We are excited to announce that our long-time friends over at SpiritSwap will be partnering with Resonate!
What are we doing together?
SpiritSwap has committed to deploying $10,000 worth of SPIRIT to bribe entry into a MIM-USDC SLP pool on Resonate.
They will initially deploy $2,500 worth of SPIRIT to this pool, with an additional $7,500 worth of SPIRIT will be held in reserves to be deployed on an as-needed basis. SpiritSwap will be offering a yield of 6% as upfront bribes to MIM/USDC liquidity providers to lock their liquidity for 1 year. This is projected to catalyze an increase of over $160,000 in TVL within SpiritSwap, upon whom the Beefy Finance farm they will be utilizing is built.
This means that if you were to LP $100 worth for 1 year; you would now have the option to lock your LPs for the term within an FNFT through Resonate. This would result in an immediate payout of $6 worth of SPIRIT paid to your wallet — funded by SpiritSwap. You would retain the rights to your MIM/USDC LP principal, locked within your own unique FNFT, while Spiritswap would gain ownership of your future yield through a separate FNFT. This allows SpiritSwap to purchase USDC-MIM at a highly discounted rate, as the farm is projected to earn yields of roughly 11% annually — meaning that SpiritSwap receives roughly $18,000 worth of USDC-MIM for their initial SPIRIT outlay.
Within these FNFTs, the pending interest can be claimed at any time (assuming there is yield to be claimed), either individually or batched (claim all FNFTs interest accrued at once). It is important to note that both of the FNFT’s remain liquid (unlike the underlying locked tokens) and can be sold on most NFT marketplaces.
So, where will the yield come from?
Upon committing to the MIM/USDC pool, Resonate will route these MIM/USDC LPs into the MIM/USDC Beefy Vault, who will then farm them in SpiritSwap.
By integrating this program with Resonate, SpiritSwap is forecasted to gain over $18,000 in MIM/USDC Spirit LPs, from the $10,000 worth of SPIRIT set aside.
There are a number of benefits that can be seen from this undertaking. Because SpiritSwap will be offering Spirit upfront and gaining returns in MIM/USDC LPs; Spirit is essentially performing a synthetic swap. Through this synthetic swap, the program will aid SpiritSwap in diversifying their treasury into stablecoins. As an additional effect, since SpiritSwap will be making a return of over 80% on its deployments (by offering upfront payments at a discount of forecasted yield in exchange for the rights to a stakers future yield); it provides SpiritSwap the opportunity to grow their treasury too!
What does SpiritSwap do?
SpiritSwap is a decentralized exchange (DEX) on the Fantom Opera Chain. By combining core DeFi solutions such as Yield Farming, Liquidity provision, Lending and Borrowing, Stable Swaps, Cross chain bridging, veTokennomics, Protocol rewards, Leverage Trading and Limit orders; and bundling them all in one place — a truly unique product offering is formed which is hard-found elsewhere.
Who is behind SpiritSwap?
The SpiritSwap team is led by Rober Neir, better known as RobN — an ex Microsoft developer turned crypto native builder. The SpiritSwap team is best known for their incredible development shipping times, holistic approach and cult following within the Fantom DeFi ecosystem. Originally founded in 2021, the SpiritSwap team has seen tremendous growth — scaling from a core team of ten to twenty-five today.
Resonate is a Yield Futures Protocol developed by Revest Finance and built on top of Revest’s Financial NFT (FNFT) technology. Using Resonate, we’re able to separate the principal and interest components of a position by issuing two FNFTs; one containing the principal and the other containing the rights to future interest on that principal. Resonate facilitates the commerce of the rights to future interest by matching issuers (who want to sell their interest rights for a one-time upfront payment), and purchasers (who want to buy the rights to future interest for a one-time upfront payment).
About Revest Finance
The Revest Protocol offers a revolutionary new use of NFTs as financial tools through the Financial Non-Fungible Token (FNFT). Individual and enterprise-level users can deposit any ERC-20 or ERC-721 into Revest’s interactive FNFTs and set custom unlocking conditions (time, value, or contract-based). Revest allows the tokenization of all non-fungible financial positions with non-fungible tokens. This simple turn-key solution offers elegant applications ranging from token vesting to cutting-edge implications for derivative and borrowing/lending platforms. Revest’s flagship product, Resonate, is underpinned, fundamentally, by this innovative technology.