How SpookySwap Works

SpookySwap is a decentralized exchange (DEX) automated market making (AMM) for the Fantom Opera network. Unlike other DEXs, they have invested in building a solid foundation with our BOO token as a governance token, diverse farms, a built-in bridge, built-in limit orders, and a user-centric service.

Spookyswap has become the most widely used decentralized Exchange on the Fantom network, and received support from the Fantom foundation, making it a project partly backed by the network itself, which adds a lot of security.

With the start of platforms on the Fantom network we could see two decentralized exchanges very much on par with similar daily volume and TVL or total value locked within the platforms also similar. Although over the months, Spookyswap has been gaining traction and achieving higher transaction volume and TVL on its platform. It is now Fantom’s leading exchange. This has been due to its development and its good approach to the BOO platform’s native token, which later we will see the different utilities it has.

If you have used other networks, spookyswap is very similar to pancakeswap or uniswap.

Getting started on Fantom

Being a less used network, as ethereum network can be, let’s see how you can configure the network in metamask to use it. For this, the most used option is metamask, where you can configure this network. You can also find a specific fantom wallet.

To configure fantom, you must go to settings, networks, add network and copy the following information:

Network Name: Fantom Opera

RPC Url: https://rpc.ftm.tools/

ChainID: 250

Symbol: FTM

Block Explorer URL: https://ftmscan.com/

With the configuration added, click on add network and you are done. Now in the menu above, you will be able to select the fantom network to use. To use the fantom network, you will also need fantom in your wallet, if you want to know how to send fantom to your wallet I leave a guide here.

Swap

The swap is the main part of spookyswap, and where you can exchange any cryptocurrency for another, as long as there is enough liquidity within the platform. In from, indicate the cryptocurrency you want to use, and in to the one you want to receive. Below, you will see the minimum received, the Price impact and the commission you pay for the swap.  

Enter the amount, and click on swap, check the information to make sure it is correct and click on confirm swap. Confirm in your wallet and you will have your other cryptocurrency.

Below, in slippage, you can modify the slipping tolerance, which is sometimes necessary to buy cryptocurrencies with commissions or tax.

Spookyswap also offers users the ability to place limit orders. At the top, under market, you can select limit. Here, you can place limit orders, so that if the price of a cryptocurrency changes, the transaction will be executed. It is quite nice and you can rarely find in other decentralized exchanges, the option to place limit orders.

In addition, spookyswap has an expert mode, which you can activate at the top, in expert mode. Where you will also have the option of swap or limit order, and it is useful if you want to trade on the fantom network in a decentralized way.

Liquidity

In liquidity, is where you can deposit your LP Tokens to receive a good annual % for it. If you click on farm, you will see all the available LP Tokens where you can add liquidity, with the annual % you will receive.

Here in ingredient A and B you must indicate the same amount of $ value, to create the LP Token, that later we will be able to deposit in farms to get an annual return. In my potions, you can find your LP tokens that you have created.

Farm

In farms you will find the LP Tokens farming, where you can deposit your LP’s, which you can create in liquidity, and receive an annual %. Please note that you will receive the native token of the BOO platform, no more LP tokens.

In farms, you can see the current annual profitability in APR, the liquidity or total value of each LP, and in earnings, the amount of BOO you have been generating.

To stake your LP’s, you must first click on approve to stake, confirm in your wallet and you will see the stake button. Here, simply click and select the amount you want to stake the LP, confirm in your wallet and you are done.

Stake

In stake boo, you will be able to staking your BOO, the native token of the platform and that you will receive for farming LP Tokens.

BOO staking works with liquid staking, or liquid staking, which many platforms are currently applying, due to the great advantages it has. The liquid staking consists of receiving another token that appreciates in value with respect to the token you have staked.

In the case of BOO, you will receive xBOO, which you can also use and thus increase the profitability you get by staking your BOO. BOO staking comes out of the commissions that the platform gets in each swap and different ways, such as its collection of NFT’s, where a part of the commissions is distributed among the people who staked BOO. So if the platform is used more, you will receive more return in staking.

With the xBOO, you will be able to use them to get another token, with the annual return that it indicates. This is one of the great advantages that BOO has and offers to its users, where with the xBOO you can get another token, to mitigate the risk and get more profitability. If we go down, you can see the different options where to place your xBOO, such as WFTM, TREEB, FONT, LQDR among many other cryptocurrencies, and with really high returns.

The operation is very similar to the staking of pancakeswap, where you can place your CAKE and receive another token as a reward instead of more cake. In the case of BOO, you have on the one hand the profitability that BOO staking gives you, with xBOO that appreciates with respect to BOO over time, and also the profitability that you can get with your xBOO underneath and even get the native token of the network, Fantom.

Actually the staking option in spookyswap is quite good if we compare it with other platforms that you can only get a low profitability or high profitability from a token that depreciates very fast.

Bridge

In Bridge, you can send tokens from different networks to Fantom and vice versa. For example, from ethereum to Fantom you will be able to send tokens, although keep in mind that there are only a limited amount of tokens that are liquid and you will be able to make the switch. Therefore, if you are interested in moving from another network to fantom some of your tokens, I recommend you first go to the bridge and click on select token, to see which tokens you can send from one network to another without problems.

This bridge is very useful if you want to move from one network to another and start using the fantom network, without having to do several steps to move your tokens to fantom. Besides, there are currently not many bridges compatible with this network.

NFT

Spookyswap also has its unique collection of NFT’s, where there are 5,000 different cats. The collection is currently all minted, and you can buy some NFT’s from this collection in the paintswap Marketplace.

At the moment, the NFT’s do not have a utility within spookyswap or any known advantages. Still, the collection has been quite successful with over a million $ in volume, and the cheapest NFT costing $500.

I hope it has helped you to learn more about Fantom’s main DEFI Exchange, with very interesting options. Remember, if you don’t have an account with binance, you can create one just below.