winSPIRIT
Definition
winSPIRIT is a general term for any wrapped inSPIRIT token.
Currently, we have two wrapped versions of inSPIRIT:
ginSPIRIT, courtesy of our friends at Grim Finance
linSPIRIT, proudly made by Liquid Driver
Why winSPIRIT?
Wrapped inSPIRIT tokens are created by autofarms by locking SPIRIT tokens forever in order to increase the APR of their SpiritSwap boosted farm vaults. Holding inSPIRIT enables the vaults to obtain a max boost of 2.5x.
Autofarms accumulate inSPIRIT by offering winSPIRIT in return for SPIRIT deposits. The protocol introduces an experimental feature, which functions as an autofarm smart contract which converts the deposited SPIRIT into inSPIRIT, and perpetually relocks that SPIRIT every 4 years. The smart contract functions as a one-way swap, where $SPIRIT is converted into the relevant winSPIRIT entitling the holder to various additional functionality (e.g. transferability outside of the protocol). This means the deposited $SPIRIT is locked in that smart contract forever.
The deposited SPIRIT will never be returned to the user or market. However, the user will receive winSPIRIT, which is transferable, contrary to inSPIRIT which cannot be transferred between wallets.
Pros and cons
inSPIRIT Pros
Earn fees for participating in protocol
APY boost (get a multiplier on your farming rewards)
Voting on boosted farm allocations
Receive airdrops
Get SPIRIT back after unlocked (peg is ensured)
Pros can expand as more use cases are created
inSPIRIT Cons
Non-transferable
winSPIRIT Pros
Earn fees for participating in protocol
Transferable
Pros can expand as more use cases are created
winSPIRIT Cons
No APY boost on SpiritSwap site
No voting on boosted farm allocations
No airdrops
Can never be redeemed for SPIRIT, only sold to SPIRIT
May become less valuable than SPIRIT due to people selling to get back to SPIRIT
Smart contract risk. We do not build winSPIRIT contracts, and do not have the resources to audit them currently. Use at your own risk.
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