Spookyswap
SpookySwap is a Fantom Opera network automated market-making (Automated Market Maker) Decentralized Exchange (DEX).[2]
Overview
The SpookySwap is different from other DEXs. It is designed in building a strong foundation with the BOO token as a governance token, diverse farms, a built-in bridge, built-in limit orders, and user-centered service.[3]
Spooky utilizes the Fantom network to deliver top speed, security, and scalable transactions. SpookySwap stresses the BOO token as a governance token and a variety of farms to entice users to join this Fantom project and help it grow.[4]
Token traders on SpookySwap, in particular, are charged a 0.2 percent commission (0.22 percent for limit orders), giving them a competitive advantage over their competitors. [1]
BOO Token
The BOO token is SpookySwap's tradable governance token. When using Spookyswap's DeFi services, BOO tokens benefit holders in general. 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.
- BOO token is the governance token of SpookySwap for voting on changes to the protocol. That feature contributes to making SpookySwap decentralized.[5]
- By depositing BOO in the buyback BOO pool, users get xBOO in return as the share of their stake.[6]
- BOO tokens are also used to participate in IDO sales on FTMpad - the first IDO platform on Fantom Opera Chain
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.
Partners
SpookySwap has forged deep alliances with major initiatives like as Alpha Finance (ALPHA), AnySwap, Yearn Finance Network (YFN), Beefy, and others. As a result, SpookySwap and other projects are banding together to strengthen their competitive position.
