Spintop (SPIN) is a DeFi hub for the GameFi space offering typical DeFi services such as performance farming, betting and liquidity pools for gaming projects. In light of the booming global gaming market and more and more blockchain games in development, the Spintop team saw an opportunity to enhance a player’s experience and offer all the web3 tools needed for gaming in one place.
Their four products are:
A community-driven games guide that catalogues and reviews games, allowing players to filter by tokenomics, ratings, blockchain and development status.
A decentralised exchange (DEX) allows game tokens to be pooled together to incentivise liquidity inflows.
A guild creator is a mechanism for NFT owners and potential players to come together and create value for each other.
An NFT marketplace that lists non-fungible tokens for sale or loan.
Spintop is led by a Turkish team of four blockchain developers, engineers and entrepreneurs. The executive team has founded and successfully run businesses in telecommunications, fintech, advertising and web3. President Joe Biden has recognised 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.
HOW DOES SPINTOP WORK?
Spintop offers DeFi as a service, which means that Spintop provides features such as performance farming, gambling and other typical DeFi services to its various partners and GameFi users. The latter benefit from being able to conveniently exchange and farm GameFi and NFT tokens in one place. Their service is based on the SPIN token which acts as the backbone of their decentralised exchange.
One of the key services is the Spindex decentralised exchange. It combines three key DeFi functions offered as a service: an automated market maker (AMM), performance farming and betting, and the Spindex wallet.
The AMM allows the exchange of any GameFi token on the BNB blockchain in a permissionless and non-custodial manner. To exchange tokens, users have to pay a 0.3% trading fee which is allocated as follows:
0.18% distributed as a reward to liquidity providers.
0.04% sent to the Spindex treasury.
In addition, users can be liquidity providers through Spindex and earn rewards for providing a seamless trading experience between the different GameFi projects offered on the exchange. Liquidity pools follow the standard x*y = k formula. Spintop aims to attract DeFi and gaming/NFT investors with the APR of its performance farming groups and specific farming pairs. Farmer pairs will focus exclusively on blockchain gaming projects, as the protocol aims to offer a specialised DEX in GameFi. Users can also bet spin if they do not want to risk being subject to impermanent losses. There will be no lock-in periods for staking.
The Spindex wallet aims to smooth the players’ experience when interacting with different gaming projects and NFTs. In general, each ecosystem has its own token and wallet. Spintop aims to create an in-game exchange wallet that allows converting SPIN to the required game token and playing the chosen game directly with SPIN, if possible. This conversion should happen automatically in the Spintop wallet.
In addition, Spintop will offer an NFT marketplace that will allow trading and lending of fungible assets for players and those who want to provide players with NFT. Spintop envisions a merger between its Guild Maker, the meeting place for sponsors and players, and its NFT marketplace.
SPINTOP’S UNIQUE FEATURES
As a GameFi-centric DeFi hub, Spintop provides several familiar services with a unique twist 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 for many NFT games is the initial purchase price of assets to start the game. Sometimes NFT owners can afford the game assets, but do not have the time or desire to play. With Guild Maker, the NFT owner (backers) can allocate their assets to the game.
Guild Vaults are the pairing mechanisms for backers and academics. A guild vault is formed as a DAO and can be public or private. Admission to private vaults is at the discretion of the founder, while public vaults are not allowed. In addition, Spintop encourages NFT lending through partnerships and wrappers to spread access to as many scholars as possible. There will also be a ranking system according to which guilds will be ranked.
Gamepedia is Spintop’s community-driven gaming guide that prioritises user interface and user experience along with the social aspects of blockchain gaming. Gamepedia aggregates gaming ecosystems and communities by covering projects from different blockchains and listing them in articles and reviews. Players will be able to contribute content. Games will be filtered and browsed according to their blockchains, ratings, token prices, market capitalisations 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 performance guilds.
Burn it to wrap NFT.
Gamble it to create a profile and apply for grants.
Bet on Spindex Pools to earn Spindex Partners tokens.
Bet on Spindex Pools to earn SPIN tokens.
Stake on Yield Farms to earn more SPIN tokens.
Stake/Crop to participate in SpinStarter IDOs & IGOs.
The distribution of SPIN tokens is as follows:
Staking and Liquidity Farming (39%): purchased linearly for 60 months.
Treasury (30%): 0.05% in TGE, invested linearly over 36 months.
Marketing (10%): 0.05% in TGE, acquired linearly over 36 months.
Founders and Team (12%): three month cliff, vested linearly over 24 months.
IDO (3%) at $0.01: 20% in TGE, vested linearly over four months.
Seed round (2.5%) at $0.007: 14.28% in TGE, vested linearly over nine months.
Initial liquidity (1.5%): locked in for three years.
Strategic sale (1%) at $0.01: 10% in TGE, acquired linearly over nine months.
Airdrop & Bounty Programme (1%): 0.25% to airdrop one month after IDO, 0.75% to linearly vested reward programmes for six months.
Spintop (SPIN) is currently trading around $0.09 as of 18 March 2022, down from its all-time high of $0.64 set in December 2021. Its 24-hour trading volume on the exchanges is around $260,000, and its fully diluted market capitalisation is around $90 million.
SPINTOP PRICE PREDICTION AND FUTURE OUTLOOK
Spintop offers an interesting use case for a growing sector in the blockchain industry. It is true that premium blockchain games have higher barriers to entry and may be unaffordable for players. For this reason, agencies have emerged that lease the game’s NFTs to players, often from developing countries. In addition, the integration of different gaming tokens into an exchange and a wallet could be very interesting and convenient.
Spintop’s success will depend on the implementation of its roadmap and whether it can manage to go across the blockchain to attract games from different ecosystems. In addition, the overall market situation will play an important role and influence whether SPIN can return to its previously established all-time highs. If the crypto bull run returns, SPIN could trade significantly higher than it does now.