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How To Use SpookySwap: A Step-By-Step Guide

18/09/21
07:50
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In this article, Coin98 will guide you on how to use SpookySwap with all features: swap, add liquidity and farming. Find out here!

Nowadays, there are numerous AMM DEXs on various blockchain platforms; Some top-ranked DEXs in TVL are Uniswap, SushiSwap, PancakeSwap, and Curve Finance. On the other hand, small projects are emerging to catch the cash flow. Recently, SpookySwap running on Fantom has been an upheaval phenomenon when its TVL has been exponentially increasing.

SpookySwap's TVL

SpookySwap Overview

SpookySwap is one of the first Decentralized Exchanges (DEXs) running on Fantom using an Automated Market-Making (AMM) protocol. It allows users to trade tokens without any intermediary. Furthermore, following the Halloween theme, SpookySwap’s interface is user-oriented, bringing seamless experiences to users.

When trading on SpookySwap, users are charged with 0.2% fees (0.22% for limit orders). On the other hand, SpookySwap provides Liquidity Pools and Farms for token holders to generate more profits. 

They also have xBOO as the governance token representing the share of the stake pool. xBOO tokens are mostly used to earn other tokens in the pool list and BOO tokens.

In addition, SpookySwap developed the Ethereum bridge and the BSC bridge to convert various tokens to Fantom Opera without any extra fee.

SpookySwap's Products

Preparation for trading on SpookySwap

 SpookySwap is now available on the Coin98 Supper App for both iOS and Android users: 

Read the detailed instructions about how to use Coin98 Super App  or watch the tutorial video to install the Coin98 Supper App

Download and install Coin98 Extension

You access chrome.coin98.com to install Coin98 Extension Wallet.

How to install the Coin98 Extension on Google Chrome

For instructions on installing and using the Coin98 Extension, you can refer to this guide here.

Create a Fantom Wallet on Coin98 Super App

Users can create an FRC20 wallet or import an existing wallet from another platform into the Coin98 Wallet. 

Since SpookySwap is built on the Fantom Opera Chain, users need to create or import Fantom Wallet to use SpookySwap’s services. 

Remember to transfer FTM tokens to the FRC20 wallet before trading. 

Preparing FTM for the gas fee

Because SpookySwap is running on the Fantom Opera Chain, so it uses FTM for gas fees. Therefore, to trade on SpookySwap, users must have FTM in their FRC20 wallets.  You can buy FTM on CEXs such as Binance and Coinbase then send it to Coin98 Super App.

Alternatively, you can receive free FTM tokens by joining Fantom Official Discord

  • Verify.
  • Send "!faucet" in the #faucet channel.
  • Send "!withdraw yourwalletaddress" to Fantom Tip Bot in a direct message. This starts your withdrawal process. For example, "!withdraw 0x848d47d6a68fc0ce61e234257fa7024c59d331dc". 
  • You can find the "FantomTip" bot through search or on the right side of the screen under bots.
  • FantomTip will then send a message notifying your withdrawal progress and it will take a little time.
How to receive free FTM tokens

When you swap on the platform, you will have to pay a 0.2% trading fee (0.22% for limit orders), 0.17% of which goes to Liquidity Providers as rewards, and 0.03% goes to xBOO holders.

How to Trade with SpookySwap natively on Coin98 Super App

Step 1: On the home page of Coin98 Super App, click Swap.

Step 2: Select SpookySwap.

Step 3: Click the settings icon at the top right corner of the screen and choose between 2 interface options: the Basic UI and the Pro UI.

 Users can also adjust the gas fee and slippage in this section.

  • Slippage Tolerance: This is one of the most common reasons for swap failure. You can trade with the default slippage rate on the wallet (2%), or customize it higher to ensure the highest success rate.
  • Transaction Deadline: the maximum transaction time that you can specify to avoid the case of long waiting time without any matching orders.
  • Unlimited Approval: a feature that enables users to grant platforms and smart contracts the permission to spend tokens/ coins on your behalf without limit.
  • Default Pair: the default tokens for each trading pair.

The default gas fee on Coin98 Super App has been set for the highest speed with the most reasonable cost.

The arrow in the middle of the trading interface is used to switch between the buying and selling positions. Users need to check the tokens’ positions carefully before making any transactions.

Users must fill in the following information to complete the transaction:

  • Select the wallet containing the token/coin that you want to trade.
  • Choose the trading pair from the list: For example, BOO and FTM. Users can choose other tokens as preferred.
  • For those tokens that haven’t been listed on Coin98 Super App, users can trade using their contract addresses.

Step 4: Slide the bar to adjust the trading amount. Carefully read the information before deciding to trade:

  • Rate & Inverse rate: The price ratio of the 2 tokens.
  • Price impact: Estimated % difference in price when swap compared to the displayed price.
  • Liquidity Provider Fee: the number of fees that will be used to pay the liquidity providers fees.
  • Gwei bar: a feature that allows users to adjust the amount of Gas fee (transaction fee) according to their needs by sliding the bar.
  • Share URL: Share trading pair via URL.

Step 5: Select Swap → Check your information carefully, then click Swap to finish.

After swapping successfully, users can access the Trade History from the swapping interface to view their transactions or go back to the home screen to check the traded tokens if needed.

Important note: In addition to the network fee and the fee for LP, Coin98 Native Swap will charge a fee of 0.8% on the token swap for each transaction. This fee will be used for buying back C98 and supporting the continuous development of making Coin98 better in the future.

How to use SpookySwap with Coin98 Extension

Connecting the Coin98 Extension Wallet to SpookySwap

This is the SpookySwap exchange's interface for users. However, if you have had experience with other DEXs like Bancor Network, it will be much faster to get used to the SpookySwap platform.

Step 1: Go to SpookySwap: spookyswap. finance

Step 2: Click Connect wallet on the top right corner of the screen. 

Step 3: Click Metamask to connect to Metamask or the Coin98 Extension Wallet; the Coin98 Extension Wallet will be used in this tutorial.

Enter the password to log in to the Coin98 Extension Wallet; then click Connect and start trading. 

Open the Coin98 Extension Wallet, click Web3 Priority to switch between blockchains (in this case, we will use Fantom Opera Chain).

If your Portfolio is displayed, you’re ready to use SpookySwap’s products.

Trade

Step 1: Click Swap at the top panel, and you can choose between Market Order or Limit Order.

Step 2:  Choose a token pair to trade; in this case, FTM tokens will be converted to BOO. Then insert the trading amount.

Step 3: Double-check the information and click Swap to conduct the transaction.

Step 4: You can adjust the Tx fee by sliding the gas bar, then click Confirm on the pop-up window of the Coin98 Extension Wallet to approve the transaction.

Add liquidity 

When providing Liquidity into SpookySwap’s pools, users earn 0.17% of the trading fee. Furthermore, Liquidity Providers will receive spLP tokens (Spooky Liquidity Pair tokens) representing the proportional share of the pool.

For example, if you deposit FTM and BOO tokens into a pool, you will receive FTM-BOO spLP tokens. These spLP tokens can be staked in farms to earn more BOO; Farm will be introduced following this section.

To start adding liquidity, follow these steps:

Step 1: Click Liquidity and enter the providing amount.

Step 2: It is required to supply the equal value of both tokens. In this case, FTM and BOO tokens are provided.

Step 3: Click Supply after checking your information. Then click Confirm on the pop-up window of the Coin98 Extension Wallet to approve the transaction. 

To check the provided liquidity, click My Potions.

Liquidity Farming

As mentioned above, Farms are the place where you can stake spLP tokens (Spooky Liquidity Pair tokens). They aim to incentivize users to provide liquidity and help offset Impermanent Loss risk.

To start farming, follow these steps:

Step 1: Click Farm and select the preferred farm.

Step 2: Click Stake to start staking your LP tokens.

Step 3: Insert the number of tokens you want to farm. Then click Confirm.

Click Confirm on the pop-up window of the Coin98 Extension Wallet to approve the transaction. 

Click Harvest to claim the farming rewards.

How to use SpookySwap on the Coin98's dApp browser

Open the Coin98 Mobile Wallet. Select Browser and search SpookySwap.

Step 1: At SpookySwap’s main interface, please click Connect Wallet to a wallet at the top right corner of the screen.

Step 2: Select Metamask from the list.

If the Portfolio is displayed, you’ve successfully connected to the SpookySwap and are ready to trade.

If you want to change your wallet, tap on the Wallet Name in the lower right corner of the screen → Select the appropriate wallet/network.

Swap

Step 1: Click Swap at the menu panel, and you can choose between Market Order or Limit Order.

Step 2:  Choose a token pair to trade, to illustrate, FTM tokens will be converted to BOO. Then insert the trading amount.

Step 3: Double-check the information and click Swap to conduct the transaction.

Step 4: You can adjust the Tx fee by sliding the gas bar, then click Confirm on the pop-up window of the Coin98 Extension Wallet to approve the transaction.

Add liquidity 

Step 1: Click Liquidity and enter the providing amount.

Step 2: It is required to supply the equal value of both tokens. In this case, FTM and BOO tokens are provided.

Step 3: Click Supply after checking your information. Then click Send to approve the transaction.

To check the provided liquidity, click My Potions.

Liquidity Farming

Step 1: Click Farm and select the preferred farm. Choose Stake.

Step 2: Insert the number of LP token you want to start staking, then click Confirm.

Step 3: Click Send on the pop-up window to approve the transaction. 

Click Harvest to claim the farming rewards.

FAQ about SpookySwap

What are bridges from Ethereum and BSC to Fantom?

SpookySwap’s bridges allow transferring tokens from Ethereum, BNB Chain,... to Fantom and vice versa.

How much is the FTM gas fee on SpookySwap?

In addition to trading fees, users need to pay some FTM for gas fees, usually less than 1 cent.

Where can I check the Analytics of SpookySwap?

Users can check the Analytics of SpookySwap right at info.spookyswap.finance/home

Where to buy BOO tokens?

BOO tokens are only available on SpookySwap.

What is Impermanent Loss (IL)?

Impermanent Loss, IL, in short, is one of the risks you take on for being a liquidity provider and is a result of how AMMs function. IL occurs when the price of tokens in the liquidity pool diverges in any direction. The more divergence, the more significant the Impermanent Loss.

Conclusion

Awesome! You have finished the step-by-step tutorial on how to use SpookySwap. Hopefully, you are now ready to trade on SpookySwap and explore more of its features easily.

If there are any questions, please feel free to comment here or join Coin98 Community for further discussions about Crypto.

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