SpookySwap AMA 15/6/21
Transcript of our SpookySwap AMA, lead by our Discord moderator Gorilla Brigade:
Hey everyone! I’ll be asking your questions to the team here for them to answer! There have been a lot of questions about xBOO in the Discord lately so it seems fitting that we should start there. With that said: What is xBOO? Are there plans for xBOO LPs?
Eerie: xBOO is the receipt token you receive for depositing BOO in the buyback single stake pool. xBOO can always be exchange for BOO at a ratio of 1 xBOO = X BOO. It started at 1 BOO but this value goes up in time as fees are accrued and distributed to the pool as BOO. xBOO has all the functionality of any other token but is not intended to be traded. In addition xBOO will be the token used for on-chain governance once there is an on chain DAO.
As xBOO can be converted to BOO, there is not much value added to adding a xBOO farm as it would be the same as having a BOO farm.
Its been noted that both the single-stake BOO and the buyback xBOO pool are active at the same time. Why have 2 competing staking mechanisms?
Eerie: Originally the buyback pool wasn’t intended to go live until the original IFO single staking pool ended, but we felt that adding buy pressure to BOO through fee collection buybacks was worth launching it early despite the confusion of having two pools. Once the original IFO single stake pool ends in mid August, the buyback pool will be the only single stake pool for BOO itself. There may be staking for xBOO added in the future.
4C: It also allows the vault partners like Beefy keep going by keeping the IFO.
One option we had in mind was to combine the 2 pools, but ended up making a special one for the buybacks so they can exist simultaneously.
The Spooky community thinks long term regarding xBOO and is already asking for options as to what to do with their xBOO, What other plans are there to deliver long term value to xBOO holders? Are there any more profit sharing products in the pipeline?
Eerie: We have other features that collect a fee planned such as an NFT feature not currently available on FTM. The majority of all future fees collected (which will be in FTM) will be used to buyback boo and given to xBOO holders. In general the goal is to provide buyback boo revenue from many different sources other than trade fees. We are also always open to suggestions on ways to generate fees for xBOO holders
Heres a fun one from the community: How hard should I FOMO into BOO?
Eerie: All in, mortgage your house, do cash advances on credit cards and check your mom’s purse to buy BOO. Sell your lambos earned from other projects too. This is not financial advice.
Patchwork: How much you FOMO is up to you but all I know is while you’re second guessing yourself we’ll be sipping mimosas on our yachts.
NFTs remain an area of interest in the crypto space. What is your plan for capturing the NFT market on Fantom?
4C: It’s exciting to be entering the Fantom environment with other NFT projects coming up and with so many talented artists!
The art contest was a test of the waters and to inspire other creatives with the magical cat world.
For our plan on NFT market though, we’re still early in the planning phase, and an idea is to partner with other artists out there!
For a marketplace.
We’re also announcing Official NFTs for sale soon!
Our first batch of NFTs is for art assets on the website, such as our Erlenmeyer flask cat, ace in the mirror, and the ghost cat at the bottom of the webpage
(affectionately named, Bottom Cat). We also have plans for an NFT feature not currently available on Fantom which leverages our strong brand.
What is the plan regarding cross-chaining onto ETH, BSC or MATIC?
Eerie: Graviton is going to help us bridge BOO cross-chain and have liquidity incentives on DEXs on other chains. For now, the plan is to only bridge the BOO token, this makes it easier for people on other chains to discover and buy BOO. It also makes it easier to get listed on CEXs as most do not support the Fantom network natively.
Since you mentioned CEXs: Are you planning to get BOO listed on Binance, Coinbase, or Kraken? In what timeframe can we expect to see this?
Eerie: We are working on CEX listings! No timeline to announce at the moment but it is high on our priority list.
4C: The goal for the Fantom community is to get Fantom up there first
Patchwork: We have a few plans in place to promote Fantom Opera and Fantom developer projects, to work towards our goal of FTM being listed on centralized exchanges
Inquiring minds want to know, Why did Spooky decide to build on the Fantom network?
ooGwei: Those that followed Spooky from the beginning may remember we had a goal to bring liquidity onto Fantom.
We saw a lot of potential in Fantom when planning our launch.
Cross-chain bridges were already available to bring blue chip coins to Fantom but! There were no dapps to host a DeFi ecosystem. We saw this gap and our team wanted to set Fantom’s DeFi foundation right
We see on other chains that the AMM / Dex are the heart of DeFi and should be considered one of the first building blocks for unlocking the rest of capital efficiency
When will the Certik audit be complete?
Eerie: We have received the initial report, gave back our comments and should receive the finalized report very soon, likely this week (At the time of this publication, the CertiK Foundation audit has been completed and passed with no critical, major, or medium findings).
Regarding features, are there any plans for an expert mode in the swap page?
Eerie: Yes it is coming including charts and order history
4C: Yeah that was planned in the initial vision for Spooky. Something fun but also powerful
Are you winning son?
Eerie: We’ve been playing close attention to metrics such as volume, TVL, and overall usage, and can confidently say we’re winning, dad.
Tell us a little more about the team! How many people are working on developing SpookySwap? What are the roles in the team? Would you be looking to hire as Spooky grows?
Eerie: The team is 5 full time members:
№4 Type.C: UX/UI
Patchwork: Community Manager/Social Media
We have contracted out work as necessary and would consider hiring if we feel we are lacking in any areas necessary to develop upcoming features, or we feel our pace has slowed. Right now we are happy with the pace things are moving along and have a strong network of fellow Fantom Foundation developers to reach out to.
Did the SpookySwap team form a corporation? Did they raise capital formally? If so, from who?
No, the Spooky team hasn’t formed a corporation, all the growth has been organic thanks to the fantastic community. No capital was raised, meaning no BOO has been promised to any third parties, we are entirely self-funded but operational costs are low as none of us were hired (so we don’t need a direct $ salary)
What is the team’s connection with Yearn? Are there any more collabs you can tell us about?
Eerie: Our WOOFY-FTM farm is an official collaboration with yearn.finance.
Ape.tax vaults are also run by yearn developers and SpookySwap is the only DEX with vaults on that protocol. There is nothing further to announce regarding our collaboration with yearn at this time.
Is it true Tomb and Spooky partnering to create a launchpad? If so, what is Spooky’s role?
Eerie: Tomb and Spooky are very closely partnered in general and it means the two protocols will often be helping each other, the beefy boost today is a good example! As for the launchpad, spooky LP will be used and I cannot say more at this time but tomb will be announcing more details soon!
Do you plan to develop applications using oracles such as the Pancake Swap prediction market?
Eerie: ChainLink is required for most applications and is not fully featured on Fantom Opera just yet. That said Pancake’s prediction market is really fun and would provide great value to xBOO holders through fees.
To close, any upcoming Spooky developments you can tell us about? A sneak peek at the next thing?
4C: Everyone will become a cat.
Eerie: Not at the moment but we are hoping to have a teaser for the next feature this week! One other thing we are working on is the ability to enter a below market price for Limit Orders (aka a limit Buy).
Patchwork: We’re working hard to develop more features for SpookySwap and Fantom Opera as a whole, several of which come from community feedback. Thank you for making SpookySwap the #1 DEX on Fantom.