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DEFI DERIVATIVES INFRASTRUCTURE

About spin.fi:

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About Spin Defi

Spin is a DeFi derivative infrastructure built on NEAR Protocol, a reliable and scalable L1 solution. The on-chain order book solution offered by Spin provides a CEX-competitive experience to DeFi users. Founded in June 2021, It was the first product to offer an on-chain order book solution on NEAR Protocol. The advantages of the order book model include better user experience compared to AMM, flexible liquidity, easy access for institutional traders, secure and transparent on-chain verification, the opportunity to price different types of instruments, and trading robot interoperability.

The order book-based infrastructure unlocks the opportunity to change various types of assets with different levels of complexity in the DeFi space including but not limited to perpetual & quarterly futures, power perpetual, floor perpetual, options, exotic options, everlasting options, options vaults, basis trading, fixed yield, structured products, and RFQ.

Defi Derivates

They are developing an infrastructure for on-chain order book trading that meets the demands of spot and derivative traders, market makers, and yield hunters.

Unlock the full potential of on-chain trading

Spin strives to meet the demands of both professional and newbie traders by combining the best of CeFi and DeFi in a single product.

Mission

Spin aims at providing the NEAR Protocol users and projects with a comprehensive infrastructure for building and trading on-chain spot assets and derivatives, and ensuring a CEX-competitive user experience. Thus, Spin’s mission is the extension of DeFi services offered on NEAR Protocol and other blockchains as well as the attraction and onboarding of the CeFi audience to on-chain trading and investments.

Core Know-Hows of the Spin DEX

Central Limit Order Book model

Spin uses a single asset pool, the liquidity of which is sent for market making to the order book. Thus, traders will always have enough liquidity for comfortable trading, and investors can profit from the sophisticated market-making mechanism developed by the Spin team.

Spot trading

The current version of the Spin spot DEX on NEAR is the first order book implementation that supports on-chain order matching and NEAR wallet connection. Currently, the Spin spot DEX is already live on mainnet: https://trade.spin.fi. Spin also provides users with an opportunity to make instant token swaps at the market price in a single click. Spin boasts lower fees compared to AMMs.

On Spin, for example, on the NEAR/USDC market takers pay 0.1% where 0.05% goes to makers and another 0.05% – to the treasury fund. As for USN/USDC, the taker fee is 0.04% and the maker’s rebate is -0.02%. At the same time, NEAR Protocol’s largest AMM Ref Finance charges 0.3% from swappers.

Perpetuals

Spin offers a decentralized way to trade perpetual futures contracts meaning that traders have no need to rely on centralized exchanges and trust their funds to a single entity. Instead, funds are stored on users’ wallets e.g. NEAR wallet. Spin’s perpetual will support leveraged trading, cash settlements, and multi-collateral features.

Options

The goal of Spin in terms of options trading is to provide a decentralized platform for its operation and to ensure a convenient and easy-to-use foundational block for well-versed, expert traders and as well as novel traders. Spin will support partial collateralization for options.

Spin’s Perpetuals

Being on a mission to offer NEAR Protocol’s users a CEX-competitive trading experience, the Spin is pleased to announce our new trading tool – Perpetual Futures. The first perps contract – NEAR-Perp is already waiting for your first trade on the testnet!

SPIN token

The SPIN token is a Spin native utility token that ensures the sustainable development of the platform and also provides additional incentivization opportunities for the community.

SPIN use cases

Governance

SPIN token stakers can take an active part in the development of the project by voting, as well as making proposals for implementation. Similar to existing projects using this solution, such as MakerDAO, Compound, etc. Governing elements can be voted on: the use of the insurance fund, the distribution of trading commissions, etc. All incentivization and token sale programs e.g. staking, trading rewards, liquidity staking rewards, IDO, etc. will be subject to governance voting.

SPIN utility

  • SPIN stakers get fee discounts on the platform
  • SPIN stakers are allowed to trade with a larger leverage
  • SPIN stakers can take part in the incentivization program. If users want to withdraw funds from staking, 14-day vesting is applicable.

Synthetic collateral

SPIN token holders will be able to use their token balance for trading as collateral. At the beginning of the period, only over-collateralized security will be allowed to guarantee invulnerability to market manipulations and the protection of user funds.

Incentive programs

On Spin, you can get SPIN for the following activities:

  • Trader incentive and market maker incentive
  • USDC staking
  • Supplying liquidity for SPIN token AMM pools on DEXes

How to trade Spin Perpetuals on NEAR Protocol?

The experience of futures trading on Spin is quite similar to centralized exchanges. Still, for a few minor differentiators. Long story short, here’s a quick lifespan of your futures trade on Spin:

  1. Connect your NEAR wallet to Spin.
  2. Deposit funds to a Margin Account (which is a smart contract). In the blockchain, all users’ funds on margin accounts are placed in a vault, where each transfer is assigned a number to indicate the owner of funds.
  3. Create a futures position by choosing the order type and direction and position size (the leverage will be adjusted).
  4. The margin ratio for this position is temporarily locked on your account (the margin ratio size depends on the position size and asset volatility).
  5. Closing or changing your position results in the funds being settled and unrealized PnL and funding amounts are either added to or deducted from your margin account balance.
  6. Withdraw returns from the Margin Account to your wallet.

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