SpookySwap (BOO token) is the first decentralized exchange (DEX) to run on the Fantom Opera (FTM) blockchain network. The team is focused on cross-chain DeFi for swapping, farming, etc. Here’s my video covering the project:
The token was launched in early 2021 through an initial DEX offering and initial farm offering along with airdrops.
The SpookySwap platform contains many DeFi functions (listed below). It has also snagged big partners such as Yearn Finance, PaintSwap, AnySwap, and Beefy Finance to name a few. Their BOO token is used for governance of their protocol. Holders get a chance to vote on network changes, in other words.
SpookySwap Features
- uses an automated market maker (AMM) for their liquidity trading pools
- wallets supported: Metamask, Coinbase Wallet, Trust Wallet, MathWallet, TokenPocket, and WalletConnect
- many yield farming opportunities to lock up tokens and earn interest on crypto
- low fees for trades, deposits, and withdrawals
- cross-chain bridges for interoperability of blockchains
- allows for minting of NFTs
- requires the holding of FTM tokens for gas fees
Important Spooky Links
- CoinGecko analysis
- CoinMarketCap profile
- Twitter Home
- Telegram Channel
- Subreddit
- Medium Blog
- Github Code
The SpookySwap bridge is impressive, with support for Ethereum, Cronos, Harmony, BNB Chain, OKC, Polygon, Fantom, Arbitrum, and Avalanche blockchains. It continues to be the leading DEX on Fantom.
Time will tell if it can avoid the hacks that have plagued blockchain bridges in the past. There are also many projects working on interoperability such as Quant, Chainlink, ThorChain, etc. This competition may cut into the cross-chain markets. We wil see if the team’s hard work will pay off in the coming bull run.