SpookySwap – BOO

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SpookySwap – BOO

7 minutes

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.

What is SpookySwap – BOO?

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:

  1. Bridge – Transfer assets from one blockchain to another blockchain.
  2. Swap – Swap crypto into other crypto.
  3. Farm Lend your crypto to earn rewards through transaction fees or interest.
  4. Stake – Set your crypto available by monetizing your crypto holdings and earn interest.
  5. Mint – Create new crypto by creating new blocks on the blockchain.
  6. Vote Share your vote for future changes and development in the SpookySwap’s protocol.  

 

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.

General info about SpookySwap – BOO

Team

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.

Partners

SpookySwap has established partnerships with several DeFi and DEX projects, including: Popsicle Finance, AnySwap, Beefy Finance, Yearn Finance and Alpha Finance.

Roadmap

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:

  • SpookySwap V2 (DEX upgrade).
  • Expert Trader V2 (implementation of a watchlist, ‘infinite swap’ and more).
  • Magicats NFT holders will have the possibility to stake their NFT(s) to earn.
  • A new NFT platform will rise (not an NFT Marketplace).

 

For more info about these adjustments, make sure to read SpookySwap’s Priority List.

Whitepaper

For more information about how the SpookySwap protocol works, please refer to the official whitepaper

Use case of SpookySwap – BOO

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.

Token Swap on SpookySwap’s DEX

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:

USDC & DAI (stablecoins)
Fantom – FTM
Aave – AAVE
Chainlink – LINK
SUSHI & JOE (DEX’s)
Binance Coin – BNB

Bridge tokens on SpookySwap

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:

Binance Smart Chain – BSC
Ethereum – ETH
Fantom – FTM
Polygon – MATIC
Avalanche – AVAX
Harmony – ONE
Crypto.com  – CRO
Arbitrum One
OEC

Farm tokens on 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 tokens on SpookySwap

Stake your BOO tokens on SpookySwap in one of the staking pools to earn more tokens.

How can I stake BOO tokens on SpookySwap?

  1. Buy BOO tokens on a crypto exchange.
  2. Deposit BOO tokens on SpookySwap.
    You’ll receive xBOO tokens to mirror your share of the stake pool. Keep in mind that xBOO serves as a receipt that is needed to claim your rewards.
  1. Stake your xBOO tokens in one of the offered stake pools and earn tokens of your choice.
    Examples of rewarded tokens: TUSD, FONT, ALPACA,

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.

 

 

Mint NFTs on SpookySwap

Magicats are SpookySwap’s official NFTs and they are limited to 5000 pieces. 

  • Owning Magicats makes you eligible to earn more on SpookySwap.
  • SpookySwap states that all 5000 Magicats NFTs were sold within 5 minutes.

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.

Vote with tokens on SpookySwap

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.

Tokenomics & Distribution

  • Circulating Supply: 9.039.752
  • Total Supply: 5.739.882
  • Max Supply: 13.666.000

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.

Where to buy and sell SpookySwap – BOO?

Or you can use the official SpookySwap DEX to swap supported tokens to BOO.

What do we think about SpookySwap – 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. 

SpookySwap – BOO conclusion

SpookySwap is built on the Fantom network and it is mostly known for its DEX application that allows swapping tokens but it’s much more than that, offering a variety of DeFi features.

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.

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