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SpicySwap Launches On Tezos Mainnet October 10th And Brings A New Set Of DEX Tools For Tezos DeFi
SpicySwap will bring some new features including: Flash swaps/ loans, platform revenue share, a new Wrapped XTZ, impermanent loss countermeasures, Token to token swap (FA1.1, FA1.2, FA2.0) and token pair creation.
By: Lee Evans
8 October 2021
The SpicySwap Launch
SpicySwap is a Decentralized Exchange (DEX) that is set to launch on Tezos Sunday the 10th of October.
SpicySwap will bring some exciting new features to its platform including:
– Flash swaps/ loans
– Platform revenue share through SPI tokens
– A new Wrapped XTZ
– Impermanent Loss (IL) countermeasures
– Token to token swap (FA1.1, FA1.2, FA2.0).
This means that you can swap straight from one token to another without the need to convert to XTZ first.
So, CRUNCH for KALAM for example. On both Quipuswap and Vortex you can swap tokens, but on the backend you actually make two transactions instead of one. So, CRUNCH for XTZ and then XTZ for KALAM. This ability might sound minor, but it’s actually an important improvement.
– The ability to keep your Tezos staking rewards, while participating in DeFi
Furthermore, it’s important to mention that SpicySwap is audited by a third party before they launched. And as we’re used to from Quipuswap and Vortex, anyone can set up a token pair and start a liquidity pool, adding tokens is as simple as on Quipuswap and Vortex.
Also, a familiar feature is the fact that you can add liquidity to trading pairs and earn a percentage of the trading fees. (Make sure you understand the risks and do thorough research on this topic first).
A remarkable difference is the fact that SpicySwap does not support XTZ, instead you’ll need wrapped XTZ (WTZ).
The mission for Wrapped Tez (WTZ) is to provide a straightforward solution for baking your Tezos while participating in DeFi. WTZ aims to be a low-code, self-custodial, no-fee token that just works. There are no extras, no bridges and no partnerships.
The concept is pretty simple. People that mint WTZ, will deposit XTZ into the WTZ smart contract. That XTZ will be staked and earn staking rewards. Because of this, the XTZ pool increases.
That increase will then be returned to the WTZ holder that burns his or her WTZ for a more favorable exchange ratio.
The exchange ratio at point zero, is 1:1. After one year that is 1:1.06. So that is 1 + 6%, since the yearly staking rewards are ~6%. This means that you’d have gotten 1 WTZ for 1XTZ at point zero, and get 1.06 XTZ back if you burn your WTZ a year later.
This is a continuing process. So the exchange ratio continues to go up. In two years it will be 1:1.12. That rate goes for everyone.
So, if you mint WTZ a year after point zero, the exchange rate will be 1.06 XTZ for 1 WTZ. Burning WTZ a year later will give you 1.12 XTZ for 1 WTZ. The number will be slightly higher due to the compound interest factor.
This way anyone can mint and burn WTZ at any time and get the same value for their WTZ, while the stakingrewards are distributed correctly through this simple method.
This also means that the value of WTZ will increase by ~6% every year. It will be interesting to see how the market will hold that value. It might fluctuate and grow more steady while the market matures. It is something to be aware of though.
There are no minting fees for minting WTZ. There is a 0.1% burn fee though. But if you hold a couple of cycles, you’ll have earned that back from the staking rewards.
“This fee is just to help prevent bad actors and also to fund ongoing maintenance of WTZ.”
While sDAO will be the governance token of SpicySwap, there will be another important token in the SpicySwap system. This token is called Spice (SPI).
This token will be used to farm fees from any token pair on SpicySwap. There will be a 0.3% fee for each trade. From this 0.3%, 0.2% goes to LP holders, and 0.1% goes to $SPI farmers.
Each liquidity pool on SpicySwap will have a separate Spice Farm. The 0.1% fee that is paid in that specific trading pair, is split evenly between all participants in the pool’s Spice Farm.
To start Spice Farming, users will need to obtain $SPI/WTZ LP tokens on SpicySwap. $SPI/WTZ LP tokens are used as the staking currency for every Spice Farm.
Once the $SPI/WTZ is obtained, it can be staked on the Farm tab of the SpicySwap interface. In the Farm tab, users can choose any arbitrary pair to stake $SPI/WTZ LP in.
Staked Balance and Unclaimed Rewards will be displayed if $SPI/WTZ has already been staked.
Rewards are paid out in LP shares of the pool that is being farmed. For example, if a user wants to claim rewards in the $sDAO/WTZ Spice Farm, they will be paid out in $sDAO/WTZ LP tokens.
There has also been an infographic created for the upcoming DEX here:
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