How To Buy SpiritSwap (SPIRIT)?
A common question you often see on social media from crypto beginners is “Where can I buy SpiritSwap?” Well, you’ll be happy to hear it is actually quite a simple and straightforward process.
Step 1: Create an account on an exchange that supports SpiritSwap (SPIRIT)
First, you will need to open an account on a cryptocurrency exchange that supports SpiritSwap (SPIRIT).
We recommend the following based on functionality, reputation, security, support and fees:
Fees (Maker/Taker) 0.2%*-0.2%*
Available for Trade 1500+
10% reduced trading fees & up to $170 in USDT vouchers*
North America, South America, Europe, Asia, Oceania, Africa
In order to sign up, you will need to enter some basic information, such as your email address, password, full name and, in some cases, you might also be asked for a phone number or address.
Note: On specific exchanges, you might need to complete a Know Your Customer (KYC) procedure in order to be able to purchase cryptocurrency. This is most commonly the case with licensed and regulated exchanges.
Step 2: Deposit funds into your account
Many cryptocurrency exchanges will allow you to purchase SpiritSwap (SPIRIT) with fiat currencies, such as EUR, USD, AUD and others. Furthermore, they will also provide you with multiple deposit methods through which you can fund your fiat account, such as credit and debit cards, ewallets or direct bank transfers.
Note: Some payment methods will have higher fees than others, such as credit card payments. Before funding your fiat account on your chosen exchange, make sure to do your due diligence to find out the fees involved with each payment method to avoid unnecessary costs.
Step 3: Buy SpiritSwap (SPIRIT)
This process is similar across almost every cryptocurrency exchange. All you have to do is find a navigation bar or a search bar, and search for SpiritSwap (SPIRIT) or SpiritSwap (SPIRIT) trading pairs. Look for the section that will allow you to buy SpiritSwap (SPIRIT), and enter the amount of the cryptocurrency that you want to spend for SpiritSwap (SPIRIT) or the amount of fiat currency that you want to spend towards buying SpiritSwap (SPIRIT). The exchange will then calculate the equivalent amount of SpiritSwap (SPIRIT) based on the current market rate.
Note: Make sure to always double-check your transaction details, such as the amount of SpiritSwap (SPIRIT) you will be buying as well as the total cost of the purchase before you end up confirming the transaction. Furthermore, many cryptocurrency exchanges will offer you their own proprietary software wallet where you will be storing your cryptocurrencies; however, you can create your own individual software wallet, or purchase a hardware wallet for the highest level of protection.
Alternative ways to buy SpiritSwap (SPIRIT)
Because the project is very new, it is only offered directly on a select number of exchanges. If you’re not comfortable connecting your bank account to any of these smaller exchanges, or if you cannot connect your bank account to them for geographical reasons. Then you can instead create an account on any of the major exchanges and simply transfer the funds from there.
Out of the major exchanges we recommend the following based on functionality, reputation, security, support and fees:
Fees (Maker/Taker) 0.075%*-0.1%*
Available for Trade 500+
10% reduced trading fees*
Europe, Asia, Oceania, Africa
Fees (Maker/Taker) 0.1%*-0.1%*
Available for Trade 400+
$30,000 sign-up bonus*
Europe, Asia, Oceania, Africa
How to create a Binance account
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Step 1: Go to the Binance website.
Step 2: On the registration page, enter your email address, and create a password for your account.
Then, read and agree to the Terms of Service and click “Create Account”.
Note: Your password must be a combination of numbers and letters.
It should contain at least 8 characters, one UPPER CASE letter, and one number.
Step 3: Complete the Security Verification.
Step 4: The system will send a verification code to your email. The verification code is valid for 30 minutes. If you can’t find the email in your inbox, check your other mail folders as well, or click “Resend Email” to resend.
How to complete KYC (ID Verification) on Binance
Step 1: Log in to your Binance account and click “User Center” and then “Identification”.
Step 2: click “Start Now” to verify your account.
Step 3: Select your country of residence.
Ensure that your country of residence is consistent with your ID documents.
Step 5: Enter your personal information and click “Continue.”
You won’t be able to change it once confirmed.
Refer to the respective options offered for your country.
Step 7: Follow the instructions to upload photos of your document. Your photos should clearly show the full ID document.
Do not wear hats, glasses, or use filters, and make sure that the lighting is sufficient.
Once your application has been verified, you will receive an email notification.
How to buy cryptocurrency on Binance
Step 1: Log in to your Binance account and click “Buy Crypto” and then “Credit/Debit Card”.
Step 2: Here you can choose to buy crypto with different fiat currencies. Enter the fiat amount you want to spend and the system will automatically display the amount of crypto you can get. When you have selected the amount you wish to spend then press “Continue”.
Note: You might not be able to purchase every cryptocurrency directly using fiat, if you’re looking to purchase something that isn’t offered in the currency list on this page, then you will want to purchase USDT. We will then show you how to exchange that on the spot-market for the cryptocurrency that you want in the next section of this guide.
Step 3: Click “Add New Card”. Then enter your credit card details and your billing address.
Step 4: Check the payment details and confirm your order within 1 minute. After 1 minute, the price and the amount of crypto you will get will be recalculated. You can click “Refresh” to see the latest market price. You will then be redirected to your bank’s OTP Transaction Page. Follow the on-screen instructions to verify the payment.
How to Conduct Spot Trading on Binance
Step 1: Log in to your Binance account.
Click on “Classic” under “Trade” on the top navigation bar.
Step 2: Search and enter the cryptocurrency you want to trade.
Step 3: Set buying/selling prices and buying/selling amount (or exchange total). Then click on “Buy”/”Sell”.
(Note: The percentages under the “Amount” box refer to percentages of the total account balance.)
Step 4: If you don’t want to set a manual price, you can place a “Market Order” to set the buying/selling price automatically.
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For more in-depth instructions, our ‘Absolute Beginner’s Guide To Cryptocurrency Investing‘ will take you through the process step-by step. In addition to providing instructions for sending and receiving your cryptocurrency.
And if you’re completely new to crypto our beginner, intermediate and advanced level articles will get you up to speed with everything you need to know about the cryptocurrency space starting out.
What is SpiritSwap (SPIRIT)?
SpiritSwap, as a decentralized exchange (DEX) on the Fantom Opera Chain, has evolved from its original Uniswap-inspired design to offer a unique and comprehensive DeFi experience. The platform’s V2 model focuses on delivering innovative features and improvements to the Fantom community, ensuring it stands out among other DEXs in the market.
One of SpiritSwap’s distinguishing characteristics is its commitment to incorporating the best aspects of decentralized finance (DeFi) into a single, easy-to-use platform. By curating a wide range of DeFi products and functions, the platform aims to become a centralized hub for all things DeFi, ensuring users can access multiple services in one place. This focus on user experience and convenience sets SpiritSwap apart from many other DEXs in the space.
The core of SpiritSwap’s functionality lies in its automated market maker (AMM) system. With two curated AMM types – vAMM (variable AMM) and sAMM (stable AMM) – the platform caters to different trading needs. The vAMM utilizes a 50/50 token match and the X*Y=K formula for swaps, while the sAMM employs stable math to facilitate liquidity pairs requiring direct 1:1 pegs. This diversity in AMM types allows SpiritSwap to accommodate various trading preferences and strategies. Moreover, the platform plans to expand its V2 AMM offering to include four AMM subtypes in the future, providing even more flexibility to its users.
SpiritSwap’s all-inclusive approach to DeFi means that users can take advantage of an array of features and services, such as yield farming, liquidity provision, lending and borrowing, stable swaps, cross-chain bridging, veTokennomics, protocol rewards, leverage trading, and limit orders. By consolidating these core DeFi solutions into a single platform, SpiritSwap aims to streamline the user experience and make it easier for both new and experienced traders to navigate the world of decentralized finance. This comprehensive approach has led the SpiritSwap community to view the platform as a one-stop shop for all things DeFi 2.0, ensuring it remains a popular choice for traders looking to optimize their DeFi strategies.
SpiritSwap has an ambitious roadmap designed to evolve and improve the platform over time. As a responsive and agile project, the SpiritSwap team aims to adapt to changes within the Fantom/DeFi ecosystem and drive the platform forward.
Phase I (Q2 2021) marked the initial launch of SpiritSwap, with the goal of providing Fantom users a functional decentralized exchange (DEX) for staking, trading, and farming. This phase also focused on establishing a vibrant and engaged community and creating a landing page to welcome newcomers and highlight partners.
Phase II (Q2 2021) aimed to lay the foundation for SpiritSwap’s future growth. Key milestones during this phase included securing a grant from the Fantom Foundation, creating a project roadmap, and adding new farming pools to accommodate the expanding ecosystem. Further, the team established an emission schedule and a vesting schedule for the project’s financial resources. Subgraph development and an analytics page were also initiated to enhance the platform’s data accessibility and transparency.
Phase III (Q2-Q3 2021) focused on developing extra features, such as a zapper for easy token-to-LP and LP-to-LP conversions, limit orders, and price charts. A portfolio page was created to provide users with a convenient overview of their assets, and support for Coinbase Wallet and Coin 98 Wallet was added. During this phase, the team also worked on establishing a bridge to facilitate transfers of capital from other chains directly to the SpiritSwap exchange.
As SpiritSwap continues to progress through the outlined roadmap, it will add even more functionalities and enhancements, including the launch of the inSPIRIT governance token, UI/UX updates, and improvements in capital efficiency. The ultimate goal is to become a full DeFi suite, fostering collaborations with other projects and promoting growth within the Fantom ecosystem.
In the long run, SpiritSwap plans to transition to a Decentralized Autonomous Organization (DAO) and implement full on-chain governance. This will allow users with sufficient inSPIRIT holdings and coding experience to submit proposals for the community to review and vote on, effectively allowing the inSPIRIT community to guide the platform’s future development. The roadmap signifies SpiritSwap’s commitment to innovation and adaptability as it works to meet the needs of the DeFi ecosystem.
As of 2023, SpiritSwap has continued to make significant progress on its roadmap, completing several key phases and working on additional milestones.
Phase VI (Q1 2022) focused on improving capital efficiency by partnering with various money markets. This phase allowed liquidity providers to borrow against their LP positions and obtain stablecoins, thereby unlocking dormant capital and providing significant benefits to users.
Phase VII (Q1-Q2 2022) introduced SpiritSwap V2, a major enhancement to the platform’s product offering and underlying codebase. The team designed and developed a new UI and implemented a top-secret new AMM infrastructure. After rigorous testing, the team deployed the new UI and continued to work on additional features and improvements for the DEX.
Phase VIII (August-September 2022) marked the launch of SpiritSwap V2 Beta, with the community participating in three rounds of bug testing, followed by bug fixes and the final deployment of the V2 public beta. During this phase, the platform also underwent two separate audits to ensure security and reliability.
Phase IX (August 2022-June 2023) saw the beginning of multi-chain development, known as CANTO, which aimed to expand the SpiritSwap platform across multiple chains. Development on the CANTO testnet progressed, and preparations were made to move forward with Phase X, focusing on full on-chain governance.
Phase X (Q1-Q3 2022) is currently underway, with the goal of establishing a Decentralized Autonomous Organization (DAO) and implementing full on-chain governance. This phase will enable users with coding experience and sufficient inSPIRIT holdings to submit proposals for the community to review and vote on. The team is in the process of setting up a voting forum, creating DAO proposal templates, and providing resources to facilitate the DAO’s smooth operation.
The $SPIRIT Token: A Comprehensive Overview
In the burgeoning world of decentralized finance (DeFi), SpiritSwap has emerged as a prominent player, and its native token, $SPIRIT, plays a crucial role in the ecosystem. In this article, we will delve into the $SPIRIT token, exploring its utility, functions, and distribution plan.
At its core, the $SPIRIT token is a fungible, cryptographically-secured protocol token designed exclusively for use within the SpiritSwap ecosystem. As an interoperable utility token, it is a transferable representation of the utility functions specified in the SpiritSwap protocol. The primary function of $SPIRIT is to serve as an economic incentive for users to actively participate and contribute to the SpiritSwap ecosystem. By fostering a system that rewards user engagement, SpiritSwap ensures a fair distribution of compensation for participants’ efforts.
One of the key ways $SPIRIT incentivizes user participation is through its distribution model. The total supply of $SPIRIT is capped at 1,000,000,000 tokens, with an initial distribution plan allocating 81.82% of tokens to liquidity provision farming. This allocation is designed to encourage users to add liquidity to the platform, thus improving the overall trading experience and promoting a healthy ecosystem. Additionally, the distribution plan sets aside 8.18% of the total supply for the DAO, 7.50% for development, and 2.5% for airdrops. This balanced allocation ensures that the SpiritSwap platform can continue to evolve and expand, while also rewarding early adopters and supporters.
The $SPIRIT token’s utility is not limited to incentivizing liquidity provision alone. It also plays a vital role in the platform’s governance structure. Active participants and holders of $SPIRIT tokens can influence the development and direction of the SpiritSwap ecosystem through voting on proposals and participating in on-chain governance. By empowering token holders in this way, SpiritSwap fosters a democratic and decentralized platform where users can directly contribute to the project’s growth.
Unlocking the Potential of inSPIRIT: A Comprehensive Guide
As the DeFi landscape continues to evolve, innovative projects like SpiritSwap are constantly introducing new ways for users to maximize their investment potential. One such innovation is the introduction of inSPIRIT, a powerful utility token that offers a range of benefits, from enhanced yield generation to increased governance power. In this article, we will explore the various use cases of inSPIRIT and how it can benefit users within the SpiritSwap ecosystem.
At its core, inSPIRIT is a yield-generating, governance, and utility token inspired by Curve’s veCRV and Pickle’s DILL tokens. However, inSPIRIT takes this concept even further by incorporating a variety of rewarding use cases. Firstly, inSPIRIT enables reward distribution, wherein a portion of fees collected by the exchange is used to buy back SPIRIT tokens and distribute them to inSPIRIT holders via weekly rewards. Secondly, inSPIRIT holders wield significant influence over the platform’s governance, with the ability to vote on proposals and shape the direction of the SpiritSwap protocol, effectively making it a decentralized autonomous organization (DAO).
Additionally, inSPIRIT provides several advantages for yield farmers. Farmers holding inSPIRIT can receive a farm boost of up to 2.5x, significantly increasing their rewards. For example, a farmer with sufficient inSPIRIT could earn a 250% APR on the FTM-SPIRIT pool, compared to the standard 100% APR. Furthermore, inSPIRIT holders can vote on gauge control, determining how reward emissions are distributed among various farming pools. This empowers users to prioritize crucial farms and maximize their yield farming potential. Lastly, inSPIRIT holders can benefit from protocol-driven bribes and vote fees, further enhancing their earning potential.
To acquire inSPIRIT, users must lock their SPIRIT tokens for a duration ranging from 1 month to 4 years. The longer the lock period, the more inSPIRIT the user receives. For instance, locking 10 SPIRIT for 1 year yields 2.5 inSPIRIT, while locking the same amount for 4 years yields 10 inSPIRIT. As the lock period progresses, the inSPIRIT balance gradually decreases until it reaches zero, signaling the end of the lock period and allowing users to withdraw their SPIRIT tokens. While inSPIRIT is non-transferable, the SpiritSwap team is currently exploring options to introduce a form of liquidity for this otherwise illiquid position, potentially through the use of fractional non-fungible tokens (fNFTs).
Official website: https://www.spiritswap.finance/
Best cryptocurrency wallet for SpiritSwap (SPIRIT)
There are plenty of different crypto wallets available. The best one for you depends on your general trading habits and which provides the most security in your situation. There are two main types of wallets: hot storage wallets (digital) and cold storage or hardware wallets (physical). Both have their pros and cons, and there is not necessarily a right or wrong answer when it comes to figuring out which crypto wallet is best for you.
HOW DO I DECIDE WHICH cryptocurrency WALLET TO USE for SpiritSwap (SPIRIT)?
Deciding which type of wallet to use depends on a variety of factors, including:
- How often you trade. In general, hot wallets are better for more active cryptocurrency traders. Quick login ability means you are only a few clicks and taps away from buying and selling crypto. Cold wallets are better suited for those looking to make less frequent trades.
- What you want to trade. As mentioned earlier, not all wallets support all types of cryptocurrencies. However, some of the best crypto wallets have the power to trade hundreds of different currencies, providing more of a one-size-fits-all experience.
- Your peace of mind. For those worried about hacking, having a physical cold wallet stored in a safe deposit box at the bank or somewhere at home, provides the safest, most secure option. Others might be confident in their ability to keep their hot wallets secure.
- How much it costs. It is important to investigate the costs associated with each wallet. Many hot wallets will be free to set up. Meanwhile, cold wallets, like any piece of hardware, will cost money to purchase.
- What it can do. While the basics of each cryptocurrency wallet are the same, additional features can help set them apart. This is especially true of hot wallets, many of which come with advanced reporting features, insights into the crypto market, the ability to convert cryptocurrencies and more. Security features can also be a good differentiator.
For a more in-depth overview of cryptocurrency wallets visit our “Cryptocurrency Wallets Explained” guide.
Ledger manufactures cold storage wallets designed for users who want increased security. Their wallets are a physical device that connects to your computer. Only when the device is connected can you send your cryptocurrency from it. Ledger offers a variety of products, such as the Ledger Nano S and the Ledger Nano X (a bluetooth connected hardware wallet).
Trezor is a pioneering hardware wallet company. The combination of world-class security with an intuitive interface and compatibility with other desktop wallets, makes it ideal for beginners and experts alike. The company has gained a lot of the Bitcoin community’s respect over the years. Trezor offers two main models – The Trezor One and Trezor Model T (which has a built in touch screen).
SpiritSwap (SPIRIT) Price & Charts
- Market Capitalization And Daily Trading Volume
- Current Market Price Of Every Cryptocurrency Relative To USD (And Some Local Currencies)
- Circulating And Total Supply
- Historical Charts With Prices Relative To USD, Bitcoin (BTC), And Ethereum (ETH).