binSPIRIT
Beefy-wrapped inSPIRIT

What is SPIRIT?

SPIRIT is the native token of SpiritSwap, a decentralized exchange on Fantom. It rewards holders with a share of the platform's revenues and also acts as a governance token. SPIRIT has a fixed supply and decaying emissions model.
Users may stake and lock their SPIRIT tokens on SpiritSwap for a fixed period between 1 week and 4 years, to receive a proportional amount of inSPIRIT. inSPIRIT holders receive three additional benefits: (1) a proportion of the protocol's revenues (which vary week by week, but have been as high as 80% APR); (2) voting rights in the protocol's governance; and (3) up to 2.5x boosted rewards from SpiritSwap farms, depending on the balance of inSPIRIT held by the user.
inSPIRIT is non-transferrable and the amount held by a given user decreases steadily to 0 when the lock is over. Users also cannot liquidate or transfer their locked SPIRIT positions until the end of the time lock.

What is binSPIRIT?

binSPIRIT is the Beefy-wrapped version of inSPIRIT which is staked to accumulate inSPIRIT. Holders of binSPIRIT receive each of the benefits of inSPIRIT detailed above, but without being constrained by the SpiritSwap lock mechanism.
The token is fully backed 1:1 by SPIRIT, though is perpetually locked for inSPIRIT, so cannot be withdrawn back to SPIRIT. However, binSPIRIT is a transferrable ERC-20 token, so can be swapped for other tokens on decentralised exchanges, allowing holders to exit their positions at any time.

How does one get binSPIRIT?

Users can mint binSPIRIT on the binSPIRIT vault page at a 1:1 ratio. If it is more profitable to buy binSPIRIT, then Beefy's Smart Minter will do exactly that, yielding the user more binSPIRIT for their SPIRIT. Users can also get binSPIRIT by buying on a decentralised exchange.
beMINT determines the most profitable strategy

How does binSPIRIT work?

Beefy uses the deposited SPIRIT to accumulate as much inSPIRIT as it can by immediately and perpetually locking all deposits on SpiritSwap for the longest available period. It then puts the accumulated inSPIRIT to use to claim SpiritSwap protocol revenues, boost its SpiritSwap vaults and vote for SpiritSwap incentive emissions.
All protocol revenues are paid out in SPIRIT, which is automatically claimed by Beefy and then returned to the binSPIRIT vault, either by minting more binSPIRIT (if binSPIRIT is over peg) or by purchasing binSPIRIT on a decentralised exchange (if under peg) and then in either case redepositing the binSPIRIT into the vault.
All deposits, withdrawals and harvest rewards from Beefy's boosted SpiritSwap vaults are routed through the binSPIRIT contract, so that they may receive the benefit of its inSPIRIT boost. By keeping all of the accumulated inSPIRIT in one contract, and running all the vaults through that contract, binSPIRIT ensures that each vault receives the maximum available boost. All boosted rewards are retained by the individual Beefy vaults.
The binSPIRIT contract also submits votes on Beefy's behalf for SpiritSwap governance proposals and vault incentive gauges. binSPIRIT holders are empowered to vote on gauges, as described furhter below.
For further details of binSPIRIT's specific functionality and methods, see the description of its main GaugeStaker smart contract.

How can I earn with my binSPIRIT?

Once you're holding binSPIRIT, there are a few available options. You can either:
  1. 1.
    Stake it in the Beefy binSPIRIT vault to earn protocol revenue, which is autocompounded into more binSPIRIT;
  2. 2.
    Deposit it into a binSPIRIT liquidity pool with a decentralised exchange (e.g. SpiritSwap, Solidly) to earn trading fees (and potentially rewards); or
  3. 3.
    Deposit it into the SPIRIT-binSPIRIT LP on SpiritSwap, and stake in the Beefy SPIRIT-binSPIRIT LP vault to earn autocompounded trading fees and rewards.

But what about fees?

Beefy has the lowest yield-optimizing fees on Fantom. It charges its standard 4.5% performance fees on its binSPIRIT and SPIRIT-binSPIRIT LP vaults. No Beefy fees are charged for using Beefy's Smart Minter to convert SPIRIT into binSPIRIT.

How does binSPIRIT keep its peg?

Should a user want to liquidate their position they will be able to trade binSPIRIT on an exchange. By contrast to inSPIRIT, users are never locked in and can exit their position at any time. This also means that binSPIRIT may not always be pegged to SPIRIT, but aims to maintain a loose peg.
If binSPIRIT goes under peg, then the contract will use the claimed SpiritSwap protocol revenues to buy back more binSPIRIT. This increases the size of each binSPIRIT holder's proportional share of deposited SPIRIT, leaving them with more than they would have achieved from locking the same SPIRIT directly on SpiritSwap.
If binSPIRIT goes over peg, then the contract will use protocol revenues to mint more binSPIRIT at at a profit.

Can I vote with binSPIRIT?

Yes, Beefy has set up a dedicated Snapshot page for binSPIRIT voting. Each week, holders can submit weighted votes for any combination of whitelisted pairs from the SpiritSwap vault incentives gauge. Beefy will then gather the results and submit a single vote from the binSPIRIT contract, reflecting the exact proportion of votes from its own binSPIRIT voting page.
Beefy's binSPIRIT voting is also open to bribes by external parties. Please reach out to the Core team on Discord, Telegram or Twitter to find out more.
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On this page
What is SPIRIT?
What is binSPIRIT?
How does one get binSPIRIT?
How does binSPIRIT work?
How can I earn with my binSPIRIT?
But what about fees?
How does binSPIRIT keep its peg?
Can I vote with binSPIRIT?