SpiritSwap — A Biweekly Recap

SpiritSwap — A Biweekly Recap

Greetings to all Spirit enthusiasts! We hope that you are all doing well. It has been some time since we last communicated with you, aside from the Weekly Digest. Therefore, we thought creating a biweekly recap on our Medium channel would be nice to reconnect with you all. So, if you are ready, let us delve into what we accomplished in the last two weeks!

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Let’s start by discussing the technical developments that occurred this month. There has been significant progress with the fully autonomous DAO, which has yielded positive results for both the previously voted Canto expansion and the implementation of V3 concentrated liquidity by the Algebra team. In regards to the former, we will be posting an announcement on our updates channel in Discord and expressing our excitement about joining a young and promising chain like Canto. Technical updates like this provide another incentive for you to join our Discord community and participate in the conversation. You can find the link to our Discord here so you won’t miss any updates from SpiritSwap.

As for the latter, we have some thrilling news to share. Concentrated liquidity is making its way to SpiritSwap and it is sure to make a big impact! Since the proposal was approved and the Algebra team received a 50% payment, the DAOs and Algebra developers have been engaging in a productive dialogue on how to implement various editions of V3 AMM to SpiritSwap. As we have mentioned many times before, V3 will be making its debut on the SpiritSwap DAO, and we couldn’t be more excited! We want to maintain our first-mover advantage against our competitors and implement this feature as soon as possible. Therefore, the estimated timeline for the implementation of V3 is not in months or late 2024, but rather in just a few weeks! So, stay tuned for that as you might also notice in the future the amount of marketing/AMA/events for that will slowly increase. We believe that our concentrated liquidity feature will be an occurring reason why people will bridge to Fantom, and we are extremely excited for both Fantom and SpiritSwap!

We have also been working on an Ecosystem Support Vault proposal, which we will be sharing in the forum soon. As you may know, the concept of an Ecosystem Vault was introduced to Fantom Opera chain through a proposal back in August 2022. This proposal suggested that 10% of the gas fees should be kept by Fantom in a treasury, to be distributed to protocols that bring value and benefit to Fantom. SpiritSwap is now preparing to submit our proposal to earn a share of that vault, and we hope that this revenue will assist us in covering expenses such as concentrated liquidity, expansion to Canto, and the possible implementation of new features that can enhance the decentralization and quality of our product, such as dTWAP. Additionally, we will allocate these funds to cover future operational costs such as API, hosting, etc.

Regarding revenue coming to SpiritSwap, we are happy to announce that we have received our share from the Gitcoin Grants. Thanks to everyone who voted for SpiritSwap, our treasury has been strengthened with 7366 FTM from matching funds, as well as an additional 3000 FTM from donations. We will use these vote-donations and matching funds from the Fantom Foundation to cover the costs mentioned in the previous paragraph. We are also excited for the second round of Gitcoin Grants, as the Foundation has stated that they will offer a bigger grant. As builders in the space, we are thrilled to see these developments that bring revenue to projects, such as Gitcoin Grants, the ecosystem vault, and the gas monetization program. We have also filled out a form to be eligible for the gas monetization program, and you can learn more about that process and what gas monetization program is from here.

To provide more insight to all our readers, the DAO custodians have been discussing ways to make our emissions more efficient and increase returns to SpiritSwap by identifying pools that are not contributing as much to the community. We are very excited about the upcoming upgrades and are committed to making the most of them. To achieve this, we have conducted internal discussions, competitive analysis, and field research in order to provide SpiritSwap with a competitive edge and increase revenue. We will ensure that all steps taken are in line with the principles of a DAO, with democratic and community-driven decision-making processes. We are excited about the bright future of SpiritSwap and have been working hard to achieve our goals in the past two weeks. We hope that you share our excitement and look forward to the journey ahead!

Our best regards,

SpiritDAO