recap: Spin’s latest updates
Spin, founded in June 2021, is a young project that has been picking up a lot of momentum in the past few months. We had our pre-mainnet DEX release, Freaky Elves NFT collection instant minting, raising $3.75 Million, multiple research and community initiatives. All that in just the first quarter of 2022, and today we’re sharing all the latest updates, exciting things to expect and how far along we are on our trip to the moon.
Discover Spin’s DEX
By January of 2022, Spin released their first version of the Spot order book DEX on NEAR Protocol. After receiving improvement suggestions from many users, the company worked on these upgrades to deliver a more enhanced product. By early April of 2022, Spin released its pre-mainnet version of the spot order-book DEX, the first of its kind on the NEAR blockchain.
New Features and DEX Updates
- We added fees for takers of 0.1% and a maker of -0.05%. The 0.1% of taker fees have been split in two, with 0.05% going to the maker and 0.05% going to the treasury fund.
- Order book matching: has been optimized to produce a 10x decrease in gas consumption. A setup has been integrated to limit maximum deposits and order sizes that will gradually increase when the DEX is live on the mainnet.
- Spin has established an API to interact with the DEX for market makers and algorithmic traders. We have an SDK going through the final steps that’ll be released as a separate library that will grant any user permission to cooperate with the API and the smart contract without interacting with the DEX UI.
Both API and SDK will be available to the public. We also plan on increasing the number of trading pairs will steadily and as we go, we’ll have different pairs such as NEAR/USDC. An increase in test tokens balance limits was integrated so users could trade more efficiently.
The team started developing the perpetual and options contracts that will be the backbone of Spin’s decentralized derivatives infrastructure and allow for building more complex products, e.g., endless options, power perpetual, exotic options, RFQs, and more! So, hold youtube breathe because we have a lot more in store.
We plan on releasing the Mainnet in late April 2022. There will still be enhancements to the DEX GUI, but the API, SDK, and the smart contract will probably remain the same.
Freaky Elves NFT
Spin has launched a successful NFT minting campaign that sold out in seconds and had top-6 collections by trading volume on Paras in the first week alone. This week, the Freaky Elves NFT collection made its way up to the top-3 collection on Paras and reached its floor price ATH of 9 NEAR per NFT. Freaky Elves is a generative art collection on NEAR Protocol that consists of 2022 JPEGs, with each NFT featuring a few great utilities, including primary access to Spin’s public sale. There’s also a secret NFT chat for holders where participants have cast votes for allocating unclaimed NFTs and are still voting on the charity type for the upcoming drop on Paras.
Business Development & Investments
Spin multichain derivatives DEX has raised a total seed funding of $3.75M led by Lemniscap and participants such as GSR, ZMT Capital, Longhash Ventures, AngelDAO, and Spartan Group. Spin’s new strategic partners will help us progress in creating an easy-to-use, suitable, and highly accessible decentralized futures and options trading platform. Most of the project’s seed funding participants will actively engage in technical & marketing, advisory, market making, and supporting the Spin DEX in the future.
We’ve also experienced new ongoing partnerships in the ecosystem with Paras and OIN and have maintained a relationship with Ref Finance. We hope to increase our partnerships and collaboration with other ecosystem projects in the future.
We’ve been successful after our NFT minting campaign. Spin generated 16k unique visitors to the website, over 25k followers on Twitter, and over 1.5 Million profile visits. The Discord has around 17.6k subscribers, including 12k verified. Our marketing team has also been conducting a lot of research on potential gamification cases that we might be building in the DEX to improve retention and user experience. This will definitely be something that NFT holders and regular users will enjoy. We are always looking to give back to our Spin community, so we’ve held several social contests and there are no plans of stopping. We expect to reach a broader audience as we experiment with new strategies to get our message out to the world and listen to what our community has to say.
Spin has had an exciting list of achievements during March, such as drafting the final version of the tokenomics (releasing soon), enhancing and freshening up the website with the latest updates, and conducting several AMAs. The team has partnered with GSR to lead the market-making strategy of the Spin token and continues the market maker outreach.
To summarize who we are, we’re a multichain derivative DEX that launched in June of 2021 but has achieved so much in such a short period. So many milestones were crossed in Q1 2022, and there is more to come in Q2; with the help of our community, we plan on going to the moon. Join us on our adventure through our Website, Discord, Twitter, and Telegram.