Kriptoks

binSPIRIT is a unique version of binSPIRIT, staked to accumulate binSPIRIT, that offers its holders all the benefits of binSPIRIT without being restricted by the SpiritSwap lock mechanism. This token is fully backed by SPIRIT in a 1:1 ratio but is perpetually locked for binSPIRIT and cannot be withdrawn back to SPIRIT. However, it is a transferable ERC-20 token, which means that it can be swapped for other tokens on decentralized exchanges, allowing holders to exit their positions at any time.

Users can mint binSPIRIT on the binSPIRIT vault page at a 1:1 ratio. If buying binSPIRIT is more profitable, then Beefy's Smart Minter will buy binSPIRIT, yielding the user more binSPIRIT for their SPIRIT. Users can also get binSPIRIT by buying it on a decentralized exchange.

Beefy uses the deposited SPIRIT to accumulate as much binSPIRIT as possible by perpetually and immediately locking all deposits on SpiritSwap for the longest available period. It then uses the accumulated binSPIRIT to claim SpiritSwap protocol revenues, boost its SpiritSwap vaults, and vote for SpiritSwap incentive emissions.

All protocol revenues are paid out in SPIRIT, which is automatically claimed by Beefy and then returned to the binSPIRIT vault by either minting more binSPIRIT (if binSPIRIT is over the peg) or by purchasing binSPIRIT on a decentralized exchange (if under the peg), and then redepositing the binSPIRIT into the vault.

All deposits, withdrawals, and harvest rewards from Beefy's boosted SpiritSwap vaults are routed through the binSPIRIT contract, allowing them to benefit from the binSPIRIT boost. By keeping all the accumulated binSPIRIT in one contract and running all the vaults through that contract, binSPIRIT ensures that each vault receives the maximum available boost. All boosted rewards are retained by the individual Beefy vaults.

The binSPIRIT contract also votes on behalf of Beefy for SpiritSwap governance proposals and vault incentive gauges. binSPIRIT holders can vote on gauges to further support the system.

binSPIRIT is a Beefy-escrowed version of binSPIRIT that leverages binSPIRIT's benefits while removing the lock mechanism. It is fully backed by SPIRIT, but it is locked for binSPIRIT and cannot be withdrawn. binSPIRIT is a transferable ERC-20 token that can be swapped for other tokens on decentralized exchanges. With Beefy's Smart Minter and accumulated binSPIRIT, binSPIRIT can claim SpiritSwap protocol revenues, boost Beefy's SpiritSwap vaults, and vote for SpiritSwap incentive emissions. By running all the vaults through the binSPIRIT contract, binSPIRIT ensures that each vault receives the maximum available boost.