SpiritSwap on Fantom Foundation’s Gitcoin Grant Program

5 min readDec 13, 2022

Hello Spiritors, once again here we are with another episode of Soully Weekly! In the past few weeks, we have been able to put together 3 articles in which the multi-chain expansion proposal by UpperOctave, Andre Cronje’s articles and the public repo proposal were put into the spotlight. For this week, we have a very special topic as well: Gitcoin-FTM Grants program! In this article, we are going to dive into the principles of this program and show how you can contribute to SpiritSwap as a fellow community member.

What Are The Gitcoin Grants?

Gitcoin grants are the grants which allow various developers to get their fair share from the donations that the respective chain decides on giving out to. Fantom will use the “quadratic funding mechanism” to ensure that the donations are divided fairly. Quadratic funding is a crowd-funding campaign in which the contributions from the users are matched equally, and it amplifies the donations made by a large community over the contributions made by large donations from a small group. For more details on the situation, you can check their YouTube video explaining quadratic funding from this link.

An important key to this system is that you can contribute to your beloved projects and the community plays a bigger part instead of one big wallet deciding where the donations go. As you can see from the image above all donations matter and if you’d like to contribute to SpiritSwap, you should be able to do that even with a small amount!

Gitcoin deployed on the Fantom Opera chain in order to let the projects/developers access funds via a democratic funding process and we are officially accepted for the matching round of the Grants program. Being a DEX that lives & breathes Fantom, and still continues to build on the chain: we believe that our application is a very strong and a justified one. We have been continuously building, with all our aspects. Our V2 has launched and as a DAO we are taking care of it. Proposals are being made and voted by the community. Other teams want to contribute, such as UpperOctave and Orbs as we can see from one taking us multichain and expanding the revenue stream flowing into the DAO, and the Orbs team with making a very requested feature live in TWAP after their proposal has passed. SpiritSwap has been able to create a self-sustaining system, where the community has taken the ship’s control and are making sure that SpiritSwap would be able to survive, and even thrive during these conditions. And that’s why we believe that SpiritSwap needs your vote, to be able to provide even more.

How Will The Grants Be Used?

As you might know, SpiritSwap is expanding to the Canto chain to provide more revenue streams for the DAO. We believe that it is of great importance for the DAO to create more revenue streams so that it can continue to move forward, for any means necessary. Whether it would be for marketing & developing, expanding and growing or even keeping it in the treasury to be able to react to certain situations like we have been able to with the GoDaddy exploit.

The grants we will get from this Gitcoin program will also be used to provide additional support for the growth, and the treasury will be strengthened. The donations from every user is very important, because of the quadratic funding system as stated above. The foundation has allocated 125.000 $FTM in this first round to be distributed amongst the projects as matching rewards and a project can receive a maximum of 12.5 K $FTM on top of all donations from the community.

We are asking for the support of our community, who has been with us through the tough times and the good times. Who has now weathered the storm in DeFi with us. The real owners of the SpiritSwap DAO. Every donation/vote counts, and if you’re able to donate, the DAO will utilize every last bit of that donation.