SpiritSwap is a decentralised exchange (DEX) that leverages the speed and low cost of the Fantom network. A number of useful features make this project unique and one of the most popular in the Fantom ecosystem. This guide will explore how to buy SPIRIT and what its benefits are.
You can purchase SpiritSwap online using a cryptocurrency exchange. This is the easiest way to buy and sell cryptocurrencies—all you need is a computer or mobile device. See below for our top picks of platforms that offer SpiritSwap and simple steps to buy SpiritSwap.
A Web 3.0-compatible wallet such as MetaMask will be set to Ethereum by default, so once you have set up your wallet, you will need to enable the Fantom network. Do this by clicking on the network at the top and selecting “Add Network”. Then you will be taken to a page where you can fill in the network details, which you can find here.
Sign up with a broker or exchange that offers FTM, make a deposit with one of the accepted payment methods, and create a buy order for FTM. You will need FTM first if you want to buy SPIRIT. Make sure to choose a regulated and reputable platform to purchase your FTM, such as our top recommended platforms are below.
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Send your FTM to your wallet by heading to the withdrawal page on your platform and pasting in your wallet address. Now go to Zapper and connect your wallet. Choose the “Exchange” tab on Zapper and set the “From” currency as FTM and the “To” currency as SPIRIT, after which you can make your swap.
You will need to purchase some FTM before you can swap it for SPIRIT. Not all crypto platforms offer FTM and you will want to choose a platform that is secure and has competitive fees. To save you trawling through all the platforms, we’ve already shortlisted the top platforms for buying FTM below.
It is always important to do your own research before making an investment. If you’re not sure where to start, here are some things about SpiritSwap that could affect its value.
Efficient Swaps. Although there are already a number of popular DEXs on Ethereum, the lack of scalability on Ethereum means that using these DEXs can be slow and expensive. SpiritSwap, however, leverages the more efficient Fantom network to facilitate fast and simple token swaps with low gas fees.
Cross-Chain Compatibility. SpiritSwap has a number of features that make it more than just a DEX. Its bridge means assets can be transferred over from other blockchains. There is also a Zap feature for instantly acquiring LP tokens, farms for earning yield on them, lending services, bonds, and Ape Mode for simplified leverage trading.
Token Benefits. There is a maximum supply of 1 billion SPIRIT, most of which will be distributed to SpiritSwap users as economic incentives. SPIRIT can be locked to obtain inSPIRIT, the protocol’s governance token that also entitles holders to higher farming rewards and swap fees. The demand for SPIRIT this creates, combined with the finite supply, could make SPIRIT more valuable as the project grows.
Want to find more hidden gems in the Fantom ecosystem? Check out our top 5 Fantom projects to invest in!