SpookySwap – BOO
BOO!! It is always Halloween at SpookySwap! SpookySwap profiles itself as “The portal to DeFi” and allows you to: Swap, Farm, Stake, Bridge, Mint and Vote on its Halloween themed decentralized earn platform. Sounds complicated? don’t worry! We’ll elaborate these in the Use Case section, further down this report.
SpookySwap is more than just a Decentralized Exchange – DEX, its a Decentralized Finance – DeFi platform that gives users access to many different tools to make transactions, swap tokens, bridge tokens and earn a passive income.
SpookySwap offers users the following services:
SpookySwap is powered by the Fantom Opera – FTM blockchain.
SpookySwap is one of the first native yield farms and exchanges – DEX, built on the Fantom Opera Network. It uses a Automated Market-Making – AMM that makes it possible to trade without permission of a central authority and automatically uses liquidity pools provided by liquidity providers (LP’s).
This review of SpookySwap – BOO was created for informational purposes. This article is not intended for promotion.
According to an interview on the Fantom Blog post, that was published on The Fantom Foundation’s Twitter page, The team consists out of a couple anonymous developers. The team consists out of; Eerie, founder and with a background in Computer Science, ooGwei also with a background in computer science, No. 4 Type C who does the UX/Graphic Design for SpookySwap. And others such as Patchwork, Shrimpy.
We notice that not a lot info about the founders and team can be found online or on the SpookySwap website.
SpookySwap shares a Priority List where they display ongoing, upcoming achieved milestones. This list replaces the standard Roadmap that we are used to.
Yet, this list can change when the community provides feedback or discusses the protocol’s governance.
Statements out of SpookySwap’s priority list:
For more info about these adjustments, make sure to read SpookySwap’s Priority List.
For more information about how the SpookySwap protocol works, please refer to the official whitepaper.
SpookySwap’s native ‘BOO‘ tokens allow you to stake and swap tokens through its Decentralized Exchange – DEX .
Trade at market price, or set a price for a limit order.
‘BOO’ also serves as a governance token, meaning users can use their BOO tokens to vote on new developments within SpookySwap’s protocol.
As previously mentioned, the DEX application on SpookySwap makes it possible to swap crypto for other crypto. This will happen in the marketplace where transactions happen directly with Automated Market Makers, without the interference of a central entity.
Nowadays we are spoiled with the quantity of DEXs that are thrown at us.
|SpookySwap’s DEX allows users to swap one cryptocurrency into another in a decentralized and direct way.
Most liquid tokens are:
Bridging tokens basically means, making a cross-chain digital crypto transaction. It forms a connection – a bridge – between different blockchains so they are transferable.
For example, you can use Fantom – FTM tokens to spend on a transaction to Ethereum. Since the December 2021 update, SpookySwap supports the bridging of FTM tokens to and from the Binance Smart Chain.
|SpookySwap’s Bridge allows users to bridge tokens and exchange them from one blockchain token to another.
What blockchains are supported by SpookySwap:
By Yield Farming you supply liquidity to a DeFi protocol to gain high returns or rewards. You will earn for lending your tokens as you get rewarded with additional crypto that is offered in the different farms.
|SpookySwap’s Farming currently offers an Annual Percentage Rate – APR of around 40% when you lend your FTM tokens and choose to get rewarded in BOO tokens.
Other farms yield a lower APR as referred to in the image on the left.
To view the complete list of the other yield farming token pairings we refer to SpookySwap Farms.
Stake your BOO tokens on SpookySwap in one of the staking pools to earn more tokens.
Trading fees for staking BOO are used by SpookySwap to buy back BOO tokens.
This way, the xBOO to BOO ratio will supposedly increase over time.
Magicats are SpookySwap’s official NFTs and they are limited to 5000 pieces.
NFTs (Non Fungible Tokens) are digital assets stored on the blockchain. They can represent objects like art, music, in-game items and more. NFTs provide full ownership and can be traded on NFT marketplaces.
Users can vote with their BOO tokens on new proposals regarding the further development of SpookySwap.
To view its proposals, please refer to SpookySwap’s voting page.
The initial mint of BOO tokens will be 20% of the maximum supply.
SpookySwap’s BOO token is a governance token and in the future it will collect a portion of protocol fees:
Striped parts of the chart, represents the supply to be minted over 3 years through Farms. Non-striped colored slices of the chart represent initial supply that will be minted by the team and allocated accordingly.
For a more in-depth view, please refer to SpookySwap’s Token and Supply Breakdown.
Or you can use the official SpookySwap DEX to swap supported tokens to BOO.
We think that SpookySwap, as a native DEX on the Fantom ecosystem, can become very popular. It has diversified products and a lot of features needed for giving the optimal user experience.
Also the recently NFT products: ‘Magicats NFTs’ makes SpookySwap all-rounded in all area’s of blockchain use-case. SpookySwap’s Halloween theme also adds ligh heartedness to the users experience.
Next to earning passive income with yield farming and staking, it also has a feature that allows you to bridge tokens from one blockchain to another, and hereby making cross-chain transactions possible.
Disclaimer: Trading and investing in cryptocurrencies (also called digital or virtual currencies, altcoins) involves a substantial risk of loss and is not suitable for every investor. You are solely responsible for the risk and financial resources you use to trade crypto. The content on this website is primarily for informational purposes and does not constitute financial advice.