About Spin
Spin is a DeFi derivative infrastructure built on NEAR Protocol, a reliable and scalable L1 solution. The on-chain order book solution offered by Spin provides a CEX-competitive experience to DeFi users. Founded in June 2021, It was the first product to offer on-chain order book solution on NEAR Protocol. The advantages of the order book model include better user experience compared to AMM, flexible liquidity, easy access for institutional traders, secure and transparent on-chain verification, opportunity to price different types of instruments, and trading robots interoperability.
The order book based infrastructure unlocks the opportunity to change various types of assets with different levels of complexity in the DeFi space including but not limited to perpetual & quarterly futures, power perpetuals, floor perpetuals, options, exotic options, everlasting options, options vaults, basis trading, fixed yield, structured products, and RFQ.
Quick Fact About Spin
| Coin Basic | Information |
|---|---|
| DEFI Coin Name | Spin |
| Minimum Order volume | $1000 |
| Market Cap | $700K+ |
| Token symbol | SPIN |
| Source Code | Click Here To View Source Code |
| Explorers | Click Here To Visit |
| Twitter Group | Click Here To Visit Telegram Group |
| Documentation | Click Here To View |
| Official Project Website | Click Here To Visit Project Website |
Start your trading journey on Spin
New level of DEX trading
No counterparty risks: connect your NEAR wallet to Spin, make a deposit and start trading
Easy trading history tracking
Analyze the trading data easily by switching between open orders, order history, and trading history tabs
Multiple order types
Use the full range of order types to implement your trading strategy
On-chain order book
Enjoy deep liquidity with minimum price slippage and accurate pricing
Handy UX/UI
Customize the charts and see open orders levels right in the terminal
Extremely low trading fees
Choose between a wide range of markets with low taker fees and 50% maker rebates
Mission
Spin aims at providing the NEAR Protocol users and projects with a comprehensive infrastructure for building and trading on-chain spot assets and derivatives, and ensuring a CEX-competitive user experience. Thus, mission is the extension of DeFi services offered on NEAR Protocol and other blockchains as well as the attraction and onboarding of the CeFi audience to on-chain trading and investments.
Core Know-Hows of the Spin DEX
Central Limit Order Book model
They uses a single asset pool, the liquidity of which is sent for market making to the order book. Thus, traders will always have enough liquidity for comfortable trading, and investors can profit from the sophisticated market-making mechanism developed by the team.
Spot trading
The current version of the Spin spot DEX on NEAR is the first order book implementation that supports on-chain order matching and NEAR wallet connection. Currently, the Spin spot DEX is already live on mainnet: https://trade.spin.fi. Spin also provides users with an opportunity to make instant token swaps at the market price in a single click. Spin boasts lower fees compared to AMMs.
On Spin, for example, on the NEAR/USDC market takers pay 0.1% where 0.05% goes to makers and another 0.05% – to the treasury fund. As for USN/USDC, the taker fee is 0.04% and the maker’s rebate is -0.02%. At the same time, NEAR Protocol’s largest AMM Ref Finance charges 0.3% from swappers.
Perpetuals
Spin offers a decentralized way to trade perpetual futures contracts meaning that traders have no need to rely on centralized exchanges and trust their funds to a single entity. Instead, funds are stored on users’ wallets e.g. NEAR wallet. Spin’s perpetuals will support leveraged trading, cash settlements, and multi-collateral features.
Options
The goal of in terms of options trading is to provide a decentralized platform for their operation and to ensure a convenient and easy-to-use foundational block for well-versed, expert traders and as well as novel traders. Spin will support partial collaterization for options.
Spin’s Perpetuals
Being on a mission to offer NEAR Protocol’s users a CEX-competitive trading experience, the Spin is pleased to announce new trading tool – Perpetual Futures. The first perps contract – NEAR-Perp is already waiting for your first trade on the testnet!
SPIN use cases
Governance
SPIN token stakers can take an active part in the development of the project by voting, as well as making proposals for implementation. Similar to existing projects using this solution, such as MakerDAO, Compound etc. Governing elements can be voted on: the use of the insurance fund, the distribution of trading commissions etc. All incentivization and token sale programs e.g. staking, trading rewards, liquidity staking rewards, IDO, etc. will be subject to governance voting.
SPIN utility
- The stakers get fee discounts on the platform
- The stakers are allowed to trade with a larger leverage
- The stakers can take part in the incentivization program. If users want to withdraw funds from staking, 14-day vesting is applicable.
Synthetic collateral
SPIN token holders will be able to use their token balance for trading as collateral. At the beginning of the period, only over-collateralized security will be allowed to guarantee invulnerability to the market manipulations and protection of user funds.
