Monday, January 24, 2022

Spiral Finance - A New Step in Yield Farming Bringing a True WE(3,3)

Spiral Finance


Description: What will happen if we combine Yearn, OHM and Convex into one thing? Spiral is a multi-chain protocol to unite all DeFi protocols under one structure and all yield farming under one UI by means of using a novel model for yield optimisation, using DAO mechanics to create a surplus value empowering the whole ecosystem.

Spiral works in the following way: you deposit liquidity tokens of one of the corresponding protocols and then part of the rewards for staking is being compounded. Most of the rewards go into the Spiral DAO treasury. In exchange, the user gets Spiral tokens that temporary support Olympus DAO mechanics, reworked in a way to benefit everyone without its original flaws.

Advantages of Spiral

For ecosystem:
Instead of selling yield rewards to the market and increasing selling pressure and, thus, damaging the corresponding protocol and destroying the community in general, we accumulate important ecosystem tokens. Although earlier, yield optimizers sold rewards for compounding, Spiral, in contrast, collects most of the rewards to the treasury this way decreasing its outflow to the open market, attracting new users to governance and boosting the development of the whole network in general.

For farmers:
Significantly higher yield, as protocol, generates additional value on top of yield from collateral protocols. Spiral gives additional value to the corresponding protocols and, as a result, we expect them to incentivise SPR with additional yield. SPR will be backed by a multi-asset portfolio.

For DeFi enthusiasts:
Spiral tokens will have meta-governance functions due to the control of a significant part of the emission of the most important protocols. We expect it to work as a governance power aggregator.

For tech:
New yield farming architecture that supports a lot of existing features out of the box. One example is the support of the veCRV mechanics. As a result instead of a closed zero-sum system with (-3, +2) become a system of WE(+3,+3) where every participator wins.


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