SpookySwap is a fully anonymous, decentralized exchange (DEX) originally built on the Fantom network, designed for traders seeking speed, low transaction costs, and cross-chain flexibility. With its recent expansion to include Horizon EON and Bittorrent chains, SpookySwap has broadened its reach to more networks, aiming to deliver accessible decentralized finance (DeFi) services across chains.

What is SpookySwap?

SpookySwap is an automated market-making (AMM)-based, decentralized exchange on Fantom with Ethereum Virtual Machine (EVM) compatible networks. SpookySwap aims to provide all features in a single platform for Defi users, such as swapping, liquidity, bridging, farming and staking. Different from other Dex, it charges a lower fee and is hosted on IPFS to fulfill a decentralized commitment by offering several different official links in case one is down. Its governance token is BOO, which enables decentralized protocol oversight, and the platform features low fees, bridging for Ethereum, Binance Smart Chain, and more. With unique offerings like cross-chain bridges, NFT minting, and partnerships for xBOO rewards, SpookySwap provides diverse DeFi functions and remains a prominent DEX on Fantom.

SpookySwap Background

It was founded in 2021, and the team behind the SpookySwap is totally anonymous with no track record of any fund-raising. In an interview with the Fantom Foundation, SpookySwap uncovers that they have a solid knowledge team of popular AMMs on Binance Smart Chain and Ethereum work. They also reveal four members behind the team.

SpookySwap Products

SpookySwap offers various DeFi products on the Fantom network, including token swaps, liquidity pools, yield farming, staking (through xBOO), and cross-chain bridges.

Swap

Swap allows users to trade tokens for another via automated liquidity pools. Each swap charges 0.2% and 0.22% for limit orders. From this fee, 0.17% goes to liquidity pools as a reward for liquidity providers and 0.03% to xBOO Stakers. Providing liquidity allows users to earn these fees as rewards, offering a way to gain returns through trading activities on the platform. To swap tokens, the user must have a MetaMask wallet and some FTM coins for the gas fee.

Liquidity

Liquidity providers can earn 0.2% trading from pairs they have contributed. Users can choose any available pool to contribute to, and for that, they will receive liquidity tokens as proof of contribution. For example, if a user deposited $BOO and $FTM into a pool, they would receive BOO-FTM spLP tokens. These tokens represent a proportional share of the pooled assets. These LP tokens can then be staked at Farm to earn BOO tokens.

Liquidity Farm

Supporting tokens for liquidity farming

At liquidity farms, users can stake their LP tokens to earn BOO tokens that are earned from liquidity pools. The farming token can be anything depending on availability against FTM tokens. Currently, the pool supports over 20 token pairs against FTM tokens. If users have a token on a different chain, they can also bridge it for the FTM chain. To do liquidity farming:

• Users must find the pair they wish to farm and make the LP for that pair on the Liquidity Page. For example, farming BOO-FTM earning BOO.
• If this is the users first time staking in this pool on SpookySwap, the users will need approval from your wallet to begin the process. Click on “Approve.”
• Once that is done, click on the “Stake” button.
• Users will be shown a modal where they can specify how many LP tokens they wish to stake.
• After that, “Confirm” will then prompt users with the transaction necessary to stake the tokens in SpookySwap smart contracts.

Single Stake Pools

A single-stake pool is similar to liquidity farming but requires only one token to stake. To participate in this pool, users only need to stake BOO tokens in the pool and will receive xBOO tokens as proof. These xBOO tokens then users can stake in partner pools to earn other tokens. In simple words, stake BOO to receive xBOO, use xBOO to earn rewards in other tokens, provide liquidity in partner farms, and earn additional BOO tokens—then repeat. This cycle allows users to continually grow their holdings through staking, earning, and reinvesting within SpookySwap’s ecosystem.

xBOO

xBOO only users will receive after satking BOO tokens in Single Stake Pools. The xBOO continues earning BOO token rewards through the Buyback Pool, allowing users to benefit from multiple sources of yield within the platform. When users stake BOO in the buyback pool, they receive xBOO as a proof of deposit token, representing their share. The xBOO-to-BOO ratio, initially 1:1, increases over time due to buybacks, meaning xBOO gradually holds more BOO value. Users can do anything with xBOO, such as trade, vote, or stake; it also works on other protocols, just as BOO tokens work.

NFTs/Magicats

SpookySwap has its own official NFT collection related to SpookySwap’s mascot cat characters, Grim and Ace. These mascot cats are called Magicats, a set of 5000 NFTs utilizing over 125 unique art assets, and each NFT is totally unique assets that are not shared with other cats. This Magicat has an economic contribution to the community by distributing royalty. The royalty fee for selling Magicats is 5%, and as the community has voted, 50% of royalties from every Magicat’s sales on the market will go to buyback BOO (xBOO) and 50% goes to the DAO.

What are BOO Tokens?

SpookySwap (BOO) is a native token of the platform. Users can use tokens for governance votes, stake BOO for the buyback token, xBOO, plus using BOO as collateral on other protocols. Holding BOO tokens gives voting power in the community, which depends on users holding it. If one BOO in a single stake or resting in the user’s wallet gives 3 vote points and one BOO in liquidity pairs gives 5 vote points. Users can also stake BOO tokens to automatically earn more BOO and other protocol tokens.

The developer fund vesting schedule allocates the net 5% as follows: This gradual release supports a balanced distribution for long-term development.

• 10% Initial Allowance
• 22.5% after 60, 120, 180, and 240 days, respectively
• Initial BOO-wFTM LP tokens will fully vest over 360 days

BOO has a total maximum supply of 13.66 million and is currently circulating 9.39 million in the market.

SpookySwap Roadmap

The roadmap lays out the planned features for SpookySwap. These are all subject to change based on community feedback and governance discussions. Instead of fixed deadlines, SpookySwap follows a list of priorities.

Conclusion

SpookySwap is well-suited for Fantom network users, offering a wide array of Dex features designed for fast, low-fee transactions. However, users from other networks can also take advantage of SpookySwap’s ecosystem by using its token bridge function, allowing funds to be easily moved cross-chain.