In the dynamic landscape of DeFi, Spin has carved a path that reflects the resilience, adaptability, and innovation at the heart of the industry.
Since its inception in 2021, Spin has not only built a robust product but also cultivated a vibrant community of DeFi aficionados, traders, and visionaries united by a shared passion for the transformative power of blockchain technology.
The Early Days: Charting Unfamiliar Territory
Spin’s story began at a time when the concept of decentralized derivatives exchanges was still nascent.
Our initial foray was marked by the launch of a Perpetual DEX on Solana’s testnet, tapping into the network’s high throughput and low fees. However, as competition intensified and user metrics for Solana began to wane, Spin faced a pivotal moment: to persevere on the same path or pivot in a new direction.
The Strategic Shift to NEAR Protocol
The decision was bold yet calculated — we migrated to the burgeoning NEAR ecosystem.
Here, Spin achieved a significant milestone by introducing the first fully on-chain order book DEX, initially rolling out a spot trading version in early 2022, followed by perpetual futures.
This innovation quickly propelled us to the forefront of the NEAR ecosystem, amassing over 10,000 users and nurturing an online community exceeding 60,000 Twitter followers.
Expanding Horizons: DeFi Option Vaults
As the platform matured, Spin launched the first DeFi Option Vaults on NEAR Protocol a year ago, further diversifying our offerings and showcasing our commitment to expanding DeFi’s potential.
Navigating Uncharted Waters: Challenges and Adaptation
Despite these triumphs, our journey has not been without its hurdles.
Our allegiance to the RUST-based NEAR Protocol, though initially a strategic advantage, later presented a roadblock — code interoperability. The shifting focus of the DeFi community toward Ethereum rollups highlighted our system’s limitations. Adapting the same product for any EVM-compatible chain required exhaustive development efforts, months in the making.
Simultaneously, the bear market’s grip tightened around DeFi.
Securing investments and expanding our user base within the NEAR ecosystem became increasingly arduous. The task at hand was twofold: first, convincing users to transition from Ethereum to NEAR, and then, integrating them into the Spin ecosystem.
A Strategic Pivot: Embracing Polygon’s zkEVM
In the face of these challenges, Spin made another strategic leap — choosing to build on Polygon’s zkEVM. This move was soon followed by the exciting announcement of an upcoming token sale, signaling a new chapter in our story.
Weathering the Storm: A Market in Turmoil
However, as the market sentiment deteriorated further, we faced a dilemma. Launching a token in such conditions seemed imprudent, likely to lead to community disappointment rather than success. Observing the downward trajectory of tokens released in the summer of 2023, which failed to secure gains for communities, often resulting in steep price drops, we opted to postpone the token sale. Yet, behind the scenes, our dedication never wavered.
Breaking the Silence: A New Dawn Approaches
For two months, the Spin team has been relentlessly building, researching, and refining our pitches to ensure our product aligns perfectly with the evolving market demands. Now, as we prepare to emerge from stealth mode, we’re poised to make a groundbreaking announcement on November 15.
This pivotal announcement is not just a testament to our perseverance but also to our belief in the transformative potential of DeFi. We’re set to unveil a product fine-tuned to the current market, optimized for the best user experience, and ready to redefine the DeFi landscape.
Stay tuned as Spin is ready to spin the wheel of DeFi innovation once again.
