Introducing SpookySwap — Less gas. More trades. Faster transactions. Extra spooky.
Our team is excited to announce our long awaited reveal of SpookySwap, an automated market-making (AMM) decentalized exchange (DEX) for the Fantom Opera network. We know you were expecting a food token, our apologies.
Why Fantom?
Fantom is currently unclaimed territory for decentralized apps (dapps) and solves many of the issues that plague DeFi users. As soon as our team saw the benefits Fantom had to offer, we were immediately motivated to launch a dapp for its network.
The potential of Fantom is currently hindered by the lack of base layer DeFi dapps. We must first thank popsicle.finance for bootstrapping liquidity onto Fantom Opera with phase 1 of their cross-chain LP vision. To further create an ecosystem on Fantom, it will also need an actively traded dex. Dexs are the core of blockchain ecosystems and the heart of DeFi as shown by dex platforms accounting for a large percentage of fees on ETH and PancakeSwap’s massive success on BSC. For Fantom, this piece is largely missing. Though Sushi has deployed to Fantom, the experience is not tailored to Fantom users.
Our team would like to fill this gap and be the first Fantom-focused dex. To do so, our team has laid out a roadmap you can find in our docs.
What can Fantom do for token trading?
Fantom has a unique structure such that as transactions go up on the Fantom Blockchain (Hopefully with help from us!), block times will go down, as low as ~1 second and this means faster confirmations of transactions and faster trades. Faster trades means better arbitrage opportunities, less slippage, less or no front-running, a better user experience, and the potential for more advanced trading applications.
In addition, the gas cost for an average swap is about 0.000157FTM ($0.00007065) which is negligible (at the time of this posting). The same swap on Binance Smart Chain would be about $0.50 and on Ethereum would be about $40 (again, at the time of this posting). While 50 cents may still seem low when compared to Ethereum, if you are desiring to do high frequency transacting, that flat rate gas cost can still be a gatekeeper for low transaction amounts.
To learn about bridging tokens to Fantom Opera, read more in our docs.
What is the focus of SpookySwap?
We are aiming to be a trader-focused dex while still preserving a light-hearted fun feel. Our goal is to add heavy trader focused features such as trading charts, order history, limit orders, and more.
In addition to the trader experience, we aim to be built by DeFi for DeFi. What this means for SpookySwap is a full on-chain DAO to handle governance over all SpookySwap contracts, the first of which would be the farm contract. The aim is to have virtually no lone human control over the platforms mechanics.
Before we can achieve this, we will have a SnapShot voting page up and all decisions will be voted on by the community before implementation. Every aspect and direction of SpookySwap can be influenced by the community.
Through leveraging Fantom’s great technology, our focus on the trader, and our attractive theming we hope to provide the best trading experience in DeFi.
Lets get brewing!
@EerieEight
