🔑Wrapped inSPIRIT

Wrapped inSPIRIT (winSPIRIT) is a term coined for token that implemented the wrapping of inSPIRIT token thus making it liquid and also having dedicated use case(s) on top.

WinSPIRIT token is susceptible to the risk of depegging from the price of SPIRIT token. The peg is maintained via the market and strength of the protocol that developed the respective winSPIRIT. Check out this site courtesy of our good community members for the live analysis of winSPIRIT.

Concepts

For every SPIRIT token that is locked via the wrapped inSPIRIT mechanism, the underlying code consensus will take the SPIRIT token out of circulation in perpetuity thus allowing the protocol to mint a 'liquid' version of inSPIRIT token in the forms of their respective token ticker (refer below).

Token Ticker	Description	Contract
ginSPIRIT	winSPIRIT token by Grim Finance	0x2787bea3366335068bf8b4a253044d09ea4e1c96
linSPIRIT	Liquid Driver wrapped inSPIRIT	0xc5713B6a0F26bf0fdC1c52B90cd184D950be515C
binSPIRIT	Beefy Finance wrapped inSPIRIT	0x44e314190D9E4cE6d4C0903459204F8E21ff940A
sinSPIRIT	Scarab Finance wrapped inSPIRIT	0x749F2B95f950c4f175E17aa80aa029CC69a30f09
rainSPIRIT	Ola Finance wrapped inSPIRIT	0xf9c6e3C123f0494A4447100bD7dbd536F43CC33A
tinSPIRIT	Tarot wrapped inSPIRIT	0x6CAa3e5FebA1f83ec1d80EA2EAca37C3421C33A8
beSPIRIT	Beluga Finance wrapped inSPIRIT

Why winSPIRIT?

Wrapped inSPIRIT tokens are created by dapps protocols 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 and other protocols accumulate inSPIRIT by offering winSPIRIT in return for SPIRIT deposits. The protocol introduces an experimental feature, which functions as an autofarm smart contract by converting 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.