Farming in Spiritswap

By YJN58 | Humble Farmer Finance | 22 Oct 2021


Spiritswap is an exciting decentralised exchange in the Fantom Opera Chain.

It is an incentivised AMM and stakers of $SPIRIT i.e.$inSPIRIT holders get to decide the distribution of emission of $SPIRIT inflation to the pair of their choice. This helps them use the weekly $SPIRIT rewards received from staking to farm that particular pair. This is a good strategy to use however you stand to lose out on quite a lot of profit through impermanent loss.

To get the best out of spirit swap the below steps are recommended:

1. Swap tokens for $SPIRIT on spiritswap

2. Stake $SPIRIT in vault to receive $inSPIRIT

3. You will recieve $SPIRIT rewards every Thursday

4. Swap $SPIRIT rewards for $ginSPIRIT

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5. Stake $ginSPIRIT in Grim Finance to get $xginSPIRIT (Please do not convert SPIRIT to ginSPIRIT on Grim Finance, you will lose a lot of money ~7% so always swap to get equal $value instead of converting)

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The benefit of doing this is that you can get your initial investment in $ginSPIRIT which is liquid unlike $inSPIRIT which is locked for 4 years. It is advisable to periodically take profits so you can recover your initial investment to reduce the risk incase of a price dump.

Below is the graphical representation of steps for your reference:

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YJN58
YJN58

DeFi and Crypto Enthusiast


Humble Farmer Finance
Humble Farmer Finance

Decentralised Finance, Crypto and Economics

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