SpookySwap is a decentralized trading platform launched in April 2021. It was created on the basis of the Fantom Opera blockchain to bring new capabilities to it and increase cryptocurrency involvement in everyday life. It is based on an automated market maker (AMM) protocol. The exchange strives to be user-oriented, so functionality and usability are the key areas that it focuses upon. The team’s goal is to create a community-governed platform with expert trading mode, a fast polished UI, and limit orders.
Utilizing the Fantom network allows SpookySwap to provide high-speed, secure, and scalable transactions. SpookySwap products include swap, liquidity, liquidity farm, and single stake pools. To ensure that users’ funds and personal data are protected, the exchange has been audited by Certik. Governance is done through community voting.
To start using SpookySwap, you need a MetaMask wallet connected to the Fantom Opera network and a bridge to Ethereum or Binance Smart Chain. The exchange has both desktop and mobile versions working best on Chrome and Brave. Developers have the opportunity to apply for their farm or token listing on the platform. Decisions on farm applications are made by BOO holders through voting.
The platform provides many features including the native token, diverse farms, NFTs, a built-in bridge, the expert trading page, and limit orders.
SpookySwap’s bridge supports the transfer from Ethereum or BSC to Fantom, and vice versa. At the time of writing, the exchange offers its participants 18+ farms, which include both classic pairs and new ones. The ETH - FTM bridge supports 20+ tokens including wETH, AAVE, DAI, USDT, LINK, and wBTC. The BSC - FTM bridge supports BNB and BIFI tokens.
SpookySwap swap trading page offers compact navigation, data display, and all the necessary charting tools, which include personal trade history, a history of liquidity changes, and existing limit orders. The exchange offers single-stake pools which are pools where you need to stake only one type of token and LP token-making is not required. The expert trading page interacts with crypto analysts and provides TradingView charts, recent trades, trending tokens, and a market summary. Official SpookySwap NFTs, Magicats, are available on the CoinZoo marketplace.
The Farm page presents liquidity pools (LP) where you can farm LP tokens by approving the contract and choosing the amount you want to farm. There are 3ways to join the pool: by getting BOO (the platform’s own token), by converting BOO to xBOO, and by staking the xBOO. Anyone can create a new liquidity pool by providing the necessary tokens and setting the initial exchange ratio for tokens that have not existed on SpookySwap.
Automated liquidity pools allow swapping tokens easily. Users can trade at market price, or set their specific price for a limit order that will be executed automatically without the need to monitor the market.
The SpookySwap token
Spookyswap token with the ticker BOO is the native governance token of the SpookySwap network. Its maximum supply is limited to 13,666,000 BOO coins. Initially, 20% of the total supply was minted and distributed as follows: 7.0% was left for community airdrops, 5.0% is locked for developers fund and will be vested within a year, 4.0% of BOOs were reserved for IFO, 2.0% for the Initial Dex Offering (IDO), and 2.0% is planned to spend on bonuses. The remaining 80% of the supply is planned to be minted over 3 years through farms.
One can acquire BOOs by trading, farm staking, or liquidity providing. Members staking BOO tokens receive xBOO as a voucher representing their share of the pool. Their rewards are determined by this voucher. Swap pool contributors or liquidity providers receive spLP tokens (Spooky Liquidity Provider tokens). They can be staked at farms to earn 0.03% of all trading fees, which are used to buy back BOO tokens from the market and allocate them to stakers.
The BOO token can be traded on SpookySwap, CEX, and Hotbit against wFTM, USDC, wETH, BABYBOO, and DAI. You can store it in Metamask or Coinbase wallets.
xBOO is a buyback token that represents the user’s share of the staked pool. It earns a percentage of trade fees to buy back BOO. xBOO is a regular token that you can stake in the Buyback Pool and earn BOOs. You can also stake it to earn tokens from other protocols. You can trade, stake xBOO, make LP and vote with it. xBOO is required to redeem your BOO.
The Fantom network allows farming and trading tokens at the lowest fees. In other words, swaps cost just a fraction of a cent. Staking is free of charge while the usual trading fee is 0.2%. For limit orders, 0.22% is charged. A 0.17% portion of all trade fees is used to buy back BOO, which is returned to liquidity pools as a reward for liquidity providers. 0.03% goes to xBOO pool which means that pools automatically increase and the xBOO to BOO ratio grows.
The bridging process is free except for FTM (Fantom’s own token). To perform transactions on the Fantom chain you need FTM, which you can swap on SpookySwap. SpookySwap Discord allows receiving gas in FTM from its faucet for 10~30 transactions once per month.
SpookySwap team and partners
There is no information about the SpookySwap founders and team on the web. However, the platform has already established numerous partnerships with exchanges, developers, and investing firms. It partnered with YEL.Finance to create the first xBOO rewards pool. The exchange is backed by crypto investors from Avalance, Binance. The platform launched xBOO partnered staking together with Screamer. Tomb finance and other developers have launched on the SpookySwap DEX.
Its partnership with Cryptokek contributes to the custom interface which combines Cryptokek’s charts with the SpookySwap swap page. The partnership with KEK helps to improve the expert swap page. SpookySwap organized cross-chain collaborations with Gelato, Raviton, Alchemix, Beefy, Popsicle Finance, Any Swap. Fantom Oasis (FTMO), a Fantom-native launchpad launched its initial DEX liquidity through SpookySwap’s DEX.