SpookySwap is one of the first Decentralized Exchanges (DEXs) built on the Fantom Opera Network using an Automated Market-Making (AMM). In short, it allows users to swap without any intermediary. Furthermore, applying the Halloween theme, SpookySwap’s interface is so user-oriented that it brings a seamless experience to users.
SpookySwap emphasizes the BOO token as a governance token and diverse farms to motivate users to join this Fantom project to boost the platform’s popularity. Particularly, token traders on SpookySwap are charged a 0.2% fee (0.22% for limit order), a competitive advantage compared to other competitors.
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.
To incentivize users, those spLP tokens can be staked in farms to earn BOO tokens. There are 18 farms available for staking spLP. Moreover, SpookySwap developed bridges that make tokens from Ethereum and BSC tradable on its platform.