What is SpookySwap? SpookySwap is an outstanding AMM built and developed on Fantom and is considered the leading Defi center of the ecosystem with many products and features. Bringing convenience to users in interacting with decentralized finance on Fantom Opera.
So what is SpookySwap? Let’s find out in this article!
You can also read more about the PancakeSwap project here, which is a project in the same field to make it easier to understand when reading this article.
What is SpookySwap?
SpookySwap is an AMM DEX built on Fantom and supported by the Fantom Foundation. With a friendly interface, the user-centered goal of developing products brings the best experience.
In addition, the project also builds many utilities around Token BOO, the project’s governance token.
Since its launch in April 2021, SpookySwap has achieved a number of notable achievements:
- Received support from the Fantom Foundation.
- Approved around 50 DAO proposals with BOO governance token.
- Organize Airdrop with Alchemix, Alpha Finance Labs.
- Audited by Certik.
- Complete the bridge from Fantom to Ethereum, BNB Chain, Polygon, Avalanche, Arbitrum,…
- List BOO token on Cex such as Huobi, Gate, MEXC,…
- Added support for Coinbase wallet.
- Become the Native project with the top TVL on Fantom.
Mechanism of Action
Because it is considered the Defi center of the Fantom ecosystem, SpookSwap has a wide variety of products. Helps users experience most Defi products right on SpookySwap. and includes the following products:
- Swap: Users can exchange most tokens on the Fantom system with each other. Especially, there is support for placing Limit orders to help bring a better experience. Each Swap order will charge a fee of 0.2% (for each Limit order executed, a fee of 0.22% will be charged). Of which, 0.17% of the fee will be rewarded to the Liquidity Pool, 0.03% to those who Stake xBOO.
- Liquidity: A place for users to add liquidity and share transaction fees.
- Liquidity Farm: After adding liquidity, users will receive spLP and can Farm them here to earn more BOO.
- Stake BOO: BOO is the project’s governance token. Those who stake BOO will receive xBOO to continue to stake or farm and participate in voting on governance proposals on the protocol. The weight of a BOO when participating in governance will be calculated differently with different statuses. Calculate 3 points for a BOO in the wallet or Staking, but a BOO in the Liquidity Pool will be counted 5 points. To earn the most profit from xBOO, users can Stake xBOO to receive other tokens in the form of IFO and then provide liquidity with the newly earned xBOO and Token pair.
- Bridge: Bridge from Fantom to platforms such as Ethereum, BNB Chain, Cronos, OKC, Polygon, Arbitrum, Avalanche, Harmony. Create convenience in migrating from other systems to Fantom.
- NFTs: The project has released an NFT collection called Magicats. With a quantity of 5000 NFTs, each NFT will have a different name and description. The royalty fee is calculated at 5%, of which 2.5% is rewarded to the creator and 2.5% is used to buy back BOO. And NFT holders can stake to earn additional rewards.
Development Roadmap
Accomplished
- Swap function with upgraded versions V2, V3
- Liquidity provision and management
- LP Farm
- Bridge to other platforms
- Admin snapshots
- User interface improvements
- Release of NFT Magicats
- Decentralized Web hosting
Upcoming
- Token / LP Zapping
- Expert trader V3 – Heat map for Limit orders and displays all orders
- NFT issuance platform
- Allows new projects to deploy a farm
Core Team
Updating…
Investor
Updating…
Tokenomics
Information about SpookySwap’s token
- Token name: Spookyswap
- Code: BOO
- Blockchain: Fantom
- Token classification: FRC-20
- Contract: 0x841fad6eae12c286d1fd18d1d525dffa75c7effe
- Maximum Supply: 13,666,000
Token Allocation
20% of the initial Token supply includes:
The remaining 80% of supply includes:
- Airdrop Community: 7%
- Locked Developer Funds: 5%
- BOO Single Stake IFO: 4%
- IDO: 2%
- BOO Bonus: 2%
- LP Farm Rewards: 72.7%
- Developer Funds: 5.3%
- KNIFE BOO: 2%
Token Release
Of the 20% initial supply, 4%-IFO will be distributed over 12 weeks, 5% of the developer fund will pay off in 240 days.
The remaining 80% of the supply will be printed and paid according to the table below.
Token Use Case
- Governance: Participate in protocol governance using BOO Token. .
- Staking: Stake BOO on the platform to receive Reward.
- Reward: BOO is used to reward Liquidity Providers for participating in providing liquidity as well as Farming on the platform.
- Fee: The project revealed that in the future it may collect a portion of the protocol fees in BOO Tokens.
Exchanges
Currently, BOO is being traded on Cex exchanges such as Huobi, gate, Coinex, MEXC, Bitfinex. In addition, BOO is also traded on the protocol’s own Dex and Trader Joe’s exchanges.
SpookySwap’s Information Channel
- Website: https://spooky.fi/#/
- Twitter: https://twitter.com/spookyswap
- Medium: https://spookyswap.medium.com/
- Discord:
summary
SpookySwap is a very important and indispensable project for the Fantom ecosystem. Although the ecosystem does not have much prominence in this Downtrend season, with the recent return of Andre Cronje. Is a Co-Founder of Fantom and is a great contributor to the development of Defi as well as a voice in the market. Hopefully he will help the Fantom ecosystem grow strongly again.
So this article has introduced the most general overview of SpookySwap. Hope it brings you the most useful knowledge.