SpookySwap is one of the first Decentralized Exchanges (DEXs) built on the Fantom Opera Network using an Automated Market-Making (AMM). In short, it allows users to swap without any intermediary. Furthermore, applying the Halloween theme, SpookySwap’s interface is so user-oriented that it brings a seamless experience to users.
SpookySwap emphasizes the BOO token as a governance token and diverse farms to motivate users to join this Fantom project to boost the platform’s popularity. Particularly, token traders on SpookySwap are charged a 0.2% fee (0.22% for limit order), a competitive advantage compared to other competitors.
SpookySwap offers an easy way to swap one token for another via automated liquidity pools. Like other popular DEXs on different blockchains, the swapping rate is calculated by an AMM constant-product formula x*y=k.
On SpookySwap, when trading tokens, users are required to pay a 0.2% fee (0.22 for limit orders). Liquidity Providers earn 0.17% of that as BOO rewards, and 0.03% goes to xBOO holders. None of the trading fees go to any DAO treasury or development funds.
When providing Liquidity, you receive spLP (Spooky Liquidity Provider tokens) representing your share in the liquidity pool. For example, by depositing $BOO and $FTM tokens into a pool, users receive BOO-FTM spLP tokens in return.
To incentivize users, those spLP tokens can be staked in farms to earn BOO tokens. There are 18 farms available for staking spLP. Moreover, SpookySwap developed bridges that make tokens from Ethereum and BSC tradable on its platform.
SpookySwap has planned a detailed roadmap based on suggestions and community feedback. The SpookySwap’s roadmap is described as follows:
- Liquidity Supplying.
- Initial UX Design Implementation.
- LP Farms, BOO single staking pools.
- Audit using Fantom's grant.
- Full analytics for monitoring TVL and volume.
- Full Audit by Certik
- BOO single staking v2
- User dashboard/portfolio, limit orders
- Partnered Staking - Stake xBOO earn Partner token!
- Implement Anyswap V3 into Spooky Bridge - Polygon <> FTM, BSC <> FTM (stable coins) + bridge history
- CEX Listing.
- Deploying BOO To Ethereum.
- NFT platform.
- Secret DEX upgrade.
- Full on-chain governance with xBOO as the governance token.
- Masterchef ownership transferred to on-chain DAO which controls pool weights, BOO emissions, and new Farms.
SpookySwap has formed multiple profound partnerships with huge projects such as Alpha Finance, AnySwap, Yearn Finance, Beefy, etc. As a result, SpookySwap and other projects are gathering together to consolidate their competitive strength in one unity.
As time goes on, SpookySwap is going to be a big fish in the Fantom ecosystem. To sum up, it has some valid points, such as similar technology to Uniswap, diversified products as SushiSwap, and has additional features on the Fantom Opera Chain, offering a significant opportunity to dethrone large DeFi projects. To conclude, SpookySwap is worth having a solid place in the DeFi world.
And that is all you need to know about SpookySwap and its BOO token. I hope you’ve gained useful insight to understand the future potential behind SpookySwap better.
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