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SpookySwap Finance’s native coin is the BOO token. Today, on 25 Oct 2022, BOO has had a trading volume of $300k in the past 24 hours.
BOO is used for a variety of features within the SpookySwap Finance ecosystem, such as staking, voting on changes to the platform, and purchasing NFTs. Even just purely holding BOO tokens allows you to earn more BOO.
Every blockchain tends to have its own native DEX so that the trading of the tokens on the blockchain won’t rely entirely on centralised exchanges, and users would have more flexibility while planning their trading strategies.
Fantom is not an exception - SpookySwap Finance is one of the DEXs on the Fantom blockchain with a relatively high daily trading volume.
SpookySwap was founded in April 2021 by Claire Dunlap and Sarah Cooke, along with a team of anonymous developers. SpookySwap’s governance token BOO was launched on April 25, 2021, through IDO, IFO, and airdrops to the AlchemixFinance and Alpha Finance Labs communities. These communities consist of holders, stakers, farmers, and other participants.
Along with the airdrops and fundraising methods mentioned, SpookySwap also focused on other methods of building a user base and bringing developers to the Fantom ecosystem.
These methods consisted of contests and international outreach on Twitter and BOO (Build On Opera) developer grants.
SpookySwap finance is an AMM (Automated Market Maker) responsible for creating liquidity in liquidity pools.
Similar to Uniswap’s AMM algorithms, SpookySwap automatically sets the token prices and correlates them to the number of available tokens in a liquidity pool.
For example, if a token’s supply in a pool decreases, the AMM increases the price of that token.
SpookySwap offers various DEX features to enhance the DeFi experience for traders.
SpookySwap is the largest DEX on the Fantom blockchain and offers many benefits to professional traders. Some of these benefits are:
SpookySwap bridges are “connectors” of SpookySwap Finance to other blockchains.
SpookySwap has integrated its own bridges to many significant blockchains, such as Ethereum, Binance Smart Chain, Arbitrum, Harmony, Cronos, Avalanche, and Polygon.
These bridges enable users to trade some tokens native to other blockchains and bring more liquidity and value to the entire Fantom blockchain.
When you swap on SpookySwap Finance, you pay a 0.2% trading fee, increasing to 0.22% for limit orders. Of them, 0.17% is returned to liquidity pools as a reward for liquidity providers, and 0.03% goes to the xBOO Stakers.
None of this fee goes to the treasury or developers’ fund like traditional DEXs. To start swapping, you only need a BOO-friendly wallet (like MetaMask) and less than 1 cent of FTM for gas.
SpookySwap Finance’s plans for 2022 have shifted from a roadmap to a quarterly priority list.
“This switch from Roadmap to Priority List allows us to better rapidly shift priorities based on the ever-growing crypto space.”
According to this priority list, SpookySwap’s plans are split into two main categories: Becoming the Home of DeFi, and NFT Innovation.
SpookySwap’s main goal is to provide a professional network with serious trading capabilities and create the best DEX for master investors.
SpookySwap already offers unique DeFi tools, such as portfolio tools, the expert trader page, and native limit orders. SpookySwap’s priorities for making their vision a reality are:
SpookySwap’s genesis NFT collection, which consists of 5000 Magicats NFTs, was minted and sold out in only five minutes.
Since Magicats is SpookySwap’s genesis series, holders will receive a free mint on all upcoming NFT collections. SpookySwap’s priorities for NFT Innovations are:
BOO is the governance and utility token of SpookySwap Finance. BOO gives its holders voting rights on changes to SpookySwap via the DAO and lets holders earn a share of the revenue.
Yes, a part of SpookySwap’s trading fees is used for rewarding BOO token holders with more BOO. Users can then stake BOO tokens in a specific pool and receive xBOO tokens representing their share of the pool.
Also, a part of the collected transaction fees is used for buying back BOO tokens. The tokens are added to the pool, increasing stakers’ shares. The xBOO tokens can be staked to earn even more tokens.
BOO has a max supply of 13,666,000 tokens, of which:
The developer funds are being vested, and it is estimated that the entire supply will be distributed to liquidity providers in three years. Here is the pie chart of BOO token distribution.
SpookySwap Finance has a market cap of $10 million and ranks #852 in market cap rankings. BOO token has a 26% liquidity score, meaning it’s a challenge to trade or sell during a bear market.
BOO has a maximum supply of 13 million, of which 73% is in circulation (9 million BOO). Below is the chart of BOO price and market cap performance throughout the past month.
BOO token’s two main use cases are staking and governance. Regarding governance rights, SpookySwap measures the voting rights of BOO tokens in a particular way.
Instead of counting each 1 BOO as one vote, its number of votes depends on where the tokens are held.
Stakers of BOO tokens receive xBOO tokens representing their amount of staked BOO.
xBOO is used for earning new tokens from affiliate projects with SpookySwap and can be staked to earn even more tokens. Here’s the step-by-step guide to how to do it:
You can purchase SpookySwap Finance’s BOO tokens from SpookySwap itself. Also, the BOO token is available on Huobi Global, Gate.io, TraderJoe, and MEXC exchanges.
Other Fantom-native exchanges like Tombswap and SpiritSwap have also listed this token.
Various wallets are compatible with SpookySwap, making it more convenient for you to store or trade BOO tokens. SpookySwap compatible wallets are MetaMask, MathWallet, Trust Wallet, CoinBase Wallet, WalletConnect, and TokenPocket.
SpookySwap Finance is the largest DEX on the Fantom blockchain by TVL. BOO is the utility and governance token of SpookySwap and can be used in various ways, such as staking or purchasing NFTs
SpookySwap offers unique DeFi features, such as SpookySwap bridges, which make it possible to swap tokens from blockchains other than Fantom.
Here is a list of FAQs about SpookySwap Finance with detailed answers.
You can invest in SpookySwap Finance by using the platform for trading or simply buying BOO tokens.
SpookySwap Finance was created by Claire Dunlap and Sarah Cooke. Dunlap is the co-Founder of Midsummer Scream and Cemetery Line, and Cooke is an Instagram influencer (@the_pumpkin_queen) and the owner of GOREnaments.
SpookySwap Finance is a safe ecosystem for the daily trading of crypto assets. In fact, most decentralised exchanges are safer than centralised ones since hackers can easily grab cash from a CEX, and it won’t be as easy in a DEX ecosystem.