SpookySwap is the largest DEX on the Fantom blockchain platform in terms of total value locked. SpookySwap has become the go-to place for new projects that are coming on Fantom blockchain. But you may be wondering what makes SpookySwap so unique. Follow me to see for yourself!
Blockchains need a decentralised exchange (DEX), so the trading of their native tokens won’t entirely rely on centralised exchanges. Many DeFi applications can be built on top of DEXs that are cores of any DeFi platform. Every smart contract blockchain has its signature DEX: Ethereum’s Uniswap, Binance Smart Chain’s PancakeSwap, Cosmos’ Osmosis DEX, and Fantom has SpookySwap!
SpookySwap DEX works with an AMM (Automated Market Maker), which provides liquidity in liquidity pools. Similar to Uniswap's algorithm, the prices are automatically set and are based on the number of available tokens in a liquidity pool. SpookySwap is unique because it offers limited orders; you can place a buy order for a wanted price, and it will only be executed when or if your desired price is reached. It means you won't pay any fees until your order is executed. This feature makes trading much more flexible and enables traders to plan ahead of time.
A part of the trading fees is used to reward the holders with the native governance token of the platform, BOO. Users can stake BOO tokens in a special pool and receive xBOO tokens, representing their share of the pool. A part of the collected fees is also used to buy back BOO tokens which are then added to the pool, making stakers’ shares grow even more. The xBOO tokens can also be used to earn even more tokens. Some new projects on Fantom can choose to distribute their new tokens on SpookySwap. This distribution creates room for developers to set up pools to stake xBOO and earn new tokens while still making more BOO.
SpookySwap 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.
BOO is the native governance and utility token of SpookySwap. BOO token gives holders voting rights on changes to the platform via the DAO. Learn all about DAO here. It also lets holders earn a share of the revenue by using part of the trading fees for buybacks of BOO tokens that are then distributed to stakers of BOO. It incentivises token holders to use their voting rights wisely because the Annual Percentage Yield (APY) users earn by staking BOO increases if the DEX is used more. xBOO is the token distributed to BOO stakers which can be used to earn new tokens from partnered projects.
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. Every BOO token in your wallet or staked in the xBOO pool has three votes, and every BOO held inside a liquidity pool of the DEX has five votes. This feature enables and encourages the holders to participate in the governance of the DAO while also providing liquidity to the DEX.
BOO has a max supply of 13,666,000 tokens. Of this max supply:
The developer funds are being vested, and it is estimated that the entire supply will be distributed to liquidity providers in three years. BOO token has a market cap of $151 million, which sits at rank 326 of the market cap. BOO has a maximum supply of 13 million, of which 62% is in circulation. Its popularity has grown over the past six months, having a 479% growth in its Twitter account followers.
Token swaps on SpookySwap are a way to trade one token for another via automated liquidity pools, just like other DEXs. On Spooky, you can trade at market price or set a specific price for a limited order that can be triggered 24/7!
When you swap on SpookySwap exchange, you pay a 0.2% trading fee which increases 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 MetaMask wallet and less than 1 cent of FTM for gas.
There aren't many centralised exchanges that list BOO, but BOO is available on MEXC. However, you can buy it on the SpookySwap itself with FTM tokens. You can also get your tokens with TrustWallet or MetaMask, the leading platform to interact with the DEX.
The SpookySwap DEX is the Fantom dApp with the most transactions and possibly will remain on the top for a long time. It provides services that were previously absent to Fantom and provides users with many ways of yield farming and earning more crypto. You can check out Cryptologi.st for the latest news and project reviews, so you can hunt down gems and quality projects before they pump!
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