HAPPY SECOND BIRTHDAY SPIRITSWAP!
HAPPY BIRTHDAY SPIRITSWAP!!! It’s now time to celebrate, as SpiritDAO has turned two years old! That’s right, all you Spirit enthusiasts out there, another year has passed by, and Soully has reached the age of two! It just feels like yesterday since we posted the first Happy Birthday SpiritSwap article back on April 25th last year, but a year has gone by since then. Speaking of that, it has been a remarkable year for Soully/DeFi in general, with all the DeFi turmoil from the FTX saga to stablecoins losing their peg, markets being as volatile as ever, and a potential expansion to multiple chains on the horizon for SpiritDAO and V3 for Fantom soon to be released. We had a lot on our plate for both Spirit and DeFi in general, but now is the time to celebrate all the good things that have happened for SpiritSwap in the second year of our presence within the DeFi ecosystem, and to provide a preview of what awaits the DAO in year 3. So, Spiritors, enjoy the festivities and once again, Happy Birthday Soully!
Year 2 Recap
As we’ve said in our 2022 rewind article, this year was not like 2021. Unlike 2021 in which whatever you threw at the market it worked, everyone was very happy and DeFi was a major buzzword throughout the crypto community, the second year had its fair share of downs. We were in the midst of a major bear market, in which we saw a lot of projects vanish from the market, communities get lost over the course of a year, and most importantly and very inconveniently, the builders have stopped building in some instances.
Despite the unfavourable market conditions, SpiritDAO has remained resilient and focused on improving its product. Throughout our second year, we have constantly worked behind the scenes to enhance our platform and release new features. Among these are the highly anticipated V2, a complete UI overhaul, dTWAP orders, and new bridge and swap integrations. In addition, we will soon become a V3 DEX on Fantom and expand to another chain with a unique design never before seen in DeFi. It’s worth noting that all of these changes were implemented while remaining true to our commitment to decentralization, which has been a core principle of SpiritSwap since its inception.
We have also been fortunate to collaborate with successful teams like Orbs, who developed dTWAP features to enable Spirit users to access CeFi options such as TWAP orders on-chain. We have seen Algebra team that built concentrated liquidity features for QuickSwap and StellaSwap, also build that feature on SpiritSwap while making Spirit the only DEX to use V2 of their product. Although Algebra’s improvements have taken time and the timeline hasn’t been met, we are confident that SpiritSwap will become the primary source of concentrated liquidity on Fantom very soon. Furthermore, the UpperOctave team has proposed to take SpiritDAO multichain. All these developments were made possible by a single proposal to make SpiritSwap DAO’s codebase public, allowing everyone to contribute to its codebase. These plans have been in motion from the beginning, and we are proud to have achieved our goal of creating a self-functioning project that operates based on DAO members’ votes. Despite the challenges faced by DeFi in the past year, we have reached our target, and we are proud of what we have accomplished.
To learn more about what SpiritDAO has managed and conquered back in last year, feel free to read our article that provides a lot of insight about 2022, by clicking this link!
What Awaits Soully In Year 3
Exciting things are in store for SpiritDAO and its members in year 3. Although we cannot share all the details to maintain our competitive edge, we can disclose some information to the public. As our members are aware, the DAO’s main focus has been on expansion for some time. This will include:
-A 50% lockdrop compensation for inSPIRIT holders
-A new chain where Spirit will cooperate with other protocols instead of competing
-A completely new system that has not been tried in DeFi before.
The expansion project is now complete and has been sent for auditing. The Spirit team has been discussing a significant change to the product with the UpperOctave team and the DAO will be the main decision-makers in a governance vote to determine whether the change will be implemented. Once the vote is cast, we expect the expansion project to be completed and ready for launch soon after. Throughout the last few months, there was a misconception that SpiritSwap was leaving Fantom for another chain. However, we have repeatedly stated that we are not leaving Fantom and have even expressed our appreciation for the platform through articles like this and this. SpiritSwap will remain the as an AMM on Fantom, and we will be the first DEX to use V2 model of Algebra, adding built-in farming and concentrated liquidity limit orders.
We have also prepared a proposal that offers to V2 emissions/farms to prioritize stronger pairs and concentrate emissions on them. That proposal will be live tomorrow, and we hope that the DAO members will approve this proposal and help make SpiritSwap V2 farms more efficient than ever before. The Spirit team has once again given the voting power to the DAO to implement a mega change in the V2 farms.
By 2023, we anticipate reinforcing our support of the Fantom ecosystem even further, where we plan to experiment with new and thrilling concepts that haven’t been attempted in the DeFi space before. Our goal is to revisit this plan after a year and observe the successful implementation of the new system for expansion, which generates profits for inSPIRIT holders through the lock-drop mechanism. Additionally, we aim to see a thriving DEX on Fantom that generates increased revenue through a strong chain/market.
Conclusion
We are proud that we have reached year 2 and grateful for the wonderful community that has supported us. We consider every inSPIRIT holder a part owner in the project and hope to continue working together towards a bright future. Although the journey has been challenging and both the community and DAO custodians have gone through a lot, our love for DeFi and the community remains the same. We enjoy working with all of you and would not change anything about our journey. While there have been difficult times, we have never lost our SPIRIT and remained strong. SpiritDAO is still standing and will continue to do so. We hope to celebrate a fantastic year 3 with you all and extend our respect to everyone involved. Thank you and cheers!
