A deep dive into Paras and Spin
If you have been following Spin’s updates closely, you must have noticed that Spin has recently listed $PARAS — the native token of Paras, NEAR Protocol’s largest NFT marketplace. The connections between Spin and Paras have been quite deep since the partnership was announced in February 2022, but many users still lack knowledge about what the two products are and why they play an important role in the NEAR ecosystem. Let’s find out!
The largest NFT marketplace on NEAR — Paras
Launched in late December 2020, Paras is an all-in-one NFT marketplace for creators and collectors and one of the largest dApps on NEAR Protocol with over $590K monthly trading volume in June 2022. What began as a decentralized social media platform is now a vibrant marketplace for crypto art with a very engaged community of NFT lovers. Now, you can find all kinds of arts on Paras, from some simple degen drawings to more sophisticated pixel and 3D arts.
For NFT creators, Paras offers a fast way to launch their own collection and set up the royalty by up to 90%. To create a collection on Paras, users simply need to upload some authentic and high-quality arts, fill out their bio and social links, and set a PFP — that’s it!
In October 2021 the Paras team released their latest feature, Paras Comic. Paras Comic is a kind of standalone application that allows creators, readers, and collectors to interact with comics without a centralized middleman. On this new comic publishing platform, users can support creators by collecting NFT comics.
But what about the $PARAS token that can now be traded on Spin?
$PARAS is a utility token that provides an improved NFT, governance and earning experience to its holders. Long story short, $PARAS holders enjoy:
- Access to special events and deals;
- Issuing limited edition NFTs that are certifiably scarce;
- Participating in governing the ecosystem, from artist verification, feature updates, and parameter changes to community grants.
On Paras Marketplace Rewards Program, Paras is distributing the Paras Marketplace fee as a monthly reward for $PARAS stakers. $PARAS holders can now stake their tokens with a ~20% APR.
Quite a juicy set of utilities, isn’t it? So if you’re an NFT lover and a passionate Paras user, we invite you to buy some $PARAS from Spin!
The first CEX-competitive DEX on NEAR — Spin
If you are a DeFi fan but still have to trade on centralized exchanges due to their convenience and advanced features, then Spin is the perfect DEX for you. Spin combines the best of the centralized and decentralized worlds into one powerful on-chain trading solution that offers NEAR Protocol users a CEX-competitive experience (but without KYC and security compromises). Everything you missed on the AMM DEXes — different order types, low commissions, informative charts, trading tournaments, trading history, and more — can be found on Spin.
Spin aims to provide NEAR Protocol users with the full experience of centralized exchanges, including derivatives trading, but completely on-chain. Thus, you get full control over your funds without risk to the counterparty. No verification or KYC is required to start trading on Spin, and your account will never be banned or restricted for any reason. So the same CEX experience without compromises on security, speed, or trading costs.
The Spin fees are only 0.1% for takers (market orders) for NEAR, REF, AURORA, PARAS, etc., and 0.04% for the stablecoin pairs, USN/USDC for example. 50% of the fees go to makers (limit orders), so if you add liquidity to the order book by creating some limit orders, you will get a rebate. Compare that to AMM DEXes which usually charge 3–4 times more as they have to reward liquidity providers!
But what about blockchain fees? The NEAR protocol fees are also very low, so it will cost you about $0.003 to create a single order on Spin (NEAR costs $3.5 at the time of writing), so next to nothing.
How to start trading on Spin?
To trade on Spin, you will need to have a NEAR Protocol wallet (don’t forget to activate it by depositing 0.16 NEAR!). If you prefer storing funds on-chain, you can easily move your USDC from Ethereum to NEAR by using Rainbow Bridge for example.
After you have created and topped up your NEAR wallet, starting trading on Spin is easy:
- Connect your wallet to Spin
- Deposit funds to the DEX by clicking on the deposit button
- Create your first market or limit order
- Withdraw the exchanged funds to your NEAR wallet
If you need to make a simple swap, you can also use the Spin swapping feature that requires no depositing or withdrawal of funds. After swapping, the funds will automatically be transferred to your wallet!
For those, who both love trading and NFTs, Spin also has a utility NFT collection of Freaky Elves which has risen in price by over 1200% since its mint. An NFT from this collection is your priority pass to Spin’s future public token sale. More than that, NFT owners have some special product perks e.g. improved trading score in the Spin tournaments, a potential future retrodrop (same as active traders), and an entrance ticket to a secret holders’ chat on Discord. Spin is working on additional utilities for this collection and will likely announce new features in a few months.
Last but not least, the Spin team regularly launches some incentivized activities and contests on their Twitter and Discord including some simple giveaways, quizzes, AMAs, etc. So follow the team and keep an eye out for their updates not to miss a new opportunity to grab some rewards!
Telegram channel: https://t.me/spin_fi
NFT collection: https://paras.id/ru/collection/spin-nft-contract.near