đpookySwap | đxchange
SpookySwap is a decentralized exchange that uses liquidity pools (LPs) to make markets instead of a typical order book. These pools are defined by smart contracts that facilitate the swapping of token
Last updated
SpookySwap is a decentralized exchange that uses liquidity pools (LPs) to make markets instead of a typical order book. These pools are defined by smart contracts that facilitate the swapping of token
Last updated
What is SpookySwap? SpookySwap is an automated market-making (AMM) decentralized exchange (DEX) on the Fantom Network (FTM). It allows Fantom wallet holders to swap one token for another. SpookySwapâs swap fee is 0.20%. Swaps are enabled by liquidity providers who provide pairs of equally valued tokens such as USDC/FTM and FTM/BTC. Liquidity providers deposit paired tokens because they get 0.17% of the swap fee of 0.20% as well as BOO emissions (SpookySwap governance token). The project was launched in April 2021. The majority, but not all pairs are FTM paired with another token. What is the BOO Token? BOO is the governance token of Spookyswap. It can be exchanged for xBoo which receives 0.03% of the trading fees of SpookySwap. The project is just getting started. As of yet, there has not been much discussion of community governance, but it is mentioned in the roadmap. BOO has a maximum supply of 13,666,000. 20% of the max supply was initially minted. The initial distribution was the following: 2% of the max supply was sold for $50,000 of FTM at a price of $0.18. This supply is timelocked for 365 days. The Initial Farm Offering of 4% is being distributed over 12 weeks. 10% of the 5% supply of dev funds vested immediately. 22.5% of the remainder vests every 60 days. What are BOOâs tokenomics? After the initial 20% mint, the remaining 80% of BOO will be distributed over 3 years. The majority of the total supply (72.7%) will go to liquidity providers as farm awards 3.3% of total supply will go to developer funds and 2.0% will go to monthly grants. BOO emissions decline monthly. For instance, in April 2021, 1,157 boo is emitted per hour while in April 2024, hourly boo emissions will decline to 128. You can see the BOO emission schedule below. Who are the SpookySwap devs? As of June 2021, the team currently has 5 full time members. The two developers are ooGwei and EerieEight. No.4 Type.C works on UX/UI. Patchwork is the community manager and Shrooooooooooooompy makes art. Who are SpookySwapâs competitors? SpookySwapâs biggest competitor is SpiritSwap, another DEX on Fantom. Besides liquidity and market cap, the main difference between the two projects are fees. SpiritSwapâs swap fee is 0.30% of which 0.05% of the total fee goes to token holders. SpookySwap on the other hand, charges a 0.20% fee of which 0.03% is used to buy back BOO. Other AMM/DEX competitors on other blockchains include Uniswap, PancakeSwap, Sushiswap and Raydium. You can also buy tokens on exchanges such as Binance, Coinbase and FTX. Is SpookySwap safe? SpookySwap was audited by Certik in June 2021. No serious issues were discovered. You can find Certikâs report here Exploits and rug pools are a risk with all crypto projects. At current, dexes have been less likely to be exploited compared to lending and investing tools. You can learn about the index funds QQQ and VUG here.
