• We are excited to announce the launch of SPIN Phase 2 following the successful completion of Phase 1. 

• This phase introduces

  • a hard cap of 500 million SPIN, 

  • revised earning structures for GYD LP shares and GYD holders

  • the discontinuation of the referral system

  • enhanced governance through new vaults with boosted SPIN rates. 

• Key growth metrics from Phase 1 highlight substantial increases in GYD volume, E-CLP volume, and GYD circulation.

• SPIN will end at the latest if either a hard cap of 500m SPIN is met or if Gyroscope TVL reaches 100m. The SPIN end will align with the governance token distribution.

We are pleased to announce the successful completion of SPIN Phase 1. This also marks the beginning of SPIN Phase 2, which will introduce new governance vaults and significant changes to SPIN distribution. 

SPIN can be accessed here: https://spin.gyro.finance/

To maintain the scarcity and value of SPIN, we are capping the total supply of SPIN to 500 million or less. This is a global cap for both Phase 1 and Phase 2.

Upon SPIN completion, the results will be passed on to the Gyroscope Foundation which is responsible, among others, for community development and distribution. At token distribution, FTL Labs will recommend that SPIN points convert to Gyroscope’s GYFI governance tokens.

In SPIN Phase 2, Gyroscope users can choose among different earning levels. Gyroscope users who prefer native yield rates, such as through sGYD or incentivized LP positions, remain eligible for a baseline SPIN rate whereas users who prefer earning SPIN can opt to forgo native yield rates and earn a highly boosted SPIN rate. In addition, users who decide to stake LP shares in Gyroscope’s governance system will earn an even higher SPIN boost.

The net effect is to amplify native yield rates for those users who prefer native yields and simultaneously amplify SPIN rates for those users who prefer to earn ownership in the protocol leading into the Gyroscope’s token distribution, while emitting similar amounts of SPIN. 

Changes in SPIN Earnings for GYD LP Shares The earning structure for GYD LP shares has been revised:

• Raw LP shares will now earn 10x SPIN.

• Balancer, Aura, or Beefy gauges: Deposits will earn 1x SPIN.

• Governance vaults: LP shares locked here will benefit from a boosted rate of 13x SPIN.

• Special pools:

  • GHO/GYD and paUSD/GYD on Ethereum: Earn 5x SPIN while being co-incentivized.

  • D2D/GYD pool on Arbitrum: Earn 2x SPIN (or the GYD rate on the GYD portion).

For GYD holders:

• Raw GYD will earn 10x SPIN.

• sGYD holders will earn a promotional rate of 2x SPIN, intended to bootstrap sGYD upon its launch.

The referral system, which was only applicable during Phase 1, has been discontinued. An evolved referral system may be introduced in future phases. 

Gyroscope users now have the flexibility to choose among various earning levels to optimize their SPIN rewards:

• For GYD LPs:

  • Staked in Balancer gauges: Earn 1x SPIN plus gauge yields.

  • Not staked in gauges: Earn 10x boosted SPIN.

  • Staked in governance vaults: Earn 13x boosted SPIN.

• For GYD stablecoin holders:

  • Staking GYD to earn sGYD yield will provide a promotional rate of 2x SPIN.

  • Holding unstaked GYD will yield 10x SPIN.

During SPIN Phase 1:

• GYD volume increased by 5.3 times, reaching almost 200 million, with a swap velocity that rivals Tether, showing just how liquid GYD can be.

• The volume of E-CLPs reached 1.84 billion USD.

• The number of GYD holders increasing ninefold.

• Gyroscope TVL reached an ATH

• Rehype pool TVL grew by 345% in July.

SPIN Phase 2 focuses heavily on governance, bringing together various stakeholder groups through different governance vaults. As we move towards protocol decentralization, significant developments are expected in the remainder of the year including:

• Handover of the protocol to on-chain governance.

• Launch of Gyroscope’s governance token.

• Ongoing growth and integration initiatives.

SPIN can be accessed here: https://spin.gyro.finance/

Together, let us continue to build a robust and decentralized future.

Note: SPIN is not available for users in the United States, UK and other restricted jurisdictions.

Disclaimer. The SPIN points system is a promotional feature and should not be considered financial advice or an investment guide. Participation in this system is voluntary and at the discretion of the participants. The SPIN earned in this system are part of a promotional campaign and are not guaranteed to be converted into any form of value. The information provided above regarding sGYD is for informational purposes only and should not be considered financial advice. Users should conduct thorough research and consult with a financial, legal and technical advisor before interacting with sGYD. It is the responsibility of each participant to understand the risks of the SPIN system and sGYD and to comply with all applicable laws and regulations in their jurisdiction. The SPIN system and sGYD are not available in the United States, United Kingdom and selected other jurisdictions. See the Terms of Service for more information.