SpiritSwap Phase 1 Changes (Updated)

SpiritSwap Changes For Phase 1

The below changes are slated to take place throughout the remainder of 2023, finishing on or before December 31st of the same year.

Addressing All SpiritSwap tokens:

The beliefs held by the POWER team are those formed and guided through years of crypto management experience, as well as decades of combined experience of real-world business management, administration, and ownership. That being said, the reality cannot be denied -- the POWER teams finds that the Spirit/InSpirit model is inherently designed in a ponzi-lite model, and works to devalue the token(s) regardless of the success and volume that SpiritSwap experiences. This is evidenced in the fact that MILLIONS of $USDC worth of value has been poured into buybacks of the Spirit token over the last two years to little or no avail of the average SpiritSwap voter or holder. The POWER team aims to, with the vote of DAO holders, institute a system that is more streamlined, accessible, and above all, more profitable long-term for the voting members of the DAO.

The outlined points briefly cover the designs that the POWER team wishes to implement with a successful vote:

The Spirit Token Moving Forward:

Immediately end all new Spirit/InSpirit emissions.

It is strongly believed by POWER that the Spirit token is heavily important to SpiritSwap as an exchange, and as a sign of good confidence to all SpiritSwap investors. Stopping all emissions allows for the Spirit tokens value to rise over time as the POWER team initiates buybacks and burns of the token, thus always increasing scarcity.

Keeping the existing token alive is imperative as it is not only a sign of strength and survival, but also saves massive amounts of time and confusion with having to make new LPs, contact market makers, and centralized exchanges if Spirit were to launch a new token.

The POWER teams is firmly resolved in the belief that these changes to the voting system will work to boost clarity amongst active voting members, Dex profit distribution, and boost ease of accessibility for DAO members both new and old.

Addressing Fee Distribution:

Currently, 50-75% of all fee generation is returned to voting holders of SpiritSwap through the locking of Spirit for Inspirit, and the cyclical environment encapsulated by that design. The POWER team is asking the voting members of the DAO to reduce fee allocation to this use case for the time being of Phase 1. POWER is looking to redirect funds for a purpose that will be addressed below in-depth found in the Addressing User Growth Section of the Phase 1 proposal.

inSPIRIT holders will receive 10% (25% before) of the vAMM fees and VOTERS will receive 20% (50% before) and then 45% will go to the TREASURY (0% before) that will be used for SpiritSwap expenses (such as server fees), buybacks/burn, and for the User Reward Program.

Addressing User Growth: User Growth and user retention are the single-most important pieces of ensuring that SpiritSwap not only stays competitive, but so that it may become the most trafficked exchange on the network. POWER has devised a multi-layered strategy to bring new traders and new projects to SpiritSwap, all while providing both parties with more value than ever before. The team is hopeful that the voters of the DAO will be in favor of the plans that could lie ahead and lead to excellent success.

The strategy for boosting user growth an user retention is outlined below:

1. POWER will implement a User Reward Program (URP) for all wallets that swap on SpiritSwap. User 'accounts' are created the moment the first swap is completed. a points system for swapping, staking, and participating in the DEX will earn users 'SpiritPoints' that demark their wallet for bi-weekly airdrops of STABLE COIN. SpiritSwap will be the first ever DEX to offer user reward incentives in the way of airdropped stable coins as a direct share of each users own engagement with the exchange.
2. a 40% portion of the aforementioned 50-75% of fees allocated to the Spirit/InSpirit will be allocated to the URP. The remaining 10-35% will be explained in the Addressing Project Attraction section below.
3. POWER Believes that a simplistic motto of 'Get Paid to Trade at SpiritSwap' will work to quickly grow and maintain an active userbase, and thus attract more projects to list first and only on SpiritSwap, working to snowball the cycle time and time again to great success of DEX volume growth and fee generation.

The POWER team wishes to express to the voting members of the DAO that a strong grown in users means a strong growth in volume, and a strong growth in volume means a strong growth in fees, and a strong growth in fees means a strong growth in SpiritSwap Voter NFT revenue share.

Addressing Project Attraction:

An incredibly important part of building user growth and excitement about an exchange is the list of tradeable tokens and projects on that exchange. POWER has built a robust plan for bringing new and existing projects to SpiritSwap rapidly and effectively, all-the-while creating new avenues for SpiritSwap users to 'get in early' on projects they would have otherwise missed out on, or not heard of in time.

The below points outline the plan for handling how projects will be attracted to SpiritSwap to list on the platform:

1. SpiritSwap will have locations on its homepage, swap page, and staking page that allow for projects both new and old to showcase their tokens, white-list events, or pre-sale offerings to SpiritSwaps diverse and interested users and DAO members. This system not only allows for valuable information to be shared with traders, but also works as a strategy for projects to get never-before-seen publicity to showcase their tokens, ideas, and community.
2. SpiritSwap will offer the spaces mentioned above to projects for free for limited time to incentivize listing on the SpiritSwap platform. After this initial free offering, the spaces mentioned will be offered at variable cost, creating yet another revenue stream for SpiritSwap Voting NFT holders.

Concluding Phase 1

The POWER team is incredibly dedicated to the proposed changes listed above. It is with a heavy heart that the team has taken the reins to keep SpiritSwap alive, but it is the strong belief of the tea that these changes will be the beginning not only of a return to survival for SpiritSwap, but an entirely new era of new and unexplored opportunities not seen in the DEX sector of DeFi. The POWER team encourages the voting members of the DAO to take a leap of faith together, to shed off the old model that has, in part, lead to where SpiritSwap is today, and to let the business-seasoned team at POWER turn SpiritSwap not only into the most successful PROJECT on Fantom, but the most successful and profitable BUSINESS on Fantom.

The team thanks you for your time and consideration on the SpiritSwap Phase 1 vote.