Hello, Spintop Community!
As we are coming closer to launching Farming & Staking modules, we wanted to share with you information about Spintop’s GameFi liquidity solution: Spindex, its purpose, and why we added it to our platform.
Spindex is made of three different products, Farming & Staking pools, a gaming exclusive AMM, and the Spindex Wallet. While these products can be conventionally used as it is, we had something different in mind, something bigger for blockchain gaming.
We had two things in mind while positioning the Spindex in the platform, to make the blockchain gaming seamlessly interchangeable and the users gaining yield while not using their gaming tokens. To achieve this, Spindex will launch in 4 phases.
Phase 1: Farming & Staking pools
This upcoming week Farming & Staking pools will be launched. Initially, our farm will reward SPIN/BNB pair to increase our liquidity to achieve better trade conditions. SPIN staking pools will reward SPIN by simply staking SPINs.
If you take a look at the SPIN tokenomics, the largest allocation belongs to Staking & Liquidity Farming by 39%. 6.5M SPIN will be distributed per month over our pools. We strongly advise our community to take the opportunity to increase your SPINs.
Please note that our Dex is currently not live. At the moment, only single staking and staking the LP tokens would be possible through Spindex. The LP tokens may be created using any decentralized exchange such as Pancakeswap, Apeswap, Bakeryswap, etc.
Once our Dex is live (planned for Q1 2022), users will be able to create their liquidity via Spindex instead of other decentralized exchanges.
Phase 2: Partnership pools
For the purpose of this section, “GameX token” is meant to be the partnered project’s native token.
By the end of this month we will be offering two types of services:
Defi as a service:
Our partners may use Spindex for offering to their investors a single staking pool. The single staking pools will allow to stake GameX tokens and earn GameX tokens.
Our partners may as well use Spindex for offering yield farming to their investors. Our partners are free to choose any pair they want such as GameX-BNB, GameX-BUSD or any other combination with GameX token. Users will have to create their liquidity on decentralized exchanges and then stake the LP tokens in our platform to earn GameX tokens. The GameX tokens rewards should be provided to us by our partners.
Our partners are free to choose the amount of reward for deciding the APR of the respective staking and farming pools.
Defi with SPIN tokens:
Our aim is to create an ecosystem for users where they will be able to exchange gaming tokens of our partners with SPIN tokens. To achieve this objective, we are offering farming pools where you can pair GameX tokens with SPIN tokens. You can request to have your GameX-SPIN LP tokens to be staked on our platform. In that scenario, users will stake the GameX-SPIN LP tokens to earn SPIN tokens.
In return, we would like to create single SPIN token staking pools where users can earn GameX tokens. In that scenario, we would reward GameX tokens to SPIN stakers. The rewards tokens should be provided to us by our partners.
To summarize the Defi with SPIN tokens, there will be a win-win scenario with at least two pools; the first is a farming pool where users can stake the GameX-SPIN LP tokens to earn SPIN tokens and the second is a single staking pool where users can stake SPIN tokens to earn GameX tokens.
The amount of reward for these staking and farming pools may be decided together with our partners. In the ideal scenario, the amount of SPIN token reward given for the LP stakers should have an equal value with the amount of GameX token rewards given for the SPIN stakers.
Phase 3: The Exchange
We plan to launch the Spindex Decentralised Exchange in 2022 Q1. By that time Cake-LPs will be migrated into Spin-LPs except for the main SPIN/BNB Cake-LP.
The Spindex Exchange offers several features including:
Swapping/Trading: Users will be able to swap and trade their gaming tokens through liquidity pools and without a centralized exchange.
When swapping tokens on Spindex, users will pay a 0.3% trading fee to be allocated as follows :
0.18% distributed as a reward to liquidity providers.
0.04% sent to the Spindex treasury.
0.08% burned.
Liquidity Pools:
Users will be able to provide liquidity through Spindex. The LP tokens they receive can then be used for yield farming. The liquidity provided by the Spindex users will enable a seamless swapping experience between the different blockchain gaming/NFT tokens.
Phase 4: The Spindex Wallet
With Spindex’s liquidity provided, Spintop’s vision is set to develop our main goal: An In-Game Exchange Wallet. The wallet with SPIN Token will allow players to purchase the desired game’s token. Players will play their chosen game directly with SPIN Token instead of using the chosen game’s token. If the token has a liquidity pool in Spindex, the conversion will automatically happen in the Spintop wallet.
Our goal is to launch the Spindex Wallet by the end of 2022. With the wallet launched, Spindex will be complete and ready for a seamless blockchain gaming experience.
Stay tuned for more and ready your SPINs for staking!
