SpookySwap is a Fantom-based decentralized exchange (DEX) and automated market maker (AMM). It offers a multitude of services, starting with basic ones – yield farming and token swaps. But it goes far beyond an industry standard. It also offers a governance token, a built-in bridge, limit orders, and other user-centered services.
Like most DEXs, SpookySwap cryptocurrency exchange does not require KYC identification. Besides, SpookySwap does not restrict its services to any country, therefore, anyone can use it.
SpookySwap provides its services via a simple, clear, and nicely animated website. There is no mobile app available though.
Markets
This exchange offers trading crypto-crypto assets with no fiat currency involved. There are over 200 SpookySwap trading pairs available. If you are interested in services like derivatives or leverage, you will not find them on this exchange. But there is the SpookySwap spot exchange. It does offer a number of extra services. You will find their description in the chapter below.
The basic offered service is swapping. It is a way of trading one token for another via liquidity pools. A user can choose one of two options: he can trade a token at market price or set a specific price for a limit order that is triggered automatically. One of six supported wallets is required for straightforward swapping and less than 1 cent in FTM for gas. Except for that, it is a relatively easy and quick process that is done via the exchange website.
As for limit orders – they can be placed and canceled at any time without any fees. Fees are only charged when such a limit order is executed. These can be especially useful for accumulating tokens at a lower price point without the need to constantly monitor the market. The same goes for selling assets at a higher price. With such a helpful tool, a user can prepare a strategy and automate the buy/sell processes without the need to be alert all the time.
The exchange uses its native currency – the Spookyswap token (BOO). It governs and oversees all operations on the platform. Its leading utility is depositing tokens into pools and earning xBOO in exchange. Holders of BOO have voting rights, enabling them to have their voices heard regarding future project proposals. The value of their votes is determined by whether BOO is in a liquidity pair (then it is counted as 5 votes) or in a pool (counted as 3 votes). Check out the real-time Spokyswap crypto price right here.
In regard to SpookySwap exchange fees, they are definitely placed below the industry standard. Swapping costs a user 0.2% as a trading fee, and limit orders have a fee of 0.22%. 0.17% is returned to liquidity pools as a reward for liquidity providers, and 0.03% goes to xBOO Stakers. No money returns to the treasury. Moreover, other SpookySwap crypto fees are almost nonexistent. It has nearly zero deposit or withdrawal fees for both farming and adding liquidity.
Liquidity of decentralized exchange is very important for traders’ ability to trade tokens easily without incurring slippage. This is why SpookySwap volume is a remarkable benefit. The platform is the biggest DEX on Fantom in terms of TVL.
Other Services
SpookySwap cryptocurrency exchange offers multiple additional functions to its users. It is possible to earn from swapping fees on the token pairs by providing liquidity. Having 18 token pairs at the moment of launching set apart the platform from any other project based on the Fantom blockchain. Single-stake pools are also available. For these, an LP token is not needed, and a user can earn from staking a native BOO token.
The platform offers a bridge to and from other blockchains via its in-built cross-chain feature. It allows users to move their tokens from Ethereum, Binance Smart Chain, Polygon, Avalanche, Arbitrum, Harmony, Cronos, and OKC. More chains will be added as the project grows. Users are required to have gas tokens of the chain they are bridging from. Such transactions can take anywhere from 10 minutes to 24 hours.
Besides, as an answer to its user demands, Spookyswap released in October 2021 its own Genesis limited series of generated non-fungible tokens (NFTs), named Magicats. These are based on SpookySwap’s mascot cat characters, Grim and Ace. All the 5000 Magicats were sold within 5 minutes of launching.
About the Company
SpookySwap crypto exchange was founded in April 2021 by a team of anonymous developers. The platform governance token (BOO) was launched on 25 April 2021 through ADO and IFO, along with airdrops. Over the next months, numerous UI/UX site improvements were implemented, and a limit orders option was launched. Fantom bridge was released in July 2021. SpookySwap trade volume (24 hrs) started reaching the heights from the very beginning.
