Earn Up to 900% APR with with SpiritSwap by Defi Dad
I’m writing this shortly after a 54% drawdown in BTC today, the largest drawdown ever in a crypto bull market! During the blood bath, Ethereum gas prices jumped to 1800 Gwei, which is about 18X the price on a “normal day” in DeFi where gas averages about 100 Gwei.
In light of all this, I thought I’d keep it simple and introduce a familiar DeFi product but on another sidechain of Ethereum, growing in popularity with blue chip DeFi teams like Curve already deploying liquidity pools on it. Fantom is an EVM-compatible chain, meaning developers can build the same way that they would do on Ethereum, and benefit from the same tools and applications, like an automated market maker (AMM) design or using MetaMask as a wallet.
SpiritSwap is a newer AMM forked from the Uniswap v2 code, but launched on the Fantom blockchain where you’ll find you can transact in seconds for pennies per transaction. It does not offer the same security and decentralization as Ethereum, but if you’re already familiar with DeFi on Polygon, this is similar in nature. I don’t risk all of my portfolio on Fantom or SpiritSwap but I’m willing to experiment and try new apps that provide enough reward to justify the risk.
SpiritSwap currently boasts about $72M in liquidity and just had a record day of $87M in trade volume! In AMMs, the more volume, the more fees you earn as an LP. While today is a blood bath in the crypto markets, LPs are benefiting from the increased trade volume.
How to Earn Up to 900% APR with SpiritSwap
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