SpookySwap 2-year Anniversary!

Spooky Swap
6 min readApr 25, 2023

As SpookySwap celebrates its 2-year anniversary, 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. The platform has become a major player in the world of decentralized finance, providing users with a fast, secure, and transparent way to trade cryptocurrencies and tokens.

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

The 2-year Anniversary Twitter Banner, by Shrimpy

Year 2 Recap

Over the past year, SpookySwap has launched several new features and partnerships to improve its platform and expand its offerings. Here are some notable launches from the past year:

BOO-USD price feed

Thanks to ChainLink, investors and protocols can monitor the BOO / USD Data Feed for accurate, up-to-date market data powered by Chainlink’s decentralized oracle network on Fantom Opera.

BrewBOO Upgrade, xBOO decentralized

SpookySwap’s protocol fees are continuously collected in the BrewBooV3 Contract. At any point in time, investors can:

  • Convert the collected fees to BOO
  • Send 0.1% of the BOO to the caller address as a bounty
  • Send remaining BOO to xBOO

Bridge Upgrade

The bridge UI has been upgraded to include past bridge history and additional details shown directly on the bridge page.

Magicats Staking

Magicats now increase xBOO pool APRs based on their Magic Points (MP) score. MP is awarded for each asset in the Magicat NFT, with rarer assets being worth additional MP. Each Magicat will also have a higher MP for special titles at the end of their name or for set matching, such as having both Grim’s hat and Grim’s wand. You can view your Magicats MP, or the MP of all Magicats on Spooky’s NFT page, through the My Magicats page or the Magicats Rarity Guide page.

IPFS Hosting

In keeping Spooky Fi’s commitment to truly decentralized finance, Spooky offers multiple official IPFS links to offer reliable access to the Spooky Fi services:
https://ipfs.io/ipns/spooky.fi/
https://spookyfi.eth.limo/

MasterChef V2 Migration

For Spooky’s Farm V2, an unlimited number of reward tokens can be provided directly to stakers. Protocols can now choose to incentivize dual or triple rewards for LPers.

Expert Trader V2

Trade History now flashes with new transactions right as they happen, and has infinite scrolling. The Executed Orders section shows both past Market and Limit orders, and the V2 upgrade includes a Watchlist feature, where investors can click the edit button on the top right to add token pairs to the interface to easily track.

Cross-Chain Swaps

The Spooky team provides our useful bridge page as a frontend for the Multichain (Previously Anyswap) router. Cross-chain swaps are mpw integrated into the Spooky bridge page thanks to our partnership with Axelar and Squid.

TWAP Trading

Thanks to our partnership with ORBS HQ traders can now minimize a large order’s impact on the market by dividing a trade into smaller quantities to be executed over time at regular intervals. Not only do TWAP swaps reduce the impact of an order on the market price of the token, meaning you could get a better deal on the price and receive more tokens, but this can also be used to automate dollar-cost averaging to average out investments over a long duration of time.

SaaS Bonding

Bonding is a powerful mechanism that allows users to deposit their tokens into protocol in exchange for discounted tokens distributed at a future date. Thanks to our partnership with Hector Network Spooky is able to raise liquidity in all market conditions and our investors will be rewarded through token discounts.

Metrics & Treasury

Current Fantom DeFi TVL Standings by DeFi Llama

SpookySwap has maintained its status as the highest TVL of any Fantom Opera DeFi protocol. We appreciate all Fantom developers who choose to partner with the SpookySwap DEX as we continue to grow the Fantom network.

DAI liquidity is a major part of the Spooky DEX thanks to Spartacus Finance

April Data Recap

  • Total Value Locked: $97,449,113
  • Average Daily Volume: $7.63M
  • BOO Holders: 79,733
  • BOO Market Cap: $18.1M
  • Price to Sale ratio: 3.77x
  • Price to Earnings ratio: 25.19x
  • MCap/TVL: 0.1867
  • Top xBOO APR: 14.27%

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:

Amount in Treasury Multisig

  • 278,057 USDT
  • 175,000 DAI
  • 154,270 BOO
  • 121,157 FTM
  • 66 ETH
  • 11,709 xBOO

Protocol Owned Liquidity

  • $752,305 BOO / wETH on Ethereum
  • $142,794 BOO / FTM on Fantom
  • $550,912 USDC / FTM on Fantom

Current Treasury management is focused on LPs that support Spooky, all of those comprising BOO, FTM, USDC. ETH/BOO additionally meets the requirements for a Chainlink oracle.

Spooky DAO is not pursuing an aggressive management model both because of risk and because of actual management entailed. Now, let’s take a look at what Fantom traders can look forward to in 2023!

Development Updates

The Spooky team has met an incredible number of goals listed in our deveopment roadmap since our launch in 2021. We welcome any ideas and suggestions from our community members as we continue to upgrade the best DEX for DeFi. Our highest priority development items continue to be:

Farms as a Service

Community made farms are coming to Spooky! From the farm page, you will have the ability to “Create your own Farm” where anyone will be able to create a pool and provide a reward token that will be distributed to users who stake spooky LP tokens of the pair chosen by the pool creator.
This feature will make it even easier for new protocols launching liquidity on SpookySwap to have their own reward emissions for LPers and thus incentivise liquidity and launch on the Fantom ecosystem.

Concentrated Liquidity Pools

Spooky will be bringing the concentrated liquidity concept to Fantom with the launch of our V2 AMM DEX, where liquidity providers will have the ability to supply their assets in a definite price range for which they deposit liquidity. This improved AMM model can incentivize more liquidity providers to participate, as the improved rewards and capital efficiency created by V3 farms will be even more evident on the Fantom network.

Stableswap Pools

LP specifically for stablecoin pairs will be implemented by the Spooky team to improve the capital efficiency of DEX trades. Traders will be able to swap a larger volume of stablecoins for a lesser price impact and slippage on the same amount of liquidity.

Expert Trader V3

Spooky’s Limit Order feature will be upgraded to include an improved UI/UX features, support all pool types, and show all types of open limit orders on the Spooky DEX.

Multichain

The Spooky team continues to consider supporting additional networks that can be utilized for high frequency decentralized finance.

Spooky Team Expansion

We’re proud to announce the Spooky team has hired two highly skilled developers who have been involved in the cryptocurrency space for several years. Here are our newest members of the Spooky team:

Mas1 — Mas1 is a DeFi veteran skilled at building frontends for web3 applications, and will be aiding the Spooky team with all upcoming smart contracts that the Spooky team is launching into our UI/UX such as additional DEX pool types, farms as a service, and more.

Meball —Meball is also primarily a front-end developer for Spooky, but will be focused on improving existing features, bug fixing, token listings, and API changes.

Spooky continues to be interested in expanding our team. Please reach out to OwenDP over Telegram or Discord with a link to your resume or social profile if you have experience developing social engagement strategies and monitoring the effectiveness of outreach campaigns. Additionally, 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.

Overall, the Spooky team is a dedicated and experienced group of individuals who are committed to growing our top-tier decentralized exchange. With our strong focus on community engagement and are constantly working to improve the platform based on user feedback.

As the decentralized finance space continues to evolve, Spooky is well-positioned to continue its growth and maintain its position as a top decentralized exchange. Thank you for being part of our 2-year anniversary, and here’s to many more successful years ahead!

Stay Spooky!

Spooky: Website | Twitter | Telegram | Discord | GitHub | Reddit

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