CoinMarketCap Academy takes a deep dive into Spintop, a DeFi hub for blockchain games. Read more!
is a DeFi hub for the GameFi
space that offers typical DeFi services like yield farming
, and liquidity pools
for gaming projects. In light of the booming global gaming market and ever more blockchain games in development, the Spintop team saw an opportunity to improve a player's experience and offer all necessary web3
tools for games in one place. Its four products are:
- A community-driven gaming guide that catalogs and reviews games, allowing players to filter for tokenomics, ratings, blockchains, and development statuses.
- A decentralized exchange (DEX) allows gaming tokens to be pooled together to incentivize the inflow of liquidity.
- A guild maker is a mechanism for NFT owners and potential players to meet and create value for each other.
- An NFT marketplace that lists the non-fungible tokens for sale or lending.
Spintop is headed by a Turkish team of four developers, engineers, and blockchain entrepreneurs. The executive team has founded and successfully run businesses in telecommunications, fintech, advertisement, and web3. President Joe Biden has acknowledged CMO Alemsah Öztürk as one of Turkey's top angel investors, and CSO Kayabali is one of the top 10 Turkish innovators under 35, according to the MIT review.
Spintop offers DeFi as a service, meaning features like yield farming, staking, and other DeFi-typical services are provided by Spintop to its different GameFi partners and users. The latter benefit from being able to conveniently swap and farm GameFi tokens and NFTs in one place. Its service is based on the SPIN token that acts as the backbone of its decentralized exchange.
One of the key services is the Spindex decentralized exchange.
It combines three key DeFi functions that are offered as a service: an automated market maker (AMM
), yield farming and staking, and the Spindex wallet.
enables swaps of any GameFi tokens on the BNB Chain
in a permissionless
manner. To swap tokens, users have to pay a 0.3% trading fee
that is allocated as follows:
- 0.18% distributed as a reward to liquidity providers.
- 0.04% sent to the Spindex treasury.
- 0.08% burned.
Furthermore, users can be liquidity providers
through Spindex and earn rewards for providing a seamless swapping experience between the different GameFi projects offered on the exchange. The liquidity pools follow the standard x*y = k formula. Spintop aims to attract DeFi and gaming/NFT investors with the APR
of its yield farming pools and the specific farming pairs. Farming pairs will be focused exclusively on blockchain gaming projects, as the protocol aims to offer a GameFi-specialized DEX. Users can also stake SPIN
if they do not want to risk being subject to impermanent loss
. There will be no lockup periods for staking.
The Spindex wallet aims to smoothen the experience of players when interacting with different gaming and NFT projects. Generally, each ecosystem has its own token and wallet. Spintop aims to create an in-game exchange wallet that allows to convert SPIN to the required gaming token and play the chosen game directly with SPIN, if possible. This conversion should happen automatically in the Spintop wallet.
Furthermore, Spintop will offer an NFT marketplace that will enable trading and lending of on-fungible assets for players and those that want to provide players with NFTs. Spintop envisions a fusion between its Guild Maker - the meeting place for sponsors and players - and its NFT marketplace.
As a GameFi-focused DeFi hub, Spintop provides several familiar services with a unique spin and also offers some completely unique features.
The Guild Maker is Spintop's meeting place for NFT owners and players. It correctly identified that a barrier to entry of many NFT games is the initial acquisition price of assets to begin the game. Sometimes, NFT owners may be able to afford the in-game assets but do not have the time or desire to play. With the Guild Maker, NFT owner (sponsors) can allocate their assets to guild pools, where players (scholars) can borrow them.
Guild Vaults are the matching mechanisms of sponsors and scholars
. A Guild Vault is formed as a DAO
and can be either public or private. Admission in private vaults is at the discretion of the founder, while public vaults are permissionless. Furthermore, Spintop encourages the lending of NFTs through partnerships and wrappers to spread access to as many scholars as possible. There will also be a rating system according to which guilds will position themselves.
Gamepedia is Spintop's community-driven gaming guide
that prioritizes UI
and UX along with the social aspects of blockchain gaming. Gamepedia aggregates gaming ecosystems and communities by covering projects from different chains and listing them in articles and reviews. Players will be able to contribute with content. Games will be filtered by and browsed according to their blockchains, ratings, token prices, market capitalizations
, and development statuses.
Spintop uses SPIN as its utility and governance token
. According to its whitepaper
, SPIN has the following use cases
- Burn it to create custom yield guilds.
- Burn it to wrap NFTs.
- Stake it to create a profile and apply for scholarships.
- Stake it in Spindex Pools to earn Spindex Partners' tokens.
- Stake it in Spindex Pools to earn SPIN tokens.
- Stake it in Yield Farms to earn more SPIN tokens.
- Stake/Farm it to participate in SpinStarter IDOs & IGOs
The token distribution of SPIN is as follows:
- Staking and Liquidity Farming (39%): vested linearly over 60 months.
- Treasury (30%): 0.05% at TGE, vested linearly over 36 months.
- Marketing (10%): 0.05% at TGE, vested linearly over 36 months.
- Founders and Team (12%): three months cliff, vested linearly over 24 months.
- IDO (3%) at $0.01: 20% at TGE, vested linearly over four months.
- Seed Round (2.5%) at $0.007: 14.28% at TGE, vested linearly over nine months.
- Initial Liquidity (1.5%): locked for three years.
- Strategic Sale (1%) at $0.01: 10% at TGE, vested linearly over nine months.
- Airdrop & Bounty program (1%): 0.25% to airdrop one month after IDO, 0.75% to bounty programs vested linearly over six months.
Spintop (SPIN) is currently trading around $0.09 as of March 18, 2022, down from its all-time high of $0.64 set in December 2021. Its 24-hour trading volume on exchanges is around $260,000, and its fully diluted market cap is around $90 million.
Spintop offers an interesting use case for a growing sector in the blockchain industry. It is true that top-class blockchain games have higher barriers to entry and can be unaffordable to players. For this reason, agencies have sprung up that lease the game NFTs to players - often from developing countries. Furthermore, integrating different gaming tokens in one exchange and one wallet could be very interesting and convenient.
The success of Spintop will depend on the implementation of its roadmap
and whether it can manage to go cross-chain
to attract games from different ecosystems. Moreover, the overall market situation will play a significant role and influence whether SPIN can return to its previously set all-time highs. If the crypto bull run
returns, SPIN could trade significantly higher than it does now.
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