Incepthink Blog

SoulSwap

Incepthink Author -

Introduction

SoulSwap Finance is a decentralised powerhouse with interoperability ingrained from the start and deployed on the high-performance Fantom network. They have taken bits and pieces and all the good parts which have worked for various other projects are doing what others could never have done - thanks to the power of hindsight!
SoulSwap plans to channel and provide only the best of best to its users.

What makes SoulSwap different?

While Fantom might not have the level of adoption Ethereum does at present, SoulSwap’s makers believe in Fantom's ability and drive to get it mighty close in the foreseeable future. SoulSwap is built to work upon the likes of UniSwap, SushiSwap and PancakeSwap.

SoulSwap has improved on UniSwap’s governance model and adopted incentives from Sushi and Pancake while also eliminating the oligarchy inherent in the UNI's governance model and the static, one-dimensional rewards mechanism innate in Sushi and Pancake.
SoulSwap eliminates the smart contract bug tied to emergency withdrawal and thereby liberates the ingenious Syrup model PancakeSwap invented, though no longer able to utilise. It also adds a dynamic rewards structure enabling rewards distribution to exist on multiple blockchains without increasing inflation.
In the long term, Soul Protocol is envisioned as a community governed protocol, such as a DAO. SOUL is a governance token that enables holders to vote on community proposals.


Proposals, Voting Process and Treasury

Community proposals are submitted in SoulSwap’s forums where the members can discuss its merits and clarify questions. If a proposal gains traction, then members of the core team might vote on it to bring an amendment to the platform.
Voting by core members is done on https://enchant.soulswap.finance.

Pre-Mine Allocation

The table below describes the overall allocation of SoulSwap’s pre-mined supply of 50M SOUL, of which any unused allocation is burnt into oblivion

Any amount that is left, after whitelist vesting period terminates, has been burnt. Likewise, any remaining allocation, from their public ceremony, has also been burnt.


Emissions

  • 250,000 SOUL emitted per day.
  • Multi-chain emissions: will never exceed 250,000 daily.
  • Maximum Supply: 250M
  • Note on maximum supply: the DAO may vote for an extension, if necessary to maintain a stable ecosystem, but the emissions will never exceed 250K daily regardless.

Allocations

  • 75% Community Rewards and Incentives
  • 12.5% Community-Owned DAO
  • 12.5% Operations (Team, Marketing, Partnerships, Advisors, etc)

Burns would occur on the discretion of the DAO and it is also to be noted that 12.5% of the emitted SOUL is directly rewarded to the DAO.

Scarabs

Scarabs are a fun way to share your SOUL with friends, but be sure you fully understand how it works by reviewing this guide before beginning.
To send Scarabs, a user has to Input the amount of SOUL he wants to send, enter the address of the recipient and set an unlock date at which the receiver can claim the Scarabs.
To claim the Scarabs, the user has to connect to Web3 and approve it by entering the address and the amount to be claimed.

Exchange Tokens

The swap interface allows anyone to exchange one cryptocurrency into another cryptocurrency without KYC or third party involved, allowing for a smooth, effortless experience.


To exchange tokens, users need to enter amount of SOUL and the user will get a prompt about the details of the transaction like price, amount received/givem, price impact, and liquidity provider fee.
Next, the user has to add liquidity to the pair and that can be easily done by clicking on the ‘Add Liquidity’ option and the interface will automatically match how much the user has input in the corresponding currency. This is done so one doesn’t have to do all the nitty-gritty inputs that operate under the hood.

Incentives by SOUL

  1. Liquidity Mining
    SoulPower is farm by our liquidity providers as they provide the lifeblood of the Soul Ecosystem. We've designed a way to provide rewards to our summoners while minimizing instability.
  2. Fee Sharing
    For every swap on our exchange, a 0.05% fee is collected to ENCHANT and used to buy back SEANCE. Buybacks occur every 48hrs. Your ENCHANT is continuously compounding. When you unstake, you receive your deposited SEANCE + any additional fees rewarded. SeanceCircle (SEANCE) is the place you want to go when you want to HODL while earning. Deposit your SOUL to receive SEANCE in return, which may be used to interact with our DeFi Suite.