SpookySwap Logo

SpookySwap BOO: A Scary Decentralized Exchange on Fantom

By 2sats | 2sats | 20 Feb 2022

*obligatory not financial advice*


What is SpookySwap?

SpookySwap is the main DEX of the Fantom blockchain.

It feels like every smart contract blockchain needs its own signature decentralized exchange. Ethereum has Uniswap, Algorand has Tinyman, Tezos has Quipuswap and BSC has PancakeSwap. The reason why they all need a DEX is because the trading of the native tokens shouldn't have to entirely depend on centralized exchanges and because other DeFi applications can built on top of a DEX, for example a lending protocol could need a place where it can sell provided collateral of defaulted loans in a decentralized way. DEXes are a core part of any DeFi ecosystem and SpookySwap is this core part of the Fantom blockchain.

The DEX works with an AMM that relies on provided liquidity in trading pair pools. The prices are set automatically based on how many tokens are supplied in a trading pool, just like with Uniswap. One unique feature is that SpookySwap offers limit orders where you can set a buy order for a wanted price and it will only be executed when or if your wanted price is reached and you don't have to pay any fees until your order is executed. This makes trading much more flexible and gives traders the option to plan ahead.

A part of the trading fees is used to reward the holders of the BOO governance token similar to how SushiSwap works. You can stake BOO tokens in a special pool and receive xBOO tokens that represent your share of the pool. A part of the collected fees is used to buy back BOO tokens which are then added to the pool and this makes your share grow further.

The xBOO tokens can also be used to earn even more tokens. Some new projects on Fantom can choose to distribute their new tokens on SpookySwap. Developers can set up pools where people can stake their xBOO to earn their new token while they still keep earning more BOO.

SpookySwap also has its own integrated bridge to Ethereum, BSC, Arbitrum, Harmony, Cronos, Avalanche, and Polygon. This makes it possible to also trade some tokens that are native to other blockchains and brings more liquidity and value to the entire Fantom chain.

The SpookySwap DEX is the Fantom dApp with the most transactions and will likely continue to stay on the top for a long time. It provides much needed services to its native chain and offers its users many ways of earning more cryptocurrencies. Should the Fantom blockchain continue to grow in utility and value then it will take SpookySwap with it to the top.



The BOO Token

BOO is the native governance and utility token of SpookySwap. It gives its holders voting rights on changes to the platform and lets them earn a share of the revenue by using part of the trading fees for buy backs of BOO tokens that are then distributed to stakers of BOO. This incentivises token holders to use their voting rights wisely because the APY they could earn by staking BOO increases if the DEX is used more. xBOO can also be used to earn new tokens from partnered projects.

SpookySwap is weighting the voting rights of its governance token in a unique way. Instead of counting each 1 BOO as 1 vote, its number of votes depends on where it’s being held. Every BOO that you simply hold in your wallet or stake in the xBOO pool has 3 votes and every BOO that is held inside a liquidity pool of the DEX has 5 votes. This is done to not only enable but also encourage the holders to participate in governance while also providing liquidity to the DEX.

There is a max supply of 13,666,000 BOO tokens. 13% of the max supply were distributed to the SpookySwap community with airdrops, additional BOO rewards for BOO stakers and other bonuses, 2% were used for the initial liquidity on the exchange, 2% were put in a treasury that is controlled by the DAO, a total of 10.3% were put in a development fund and the remaining 72.7% can be earned by providing liquidity to the DEX. The developer funds are being vested and it will take about 3 years until the entire supply is distributed to liquidity providers. The tokenomics are pretty good considering the vast majority of tokens are used for rewards to liquidity providers.

Like always, the value of the token depends on how much is located within its smart contracts. This is especially true for BOO because the token is also earning a part of the collected fees. Since it’s the main DEX of the Fantom blockchain and it provides the option of distributing tokens from new projects, there will likely be no shortage of trading and demand for BOO tokens if Fantom performs well. However, if the Fantom blockchain loses popularity or turns out to not be as scalable as hoped, then it will of course also hurt the value of BOO.

Currently there aren't many centralized exchanges that list BOO, but MEXC is offering it. You can also buy it on the SpookySwap itself if you have some FTM coins and you can store your tokens with TrustWallet or MetaMask which you can also use to interact with the DEX.




If you liked my post then please leave a tip, that way we both earn some money!

If you don't have an account on Publish0x then you can signing up here and start earning cryptocurrencies for reading and tipping.


Binance, 10% discount on fees

Presearch, 25 PRE start bonus, earn cryptocurrency for searching the web

FaucetCrypto, Earn small amounts of Cryptocurrencies for free

Learn more about the Ledger hardware wallet





Trade at the MEXC Exchange with a 10% discount

How do you rate this article?




I am just some bored guy that likes crypto


I am just some bored guy that likes cryptocurrency

Send a $0.01 microtip in crypto to the author, and earn yourself as you read!

20% to author / 80% to me.
We pay the tips from our rewards pool.