The team took to our DeFi Direct discord to outline and introduce their decentralized derivative platform!
Chatting it Up
On December 22nd, SpinFi joined us here at Solana News for a Discord AMA on our DeFi Direct server. The SpinFi team members that joined were Chesire, Alex, LetsTrade, dimp, and PonderBonder.
The AMA was centered around introducing the project, why it was designed the way it was, and future aspirations.
What is SpinFi?
Spin Finance (SpinFi) is a decentralized derivatives trading protocol on Solana. The team entered the crypto space in 2016, starting as algorithmic traders and investment/hedge fund managers. AlexP explained how the team decided to start their own project, and detailed how the project is fully decentralized. While five members were present for the AMA, the team is currently made up of 15 members.
The team felt that centralized financial platforms did not offer investor anonymity or proper custody options. They launched the platform on Solana thanks to its speed, low fees, and strong liquidity.
SpinFi Features and Goals
The SpinFi team explained they want to build mobile trading applications with simple interfaces, particularly for Asian markets. The SpinFi Whitepaper emphasizes utility for retail traders; the team confirmed this is their target audience. The team seeks to stand out on Solana by providing both futures and derivatives.
The SpinFi token will serve as a governance token for the platform DAO, and will also be usable as collateral, to create leverage, and for staking on the platform.
Alex explained that the platform is a fairly textbook decentralized market maker and orderbook.
The platform recently announced a partnership with Slope for mobile perpetuals. Slope is a Decentralized Exchange (DEX) and wallet based on Solana.
More exciting news is also coming in January, so stay tuned!
For more information about Spin Finance, visit the following links:
Overall it is vital to proceed with caution when purchasing tokens that have just been listed. For those who have not already read our articles on safety in DeFi it is crucial to reference the following items, HERE and HERE.
This is a paid Ask Me Anything (AMA), Solana.News does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. The project team has purchased this advertisement article for $500. Readers should do their own research before taking any actions related to the company. Solana.News is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned in the press release.
Source: Solana News