SpiritSwap Pivitol Changes Phase 1

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:

1. Immediately end all new Spirit/InSpirit emissions.
2. Take a snapshot of all Spirit held both in wallets/locked in for voting and bribing rights on a set date.
3. Use the information from the aforementioned snapshot to denote each wallet with a unique value that will be imprinted on a SpiritSwap Voter NFT.
4. SpiritSwap Voter NFTs are imbued with inherent rarity -- moreover they will carry their unique voting weight and leverage.
5. The weight of the SpiritSwap Voter NFT will correspond directly to the amount of Stable Coin payout that each wallet receives mearly for owning the NFT. This is direct profit sharing from SpiritSwap and works to pay voters more fairly and efficiently while also mitigating risk of liquidity rushes, token price drops, and time-lock crunch.
6. A new SpiritToken will be airdropped to all wallets holding Spirit/Locked InSpirit at a 1/1000 ratio. This will be a fixed supply, allowing for any and all buybacks to be highly impactful.
7. A 10% sales tax on all SpiritSwap Voter NFTs will be used to further promote buybacks of the new SpiritToken.
8. Bribes will work based off of the unique value assigned to the wallet's SpiritSwap Voter NFT.

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 suspend all 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.

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. The POWER team will use the remaining 10-35% of fees mentioned above to fund a 'Project Bounty' reward system. Any user, community member, or project owner that can bring SpiritSwap a project or team to be whitelisted on the dex will receive $500 USDC for doing so if the listed pair is made with a stable coin, and $1000 if the listed pair is made with FTM. (FTM is picked here to not only boost FTM volume and thus benefit the whole network, but because fees using FTM are higher, thus earning more revenue share for URP and SpiritSwap Voter NFT holders.)

2. 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.

3. 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 team 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.