Introducing SpiritZap™ — Zapping on SpiritSwap
Hey SpiritSquad! In the last few weeks, our awesome developers have been busy working on many exciting features.
As you already know, we are building all the necessary blocks to become a DAO, develop inSPIRIT, and launch our lottery. Let’s not forget that limit orders are also being worked on as a smaller feature, along with some other very cool features that we unfortunately cannot disclose right now. Some things have to stay hush hush!
What we can say, though, is that our zapping functionality is ready to go and will be available in the “Trade” section right away!
What Is Zap?
TL;DR: Zap makes the prolonged process of creating LPs as simple as one click of a button (ZAP!).
Zapping will allow users to instantly swap SPIRIT, FTM and USDC directly into the 15 most common LPs, without needing to swap for the necessary coins to create the pair.
Liquidity can move however you want. *snap*
— Thanos
Rather than having to spend additional transaction fees on liquidating tokens, buying new tokens, and adding these tokens as liquidity, the zap function will do all of this automagically, in a single click!
What Can I Do With Zap?
Currently, it’s possible to zap in both directions. Not only can you swap from a single token to an LP (e.g. FTM to SPIRIT-DAI LP), but also remove liquidity and convert an LP to a single token.
Fees and Slippage
The only fee present is the standard exchange fee of 0.3% for the swapping of tokens. Gas fees are negligible as usual (<$0.01) thanks to Fantom’s amazing network infrastructure and flawless throughput.
The slippage is currently hard-coded to 1% and cannot be changed.
Zap to the Future…
The implementation of zapping is a step towards a more streamlined DeFi future. We plan to build on this over the coming days and weeks, adding more tokens and LP options, as well as more functionality to the zap process (LP to LP is next!). Stay tuned for more updates in the coming days.
Follow SpiritSwap on Medium and other channels to keep up to date with the latest news!
Medium: spiritswap.medium.com
Discord: discord.gg/spiritswap
Twitter: twitter.com/Spirit_Swap
Telegram channel: t.me/Spirit_Swap
Telegram group: t.me/SpiritSwap
Merch: spiritswap.store
