SpookySwap 1-Year Anniversary Update 2022

9 min readApr 18, 2022

It’s officially been 1 year since the SpookySwap DEX went live! We want to take this time to thank all the community members, volunteer Discord moderators, and fellow Fantom Opera developers who helped the team achieve the amazing amount of progress seen so far on the first native Fantom Foundation DEX.

An original art asset for the Liquidity Page, no longer used on the site

First, let’s take a trip down memory road and revisit some of Spooky’s accomplishments during the past year!

Q2 2021

The SpookySwap DEX launched April 17th making it the first native Fantom Opera DEX. One week later we launched our governance token BOO which quickly rose to over $5.00 a BOO. To incentivize BOO holders, on April 28th we launched our Single-Stake BOO pool. These first two weeks of SpookySwap were incredibly memorable and one of the most exciting periods of development for the SpookySwap team. The feedback from our Discord community and on Twitter were overwhelmingly positive, and the team became very confident in the growth of both Fantom and the SpookySwap DeFi hub.

The month of May included a few milestones, including SpookySwap’s first governance vote to include farms for BitB and ZOO. Additionally, the SpookySwap DEX reached $100,000,000 TVL on May 18th, thanks to the rapid price growth of FTM. Other major site updates included our portfolio page, and a UI overhaul for the mobile page.

A demonstration of the upgraded Mobile UI launched in May 2021

June 2021 included the launch of SpookySwap limit orders, which were the first limit orders to be native to a DEX outside of Ethereum mainnet. SpookySwap also completed its CertiK audit report, and received zero critical, major, or medium findings in its audit report. SpookySwap also launched its first NFT collection on the ZooCoin.Cash NFT Marketplace, the holders of which received a free Magicat mint during our later Magicats launch.

Discord Emote, Site Asset, and Award NFTs are available on the ZooCoin Marketplace

Q3 2021

July 2021 marked the launch of SpookySwap’s Bridge, our frontend which improves upon the AnySwap and Multichain bridges by only including tokens actively supported on Fantom Opera, and by only showing chains that can bridge to or from Fantom Opera. Additionally in July, an update to SpookySwap’s limit orders enabled setting orders below market price.

August was the launch of SpookySwap’s xBOO token, and of Partnered Staking. BOO holders could now earn a portion of all DEX fees, as well as stake xBOO to earn additional tokens of fellow FTM protocols who provided liquidity to the SpookySwap xBOO pools.

September included the first major UI overhaul for the SpookySwap site, switching to a top navigation bar to allow more screen real estate for the upcoming expert trader page.

Our Top Nav UI upgrade designed by №4 Type C, currently still used for the Spooky site

Q4 2021

The Halloween season kicked off several major developments for SpookySwap. Our Genesis NFT series, Magicats, minted all 5,000 NFTs in the first 5 minutes after launch. At the time of this article, Magicats has become the highest total volume and highest weekly volume of any NFT collection on the PaintSwap marketplace.

Magicats is, at the time of this article, the most popular NFT collection for Fantom’s #1 NFT Marketplace

In November, SpookySwap launched the Expert Trader interface, featuring LP pair charts, recent trades, and liquidity pool history. Several of the analytics possible in the upgraded expert swap page are only possible thanks to our partnership with Cryptokek. The bridge page was also updated to expand support to six popular ERC-20 compatible networks.

Expert trading heavily upgrades the Swap page with additional information thanks to kek.tools and №4 Type C

For December, the rarity guide for SpookySwap’s Magicats became published on our website, which also let you manage your Magicats NFT collection from our NFT page. The highly customizable rarity score allows the Magicats community to determine which NFT traits should contribute to the overall value of each Magicat. Additionally, December was the first instance of xBOO buyback rewards exceeding BOO emissions, creating a deflationary effect on the supply of BOO. Since then, there have been several periods of time where xBOO buybacks exceeded BOO emissions thanks to the increasing dominance of the SpookySwap DEX.

SpookySwap’s xBOO buyback has often exceeded BOO emissions, creating a net-positive price impact for BOO

Q1 2022 Review

The new year saw lots of excitement for Fantom Opera thanks to the launch of Solidly, and resulted in SpookySwap reaching its record high 1,500,000,000 TVL. Volume for SpookySwap reached a record high thanks to the growing number of protocols launched to participate in Andre Cronje’s newest project. Spooky exceeded PancakeSwap’s 24h volume for the first time becoming the second highest volume DEX in the crypto community. During this time, SpookySwap also launched its light mode UI for a more professional default appearance.

Light mode and Disabled Art settings create a bright and minimalist DeFi experience

February included another Fantom-first feature: Decentralized Buybacks. This allows the Fantom community to earn a portion of all buyback fees by executing buybacks on SpookySwap LP pairs for xBOO holders. Switching to decentralized buybacks has increased the number of daily buybacks from a singular buyback to more than 100 buyback instances each day.

March included major updates to the SpookySwap treasury, with the passing of governance votes to partner with Beethoven x, and to maintain FTM-USDC LP liquidity as part of the SpookySwap DAO. This FTM-USDC LP commitment is thanks to the community proposed governance vote to dedicate a portion of trade fees previously used for xBOO to instead create Protocol-owned-Liquidity (POL). The SpookySwap team is thrilled to see active community members come together to propose new directions for SpookySwap through BOO governance. Partnerships with Fantom-native protocols show the long term commitment for SpookySwap to support the Fantom Opera network.

Which brings us to present day Spooky! It’s been a very exciting year for Fantom’s first native DEX, and an infographic of our proudest accomplishments has been captured in a timeline designed by №4 Type C. You can download an uncompressed timeline image here to see the non-stop development for Fantom’s #1 DEX.

SpookySwap’s 1st Anniversary Timeline, by №4 Type C

Present Day Metrics and Treasury

SpookySwap has maintained its status as the highest TVL of any Fantom Opera DeFi protocol. We appreciate Tomb.finance, DEUS Finance DAO, HectorDao, SCREAM and other developers choosing to partner with the SpookySwap DEX.

USDC liquidity has increased significantly on SpookySwap’s DEX thanks to DEUS Finance DAO

Q1 2022 Rewards Recap

Q1 Rewards for LPers + xBOO: $61,100,000
Q1 Rewards for xBOO: $9,165,000

April Data Recap

Total Value Locked: $778,396,954
Average Daily Volume: $159M
BOO Holders: 74,779
BOO Market Cap: $94,166,588
Price to Sale ratio: 1.20x
Price to Earnings ratio: 8.03x
MCap/TVL: 0.11893
Top xBOO APR: 45.26%

One Year of Spooky Recap:

56,908,968 Total DEX Transactions
$54,464,868,639 Total DEX Volume
19,191 Unique LP Pairs
$15,025,000 Rewards for xBOO

Treasury Breakdown

SpookySwap has diversified our Treasury to ensure we are well funded to support new and existing team members and developers for long term growth. We appreciate HectorDao and Beethoven x for participating in treasury swaps to strengthen the partnerships between top Fantom protocols. We’ve also recently pivoted to creating more POL thanks to BOO community proposals and our OlympusDAO partnership.

Amount in Treasury Multisig

470,652 FTM
500,000 BEETS
58.76 ETH
9000 HND
400,000 BOO
20,000 xBOO
165,514 TOMB
792,709 USDC

Amount as POL

$100,000 BOO-USDC
$600,000 BOO-FTM
$500,000 FTM-USDC
$500,000 BOO-USDC on Beethoven
$65,000 fBEETS on Beethoven
$100,000 xBOO-USDC on Beethoven
$1,500,000 BOO-ETH on Uniswap

Other

500,000 USDC waiting to dollar cost average into ETH for Uniswap
$250,000 ETH waiting to add LP to Uniswap

Development Updates

Our team has accomplished many goals based on our launch roadmap from March 2021. We’re overall very pleased with our accomplishments in growing both SpookySwap as a DeFi hub and the Fantom Opera network through our SpookySwap bridge.

Moving into 2022, Fantom Opera is significantly larger and more accessible than during our 2021 launch. Several tools are now available to invest into the FTM ecosystem such as fiat on-ramps, lending protocols, and ERC-721 NFT support through PaintSwap.

Our focus for SpookySwap in 2022 has changed from a set roadmap to a Priority List. This switch from Roadmap to Priority List allows us to better rapidly shift priorities based on the ever growing crypto space.

Overall, the SpookySwap focus is split between two main tenets: Becoming the Home of DeFi, and NFT innovation.

Announcing The New Home of DeFi: Spooky.fi!

As SpookySwap has expanded its services outside of token swapping, we are officially launching Spooky.fi as our primary website homepage! In addition, this website deployment is through IPFS (Read more at: https://ipfs.io/) which is a more decentralized way to host Spooky. This provides SpookySwap with censorship resistance, attack resistance, and multiple ways to access the same Spooky website.

We encourage our community to also access SpookySwap through our ENS domain spookyfi.eth in the following ways:

Overall, our deployment of the Spooky ENS domain and IPFS demonstrate our commitment to decentralization and the long term stability of Spooky as Fantom’s #1 DeFi hub.

NFT Innovation: Magicats Staking

We consider our Magicats launch a success, with our initial mint of 5000 Magicats NFTs being completely sold out only five minutes after minting launched. We attribute this to our unique position as the number one DEX on Fantom, and our SpookySwap art style. Our priorities to meet NFT innovation are:

Magicat staking to boost yield
Additional NFT series that benefits existing holders

We are currently finalizing our Magicats NFT staking launch with one new hire, Alukard, to work alongside our team member 0xHephaestus. Our Spooky team is planning for Magicats Staking to go live in early May 2022. Our Magicats community can look forward to a dedicated Medium article detailing the Magicats staking feature as we get closer to launch.

Ongoing

Other than what’s planned in the SpookySwap Priority List, we will continue to support our ongoing efforts to grow the SpookySwap DEX. The team will continue to work towards:

Partnered staking pools and farms
Farm adjustments based on performance and community BOO governance
Token whitelistings
Website bug fixes and quality of life updates

Next Steps

SpookySwap has achieved many of our ongoing development goals. Priorities which have been completed during Q1 2022 include BOO Price Feed utilizing ChainLink, CEX listing, decentralized buybacks, and Farm V2 enabling dual yield.

SpookySwap has successfully been listed on four CEXs, Huobi Global, MEXC Global, Bitrue and gate.io. Additional CEX listings are a high priority, and our community can expect a followup to our successful governance proposal. If you are a solidity or react/web3 developer interested in joining the SpookySwap team, please reach out to OwenDP over Telegram or Discord with a link to your github portfolio and resume. SpookySwap is also interested in hiring dedicated community manager positions to grow our communities on popular social media sites and apps. Please reach out to OwenDP over Telegram or Discord with a link to your resume or social media profile if you have experience developing social engagement strategies and monitoring the effectiveness of outreach campaigns.

Thank you to everyone who is part of the SpookySwap community. We look forward to having more great news to share with you soon, and we look forward to hearing which upcoming features you’re excited about most or feedback for new features to develop for Fantom Opera.

Let us know your thoughts and suggestions on Twitter, Discord, Telegram, or in our SpookySwap Subreddit.

Stay Spooky!