Space Summary
The Twitter Space SilverSwap x Lynx Exclusive hosted by SilverSwapDex. Dive into the world of DeFi with SilverSwap x Lynx Exclusive, a versatile DEX & DeFi suite on the Fantom blockchain. Learn about decentralized exchanges, yield farming opportunities, and innovative DeFi solutions within the platform. Discover strategies for optimizing DeFi investments, the importance of staying informed about trends, and the emphasis on security and transparency. Participate in DeFi to earn rewards, engage in governance, and explore the evolving landscape of decentralized finance.
For more spaces, visit the DeFi page.
Questions
Q: What makes SilverSwap x Lynx unique in the DeFi space?
A: The platform offers a versatile DEX & DeFi suite on the Fantom blockchain, emphasizing security and transparency.
Q: How can users benefit from engaging with decentralized exchanges (DEX)?
A: DEX platforms provide users with direct control over their funds, enhanced privacy, and often lower fees compared to centralized exchanges.
Q: What are some key considerations for users before participating in yield farming?
A: Users should research the risks involved, understand impermanent loss, and choose reputable platforms for yield farming activities.
Q: Why is it important for users to stay updated on DeFi trends and tools?
A: Staying informed helps users optimize their DeFi investments, adapt to market changes, and explore new opportunities in the rapidly evolving DeFi landscape.
Highlights
Time: 00:15:20
Introduction to SilverSwap x Lynx DEX & DeFi Suite Exploring the key features and benefits of the versatile platform on the Fantom blockchain.
Time: 00:25:40
Decentralized Exchanges (DEX) in the DeFi Ecosystem Understanding the role of DEX in providing liquidity, facilitating trading, and promoting decentralization.
Time: 00:35:15
Yield Farming Strategies and Tools Discussing how users can optimize yield farming activities for passive income generation and maximizing rewards.
Key Takeaways
- SilverSwap and Lynx offer a cutting-edge DEX & DeFi suite on Fantom blockchain.
- Users can access a variety of DeFi opportunities and strategies through the platform.
- Decentralized exchanges (DEX) play a crucial role in the DeFi ecosystem.
- Yield farming tools provide users with avenues for passive income generation.
- Innovative DeFi solutions are continuously evolving within the Fantom ecosystem.
- Security and transparency are prioritized in the SilverSwap x Lynx platform.
- Participating in DeFi opens opportunities for users to earn rewards and participate in governance.
- Understanding impermanent loss is essential for users engaging in liquidity provision.
- DEX platforms like SilverSwap contribute to the growth and adoption of DeFi.
- Exploring different DeFi strategies and tools can optimize investment performance in the DeFi space.
Behind the Mic
Initial Greetings
I can hear you. Hear me? Sweet. I can hear you, mascot. Unmute yourself. Hey, guys. Hey, mascot. How's it going? Doing good. How are you doing? Well, we're getting there. Trudging through this, Trudging through this market. Yeah, aren't we all? It's just one of those cycles, you know? Mm. You got that right. That's why it's nice to have these ama's to look forward to, where we have some sweet new tech and some hopium for all of our listeners here. Yeah, right. Give me 1 second on my side. I'm going to try to mess around with my settings over here. You're all good? I'm all set from my side. Maybe we wait another minute, see who else is joining us today, and then let's kick things off.
Discussion on Current Affairs
Yeah, let's do it. I know it's still pretty early here in the US, so we'll go over some exciting stuff and talk about what's new. How have you been doing? You been doing well? He's gone. Oh, yeah. Gotta love that x spaces. I can't say I've ever done a Twitter space where there hasn't been some sort of technical issue, no matter how early I joined. Did you hear about Trump and Elon Musk doing a Twitter spaces? No, but that sounds highly entertaining on. I think it was Monday and the spaces, like, crashed, and Elon was like, yeah, we're getting ddoS. So they crashed the website. I'm thinking, man, I see spaces crash with 30 people in them. That is definitely not you getting ddoS. 100% not.
Tech Issues and High-Profile Events
But, man, that's a high level Twitter space right there. That sounds like a really enjoyable one to watch. Like, 860 or 900,000 people in it. I'd expect even more, actually. But that's not good. Good rep. Yeah, but, yeah, I couldn't believe it. I was like, that is definitely not a DDos attack. You're kidding me. That's a bunch of B's. A lot of baloney right there. Yeah, for real. So. Well, shall we kicked off? Yeah, let's do it. Awesome. So aren't you? Since most people are probably from the silver swap community, they kind of know who we are.
Introduction to Lynx and Collaboration
Why don't you go ahead and talk a little bit about what you do at Lynx and what links is and see where we go from there? I don't think. I don't think this will be like an hour long ama. Anyway, we'll just kind of COVID the points and get the information out. If anyone has any questions. And go from there? No, that's perfect. Just covering what this collaboration is all about.
Role and Function of Lynx
So, I'm the BD manager at Lynx. I handle partnerships, and I work with people like yourselves to bring them on board to the perp Dex and basically bring that utility to then all of your. Your end users. So Lynx is a perpetual exchange, but what makes Linx, I'd say the most unique is that we enable any token to be used as collateral. So, in the context of spirit swap here, we've created this use case for spirit, where spirit holders can now trade perps using their spirit holdings. They can get exposure to bitcoin, ethereum, any of our other listed instruments using, and without ever selling their spirit holdings.
Benefits of Trading with Lynx
And the best part about it is that any price volatility in the spirit token doesn't even affect their position. This is a bit of a technical component, which I guess we'll explain in a short bit. But you can trade on spirit swap using your spirit as collateral with no worries of liquidation should the price of spirit move at all. So we bring this new utility to spirit holders, and we want everyone to be able to get their desired exposure while still supporting the spirit token and the spirit swap project.
Requirements for Trading
Yeah, awesome. So what do the. What are the requirements look like for being able to. If you have spirit token and you want to trade on links, what are the requirements? What are the region restrictions? What are the. Is there any margin requirements? How much do you need to deposit? In terms of, you know, value, what does all that look like? Yeah, so currently, the. The perp Dex, the spirit swap perp dex is accessible to all users from around the world except the US. As unfortunately, we all know, the shifting regulatory climate is a little tricky.
User Accessibility and Trading Mechanics
So for now, the perpetuals and leverage trading is off limits to users. But hopefully that changes in the future if you are a spirit holder anywhere else. How to use links? Super simple. You know, your first step is going to be coming to the. To the spirit swap perp dex platform. You're going to deposit your spirit into your lynx trading account. Once you have your funds in your account, you're ready to interact with Lynx gas free.
Zero Gas Costs for Users
This is why we use these trading accounts, and it basically enables us to abstract away the gas costs for all of our users. And therefore you can trade, provide liquidity, withdraw liquidity, whatever you want to do. No gas costs. You only pay gas when you first fund your Lynx account. As far as trading goes, we try to make the minimum very small. Like, the minimum position size is very small. So that it's accessible to everybody.
Position Size and Trading Entry
I believe right now the minimum is in token, it's in measured in spirit token units, and I believe it's like 60,000 or something. But let me, but don't quote me on that because I don't have the number off the top of my head. I'll double check now and I'll tell you, let's see, 68,250 spirit token units is the minimum position size. So that means if you're trading and you're using 100 x leverage, you could use as small as 68.25 spirit tokens as your collateral, and you can open a position.
Trading Fees Structure
So really low barrier to entry if you want to trade on the perp Dex and you have up to 100 x leverage you can use. That's awesome. And what does the fee structure look like? So when you open a position, there's a .09% trading fee that's super competitive relative to all the other perp dexs out there, both centralized and not. This trading fee gets a portion of it going back to the, you know, to spirit swap to help fund good initiatives like the trading competition.
Liquidity Providers and Spirit Trading
Another portion is going to the liquidity providers. So if you don't feel comfortable trading using your spirit, you can provide your spirit into the spirit liquidity pool on the perp Dex, and you can absorb the performance of traders and you can absorb their trading fees as compensation. So another angle that the perp Dex offers spirit holders.
Insights on Perpetuals
Yeah. So I think if people here aren't familiar with perpetuals, it's kind of this new dynamic within the DeFi space that aims to replicate traditional futures trading, but on chain, and it offers users a way to get leveraged exposure to two different instruments, ranging from crypto to forex and commodities, which is super cool. Love that I can use my crypto assets like spirit, which I want to keep holding. I'm bullish on it, but I want to also get exposure to BTC or other things. So. Love that I can do that.
Competitors in the Space
But unfortunately, other competitors, other perp Dexs on chain, typically restrict your collateral to, you know, stable coins like USDC, like major stable coins like USDC, USDT, or, you know, blue chip assets. Like maybe you can use bitcoin or ETH as collateral to trade, you know, go long or short on bitcoin or east. But Lynx, we try to open things up. We are designed to support any token as collateral, so we drive value to all of the, you know, all of the mid and long tail assets of the space as well, so that their token holders can trade perps and not have to sell the token of the project they believe in, just because they want to take advantage of some short term price movement in an asset like bitcoin that they believe could be profitable.
The Uniswap of the Perpetual Space
So we kind of view ourselves, you can think of it as, like, the uniswap of the perp space, right? In the same way that anyone could. When Uniswap introduced the uni v two pool concept to the ecosystem, people understood that it was this permissionless way to create a pool and basically allow for spot trading of their native assets. So Lynx has a similar arching theme where anyone can create a pool on links, and now, instead of enabling spot trading for their native assets, they can enable perpetuals trading using their native asset. So that is the. That is the kind of the mission here.
Working with Projects
And we're happy to work. Very excited to work with projects like yourselves, both spirit swap, both silver swap, so that we can keep building out this vision. Awesome. So tell us, how about if someone wants to provide liquidity to the amount of deposited spirit that we've deposited so that traders can use their leverage and everything as they like? What are the benefits for people that want to add to that existing spirit supply?
Role of Liquidity Providers
So if, like I said, if you don't want to trade using your spirit and you prefer to be an LP, that's totally okay. What it means is you're serving as the counterparty to traders. So with your liquidity, you're enabling other traders to come to Lynx or to the. Rather to the spirit swap perp dex, powered by lynx and open trades using their spirit. And when those traders win, they take their spirit earnings from the spirit liquidity pool. But likewise, if those spirit traders lose, their collateral and losses are going to the pool and paying out the liquidity providers.
Understanding Risks and Rewards
So it's important to mention here that being a liquidity provider is not a no risk proposition. You are acting as the counterparty for traders, and therefore traders are very successful. You can lose. But likewise, if traders are losing, you can profit. And because of this structure and because of this risk, lts also absorb the trading fees that traders produce as an added incentive to compensate them for taking on this risk. So we see that in general, in the space, LP's typically do pretty good, right?
The Challenge of Trading Competitions
You have protocols like GMX and Synthetix and other perp Dexs that have amassed these large tvls because, frankly, oftentimes traders are losing. But I suppose that's why we have trading competitions to see who truly are the best traders and whose I. Who's made of tougher stuff and who are the winners amongst us. That's great. I guess that kind of answers Jack Shepherd's question here in the comments of how does links offer 140% APR on single sided staking for spirit? I think you just answered perfectly.
Performance and Profitability Insights
Yeah. So it is. It's important to say that number in the pool, it's based off of, you know, the last seven days of trading. So that number can fluctuate as trader performance varies as well. But, you know, an easy, very easy, like, thumb test, an indicator of if the pool is profitable or not. You know, you can look at the exchange rate. If it's above one, it means the pool has been profiting over since its inception. And if it's below one, you know, the inverse. But that's like a super, you know, quick and easy thumb test.
Discussion Overview
And I would go based off aprs before that. Yeah. Awesome. All right, let's open the floor up for questions. I feel like that covers everything. This is a short AMA. That's cool of me. I mean, you are just covering all the bases pretty. I mean, pretty succinctly. Us at the silver swap team, we already feel pretty comfortable with lynx because, you know, we've been working with you guys on the back end for a while, so.
Long-standing Collaboration
Yeah, I know. We've been. We've been in touch for a long time. Yeah. And we're super excited to support Silverswap as well. I think it's. This is a great opportunity to, you know, test the. Test the wheels here on spirit swap. And as silver swap rolls out, too, it's going to be a double whammy, hopefully. I don't know what's public, what's not, but if there is a future token could be very interesting. Who knows? Not for me to say.
Future Plans
We plan to have AG supported with links as close to day one as possible, so really excited for that. Awesome. And maybe also before or while opening it up for any questions from the floor, we can mention the trading competition that's live right now. Any user who wants to participate can. All you need to do is hold spirit, use it as your collateral for your trades. If you're one of the top 15 traders, you're winning a prize. And all the prizes are listed on the UI so very exciting.
Engagement and Competition
I know there's some open slots right now. All a user needs to do is open a trade and you could potentially slot into one of those open price slots right off the bat. So great way to test your skills as a trader and prove your worth. Earn a little bonus on top of any profits you bring home. Awesome.
Closing Thoughts
All righty, any questions here before we close out, feel free to request to speak. Type of, type in the comments. Give you about 20, 30 seconds here. If we don't see anything, we'll call it a day. This is nice and recorded, so whenever someone asks any questions about links, we can refer them here. Awesome. Yeah. And of course, our discord is always open if anyone has additional questions.
Community Interaction
Also, I know the spirit swap and the silver swap discord, rather. Always feel free to hop in, shoot your questions out. Somebody will pick them up. Oh, yeah. Alrighty. We don't have any questions, so I appreciate your time. Thank you so much for coming and answering questions. Spending time with us in our community, it really means a lot to us, and we're excited to keep on trading with Lynx.
Final Farewell
Sweet. Appreciate you, mascot. Appreciate you too, brother. Keep up the good work. All right, thanks, everybody. See you, guys. You.
