The Spin Essentials — a DeFi Derivatives Infrastructure on NEAR

Both old and new members of our community sometimes ask us questions such as: What is Spin? What is our role in the NEAR Protocol ecosystem? What is our mission, and what are our goals for the near future? The product vision has been formed and we’re thrilled to share it with you!

Spin is on a mission to decentralize derivatives

We are building a DeFi derivatives infrastructure on NEAR Protocol, a reliable and scalable L1 solution.

Founded in June 2021, Spin was the first product to offer an on-chain order book solution on NEAR Protocol, thus providing DeFi users with a CEX-competitive trading experience. The advantages of the order book model include better user experience compared to AMM, flexible liquidity, easy access for institutional traders, secure and transparent on-chain verification, opportunity to price different types of instruments, and trading robots interoperability.

The order book based infrastructure unlocks the opportunity to build various types of derivatives with different levels of complexity in the DeFi space including, but not limited to, perpetual & quarterly futures, power perpetuals, floor perpetuals, options, exotic options, everlasting options, options vaults, basis trading, fixed yield, structured products and RFQ.

This is what we actually do — we build a decentralized order book infrastructure that can accommodate not just all kinds of derivatives available on the crypto market but also — products that exist in traditional finances. Thus, Spin’s mission is the extension of DeFi services offered on NEAR Protocol and other blockchains as well as the attraction and onboarding of the CeFi audience to on-chain trading and investments.

Upcoming releases

Spin’s spot order book DEX is already available on NEAR Protocol’s testnet and is currently being upgraded to be released to mainnet in a couple of months. The mainnet version will have an API for market makers, various order types, matching engine, and trading history. Spin’s spot DEX will form the backbone for their future implementation of on-chain derivatives trading on NEAR.

Below, you can see the updated roadmap of Spin’s DeFi derivatives infrastructure development:

Q1 2022

• Spot order book DEX (mainnet)

Q2 2022

• On-chain perpetual futures
• Spin’s token staking

Q3 2022

• On-chain options
• Bridge incentivization program (integrating NEAR Protocol bridges into the Spin platform)
• Lending and borrowing

Q4 2022

• Liquidity pools integration in the NEAR Protocol ecosystem
• Portfolio management

On March 10, Spin will also hold the minting of its utility NFT collection of Freaky Elves that provides users with priority access to Spin’s public token sale, special product and social features. More information on the upcoming mint is available here.

Join Spin’s community to become a part of something big:

Twitter — https://twitter.com/spin_fi

Discord — https://discord.gg/82kxbUpAPH

Telegram — https://t.me/spin_fi