beSPIRIT

A wrapper for Spiritswap's inSPIRIT

Beluga's beSPIRIT vault is a liquid wrapper for Spiritswap's inSPIRIT token. With beSPIRIT, you gain access to the benefit of inSPIRIT (+ more!) without the hassle of locking your SPIRIT tokens!

SPIRIT deposited into Beluga's beSPIRIT vault is used for locking SPIRIT in Beluga's VeManager contract, providing a boost on gauge rewards for Beluga's Spiritswap vaults and also generating yields for beSPIRIT holders.

Yield for beSPIRIT holders is provided from the four following sources:

• Spiritswap fees

• 5% kickback on SPIRIT farmed by Beluga's a VeManager

• Bribes from layer 1 SPIRIT bribes

• A percentage of bribes from Beluga's "Be The Protocol" secondary bribe layer (Coming late April)

Rewards are paid out in SPIRIT tokens. In the near future, rewards will be paid out in Beluga autostaked SPIRIT/FTM LP, earning dual yields on your beSPIRIT tokens (SPIRIT/FTM LPs + beSPIRIT farmed by the SPIRIT/FTM LP vault).

Peg Protection

A key component of beSPIRIT is Beluga's method of peg protection which will allow beSPIRIT holders to have peace of mind when locking and investing in Beluga's winSPIRIT.

We utilize efficiency to protect the peg of beSPIRIT and ensure that it is always trading at a price of 0.99 SPIRIT/beSPIRIT. This efficiency is through our anchor system which anchors the peg at a fixed price.

Anchors

Anchors are Beluga's pools that allow you to redeem your beToken/Beluga pegged assets at a constant rate of 0.99. This is used as a mechanism to maintain the stability of our tokens through the means of creating arbitrage to between the anchor and secondary markets, creating a gap that when filled, will push the pegged asset to its target peg.

beSPIRIT utilizes Beluga's anchors to allow users to redeem their beSPIRIT at a constant and fixed rate of 0.99 SPIRIT/beSPIRIT.

These reserves will be fed through the means of redirecting the idle yield generated by the underlying beSPIRIT tokens of Beluga's SPIRIT/beSPIRIT liquidity pool on Spiritswap towards our anchor pools, keeping the anchors with a constant supply of liquidity for covering redemptions.