SpookySwap app review

SpookySwap

SpookySwap app review

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Open Dapp

Basic info

  • Token BOO
  • Audited yes
  • DAO yes
  • Yield farming yes
  • Team private
  • Hacks no

Audits

Auditors:

Certik

Certik

Token profile

Price Market cap.

Yolanta Chomag

Last updated: Nov 22, 2022

What is SpookySwap

SpookySwap is an automated market-making (AMM) decentralized exchange (DEX) built on the Fantom network. 

The project offers tokens swap, yield farming, staking opportunities, liquidity pools, and NFTs. It supports a cross-chain bridge to transfer tokens to and from the Fantom network to the Ethereum, BNB, Polygon, Avalanche, and Arbitrum networks. 

SpookySwap was launched in April 2021 with the support of Fantom Foundation. 

How does SpookySwap work

One of SpookySwap’s distinctive features is that besides market trading, it allows users to set limit orders. Apart from swapping, the platform allows bridging tokens — moving them from one chain to another. The full list of supported tokens for bridging can be found in the project documentation.

Spookyswap supports liquidity pools, where users can deposit their tokens to earn 0.2% swapping fees and receive liquidity pool (LP) tokens. The platform also offers farm pools for staking LP tokens.

BOO holders can stake their tokens on the platform to earn xBOO, representing their share in the pool. They can further stake xBOO to earn other tokens.

How to use SpookySwap

To use the SpookySwap app users need to have a wallet supported by it and bridge their assets to the Fantom network, which can be done through the SpookySwap bridge. Currently, the SpookySwap wallet support includes MetaMask, Coinbase WAllet, Trust Wallet, MathWallet, TokenPocket, and all wallets utilizing the WalletConnect Protocol. 

When using the platform, users are subject to a 0.2% trading fee SpookySwap collects from each trade (swap). For limit orders, the fee is 0.22%. Unlike many similar projects, none of the fees SpookySwap collects go to its treasury or a developer fund, 0.17% of the 0.2% fee is returned to liquidity pools and distributed to liquidity providers depending on their share of the pool, while the remaining 0.03% goes to xBOO stakers. 

The BOO token

BOO is a governance token with a total maximum supply of 13,666,000 BOO. The token holders can vote on changes regarding the development of SpookySwap.

The initial mint of 20% was distributed as follows: community airdrops 7%, locked developer funds 5%, BOO single-stake IFO (Initial Farm Offering) 4%, IDO 2%, and new BOO bonus 2%. The larger portion of the remaining supply (72.7%) will be spent on LP farm rewards. The rest will be distributed among developer funds and DAO BOO, 5.3% and 2% respectively. The initial BOO price during the IDO was $0.18 per token. 

On the SpooklySwap platform, BOO tokens can be used for staking, farming, and providing liquidity to the pools. 

Is SpookySwap safe

The SpookySwap team prefers to stay anonymous. There are four members in the team and only their nicknames are known: computer scientists Eerie (founder) and ooGwei, UX/graphic designer No. 4 Type C, business director Patchwork, and artist Shrimpy. The team members used to be Fantom Opera investors and then started developing for Fantom. SpookySwap audits can be found in the protocol dashboard on this webpage.

Partners

SpookySwap hosts liquidity pools for various projects in the Fantom Opera ecosystem. So far, they have formed partnerships with a premiere project launchpad Fantom Oasis, decentralized payment solution Retreeb, and an open-source and non-custodial stable protocol Mai Finance.

What’s next

Currently, the SpookySwap team is working on regular partnered staking pools and farms, farm adjustments based on performance, token whitelistings, and website bug fixes and updates.

The major SpookySwap roadmap goals are the launch of SpookySwap V2 aka Secret DEX upgrade, Expert Trader V2 - a program including token watchlists, market orders in orders page, and infinite swap/liquidity history.

Another part of the SpookySwap roadmap named “exploring” mentions the development of an NFT platform, among other goals, however, the only description given is that it would be a brand new concept, “totally new to Fantom (Not a marketplace)”.

Links

https://vote.spooky.fi/#/ 

https://docs.spooky.fi/ 

 

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