2021 is a year for blockchain ecosystems, especially new emerging ones with innovative technologies. Fantom is one of those high-speed blockchains that can alter the long-existing platforms, notably Ethereum. The blockchain platform also lifts the entire Dapp ecosystem built on top of it.
SpookySwap came to the Fantom ecosystem, having a strong edge in the DeFi lego. The article below will provide all the detailed information about SpookySwap, including:
- What is SpookySwap? How does it work?
- All the detailed information about Tokenomics and how to buy, store BOO tokens.
- Is SpookySwap (BOO) a good investment?
Let's get started!
What is SpookySwap?
SpookySwap is one of the first Decentralized Exchanges (DEXs) built on the Fantom Opera Network using an Automated Market-Making (AMM). In short, it allows users to swap without any intermediary. Furthermore, applying the Halloween theme, SpookySwap’s interface is so user-oriented that it brings a seamless experience to users.
SpookySwap emphasizes the BOO token as a governance token and diverse farms to motivate users to join this Fantom project to boost the platform’s popularity. Particularly, token traders on SpookySwap are charged a 0.2% fee (0.22% for limit order), a competitive advantage compared to other competitors.
Apart from swapping Fantom-based tokens, users can bridge tokens between Fantom and other major blockchains such as Ethereum, BNB, Cronos, OKEx, Polygon, Arbitrum, Avalanche, and Harmony.
How does SpookySwap work?
SpookySwap offers an easy way to swap one token for another via automated liquidity pools. Like other popular DEXs on different blockchains, the swapping rate is calculated by an AMM constant-product formula x*y=k.
On SpookySwap, when trading tokens, users are required to pay a 0.2% fee (0.22 for limit orders). Liquidity Providers earn 0.17% of that as BOO rewards, and 0.03% goes to xBOO holders. None of the trading fees go to any DAO treasury or development funds.
When providing Liquidity, you receive spLP (Spooky Liquidity Provider tokens) representing your share in the liquidity pool. For example, by depositing $BOO and $FTM tokens into a pool, users receive BOO-FTM spLP tokens in return.
To incentivize users, those spLP tokens can be staked in farms to earn BOO tokens. There are 18 farms available for staking spLP. Moreover, SpookySwap developed bridges that make tokens from Ethereum and BSC tradable on its platform.
What is BOO Token?
The BOO token is the tradable governance token of SpookySwap. In general, BOO tokens benefit holders when using the DeFi services of Spookyswap.
For example, BOO can be locked for xBOO tokens to earn 0.03% of the platform’s trading fees. Other use cases will be discussed later in this article.
Detailed information about BOO Token
BOO Price Today
Currently, you can track the price of BOO on Coin98 Markets.
Coin98 Markets is a website that helps users to get updates of the real-time prices, as well as view the detailed information of a Token Metric from any project. More specifically, you can access the home page or the community page of a project or filter the coins/tokens by Market Cap, Trading Volume, etc.
BOO Key Metrics
- Token Name: SpookySwap Token.
- Ticker: BOO.
- Blockchain: Fantom Opera.
- Token Standard: FRC-20.
- Contract: 0x841fad6eae12c286d1fd18d1d525dffa75c7effe.
- Token Type: Utility.
- Max Supply: 13,666,000 BOO.
- Circulating Supply: 4,433,545 BOO.
BOO Token Allocation
The BOO Token has a total max supply of 13,666,000 tokens distributed as follows:
The initial mint will be 20% of the Total Max Supply and will be distributed as follows:
Supply for Emissions
The rest, 80% of BOO tokens, will be distributed as follows:
2% of BOO tokens will be a catalyst for upcoming projects on Fantom. That means SpookySwap plays a supporting role in the Fantom ecosystem.
BOO Token Sale
IDO: The Initial Dex Offering will use 2% of the Total Max Supply of 273,320 BOO and $50,000 worth of FTM tokens, offering the initial price of BOO $0.18. The LP tokens received by the development team for making the initial pool will be time-locked for one year.
BOO Single Stake IFO: The Initial Farm Offering will use 4% of the Total Max Supply of 546,640 BOO. BOO holders staking their tokens in this pool will receive additional BOO tokens for 12 weeks.
BOO Token Release Schedule
After the initial mint, the remaining supply of 80% will be minted over three years, following the Emissions Schedule. The BOO minting speed is decreasing over time.
BOO Token Use Case
On the SpookySwap platform, users can take advantage of BOO tokens in multiple ways, including:
- Providing Liquidity in pools allows users to earn the swapping fees from the pairs.
- Farm: Farming is a popular feature on many DEXs. It is the place to stake spLP (Spooky Liquidity Pair Tokens) to earn BOO tokens. Those farms motivate users to provide liquidity to SpookySwap’s pools and help manage Impermanent Loss risk.
- The BOO token is the governance token of SpookySwap for voting on changes to the protocol. That feature contributes to making SpookySwap decentralized.
- By depositing BOO in the buyback BOO pool, you get xBOO in return as the share of your stake. xBOO is just like BOO, but you can stake xBOO to earn other tokens in the pool list.
- BOO tokens are also used to participate in IDO sales on FTMpad - the first IDO platform on Fantom Opera Chain. As a result, the BOO token is tied to FTMpad’s stake.
How to get BOO Token
BOO is now only available on SpookySwap. However, this article will introduce you to how to buy BOO using the Coin98 Wallet dApp browser.
How to store BOO Token
You can store, send, receive BOO Tokens on Coin98 Wallet with a few single steps. The guides on how to make transactions with BOO on Coin98 Wallet are as follows.
Step 1: Open Coin98 Wallet & click Receive on the home screen.
Step 2: Search BOO Token.
Step 3: Click on the correct result, copy the wallet address and send BOO to this address.
How to buy BOO Token
Step 1: Open the Coin98 Mobile Wallet. Select Browser and search SpookySwap.
Step 2: Click Swap to go to the trading interface.
Step 3: Select the trading pair, for example, FTM/BOO, then enter the trading amount.
Step 4: Check all the details and confirm the transaction to finish.
Roadmap & Updates
SpookySwap has planned a detailed roadmap based on suggestions and community feedback. The SpookySwap’s roadmap is described as follows:
Phase 1.0: Initial SpookySwap Launch with a few features.
- Liquidity Supplying.
- Initial UX Design Implementation.
- LP Farms, BOO single staking pools.
- Audit using Fantom's grant.
Phase 2.0: Full Featured DEX
- Full analytics for monitoring TVL and volume.
- Full Audit by Certik
- BOO single staking v2
Phase 3.0 - Q3 2021
- User dashboard/portfolio, limit orders
- Partnered Staking - Stake xBOO earn Partner token!
- Implement Anyswap V3 into Spooky Bridge - Polygon <> FTM, BSC <> FTM (stable coins) + bridge history
- CEX Listing.
- Deploying BOO To Ethereum.
Phase 4.0 - Q4 2021
- NFT platform.
- Secret DEX upgrade.
Phase ?? - The DAO
- Full on-chain governance with xBOO as the governance token.
- Masterchef ownership transferred to on-chain DAO which controls pool weights, BOO emissions, and new Farms.
Team, Investors, and Partners
SpookySwap has formed multiple profound partnerships with huge projects such as Alpha Finance, AnySwap, Yearn Finance, Beefy, etc. As a result, SpookySwap and other projects are gathering together to consolidate their competitive strength in one unity.
Is SpookySwap (BOO) a good investment?
Currently, SpookySwap is steadily advancing to accumulate as much TVL as possible. As a result, there are multiple less competitive projects on Fantom being dominated. Here are some key points from Coin98 Insights for investment considerations:
- The most notable thing here is that SpookySwap and SpiritSwap are comparatively similar. They are both following the Halloween theme, but SpiritSwap is far behind SpookySwap in terms of TVL. Understandably, this is a very competitive race; there are losers and winners.
- Being audited by Certik, SpookySwap gains trust from DeFi users. To emphasize, not every project is audited by major blockchain security companies, especially Certik.
- To compete with other DEXs, SpookySwap has an edge that is Single Stake Pools. That means you can stake BOO tokens to earn other tokens. Thus, the BOO token facilitates users to accumulate other tokens on Fantom Opera Chain.
- Users can bridge tokens from Ethereum or BSC to Fantom with the SpookySwap bridge. This bridging feature will bring more and more liquidity and users to SpookySwap.
- In May 2021, SpookySwap had a good start with TVL of over $90 million. Surprisingly, the ecosystem trend is happening on Fantom, which has a considerable impact on SpookySwap. It is attracting lots of attention, so SpookySwap’s TVL is rising seemingly unstoppable. This makes SpookySwap a promising project on Fantom
Currently, SpookySwap is skyrocketing in TVL. And as usual, whether it is worth investing or not, Do Your Own Research before buying and be responsible for your investment.
Besides SpiritSwap as another Halloween-themed project on Fantom, SpookySwap also has numerous gigantic competitors on other blockchain platforms such as:
- Pancakeswap: A decentralized exchange built on BSC for swapping BEP20 tokens.
- Uniswap: A DEX built on Ethereum and a leading unicorn in the DeFi world with a version 3 update.
- Sushiswap: A fork from Uniswap for the sake of the community’s benefit.
- 1inch Exchange: A DEX aggregator with smart routing.
As time goes on, SpookySwap is going to be a big fish in the Fantom ecosystem. To sum up, it has some valid points, such as similar technology to Uniswap, diversified products as SushiSwap, and has additional features on the Fantom Opera Chain, offering a significant opportunity to dethrone large DeFi projects. To conclude, SpookySwap is worth having a solid place in the DeFi world.
And that is all you need to know about SpookySwap and its BOO token. I hope you’ve gained useful insight to understand the future potential behind SpookySwap better.