It’s been an exciting 2021 for Fantom and SpookySwap. We want 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.
SpookySwap has maintained its status as the highest TVL of any Fantom Opera DEX. We appreciate Tomb.finance, Spartacus Finance, HectorDao and other developers choosing to launch on the SpookySwap DEX. SpookySwap now holds over $200,000,000 in stable coin pairs whose high volume enables large trades at lower price impact.
Data Recap: December 2021
- Total Value Locked: $1,410,814,967
- Average Daily Volume: $192M
- BOO Holders: 60,459
- BOO Market Cap: $160,552,766
- Price to Sale ratio: 10.37
- MCap/TVL: 0.114
- Top xBOO APR: 45.8%
- December Rewards for LPers + xBOO: $15,480,000
Data Recap: January 2021
- Total Value Locked: $1,396,442,873 (-1%)
- Average Daily Volume: $444M (+131%)
- BOO Holders: 67,593 (+11.8%)
- BOO Market Cap: $208,798,094 (+30.6%)
- Price to Sale ratio: 1.17
- MCap/TVL: 0.150
- Top xBOO APR: 56.28%
- January Rewards for LPers + xBOO: $27,530,000
Our last development update discussed our plans for a SpookySwap lite mode, additional CEX listings, and Band Protocol price feed support for BOO. We’ll be discussing our progress on these items as well as showcasing our accomplishments during the month of December and discussing updates on our long term development for the year 2022 and beyond. We appreciate all community feedback when deciding on prioritizing between our long term development goals. Our focus will continue to be bringing new capabilities to Fantom Opera.
December and January marked the implementation of several new partnered staking pools through SpookySwap governance votes and the renewal of existing pools thanks to continued support from Fantom protocols:
- OpenOcean Pool & Farm
- HectorDao Pool & wsHEC — FTM farm
- Spartacus Pool & wsSPA — FTM farm
- Liquid Driver pool extension
- Font Community pool extension
- wFTM pool extension, funded by the SpookySwap Team’s Fantom Foundation Incentive
- retreeb pool extension
- Hundred Finance Pool & HND — FTM farm
- PaintSwap Pool & BRUSH — FTM farm
We look forward to more partnered staking pools coming this month, and recommend existing and new Fantom developers to apply through our Farm/Listing Application form.
December also launched the implementation of two SpookySwap proposals. Proposals aim to allow BOO holders to take a larger part in determining aspects of the SpookySwap protocol.
- Prop-006 — Farm adjustment and FTM — AVAX farm
In recent months DAI has emerged ahead of USDT in volume very consistently due to the emergence of OHM style protocols on Fantom, as such we adjusted the DAI and USDT farms to match the latest trend. SNX, ZOO and AAVE have been under-performing lately and are being lowered or discontinued in favor of FTM-AVAX which we expect to be a high volume pair. FTM-JOE is being lowered at the request of Trader Joe (The BOO Farm on JOE is set to be lowered as well). Finally, at the request of WOO we discontinued WOO-USDC in favor of WOO-FTM which we expect to have both more volume and more liquidity.
- Prop-007— Farm adjustment and FTM — MATIC farm
Expired xBOO Pool related farms were adjusted to pay for the MATIC farm with zero net dilution. DOLA-INV was replaced with FTM-INV as we believe it will attract higher liquidity and volume. MATIC was also included on the SpookySwap Bridge.
- Prop-008 — DAO BOO Sale to Hector DAO
HectorDao voted to purchase 500k USD worth of BOO, equal roughly 20,000 BOO. The purchase was done with 500k MIM from Hector DAO at market price at a time of their choosing within 48 hours of the end of this vote. The 500k MIM will be used to diversify and strengthen the DAO funds of SpookySwap and its investment can be determined in the future by the DAO.
- Prop-009 — DAO MIM Farm Boost
This proposal adjusted farms to boost FTM-MIM in preparation for a collaboration with Abracadabra.Money. These changes are data backed based on 30 day volume and liquidity, with volume being the priority. FTM-MIM overall has been overperforming relative to its weight compared to other farms, so this change brings it in line with its performance.
- Prop-010 — Farm Swap with BEETS
Our new Farm introduced in this proposal is FTM-BEETS. BEETS is the token of Beethoven x, a balancer fork right here on Fantom and this signals a farm swap and collaboration between our two protocols. Beethovenx has introduced a BOO-FTM-USDC pair to earn BEETS.
- Prop-011 — DAO adjustment — Stake BOO in 0xDAO
This proposal staked 100,000 DAO BOO in xBOO then subsequently staked in 0xDAO to farm OXD. This OXD would be kept in the DAO for future voting use.
- Prop-012 — DAO adjustment — Stake More BOO in 0xDAO
This proposal staked more DAO BOO in xBOO then subsequently staked in 0xDAO to farm OXD. The OXD would be kept in the DAO for future voting use.
Expect new proposals that have significant impact on the SpookySwap DEX soon.
SpookySwap Bridge Expansion
A significant update in December was the support of bridging FTM to and from Binance Smart Chain. In total, 10 tokens are now bridgeable between Fantom and Binance.
Overall, SpookySwap will continue to support and expand our SpookySwap bridge, as it has been well received by the FTM community for its simplicity and user interface. We are planning to launch additional chains to the SpookySwap bridge in late December based on recent Anyswap support.
December marked the implementation of SpookySwap Discord AMAs, thanks to our outreach team member OwenP. During December we had weekly AMAs featuring Lao Zi of MAI Finance, OnX Finance, and SUPAFoundation. January included AMAs with Nova Finance, Cryptokek, One Ring Finance, and Tetu. These AMAs serve as tools to both educate our SpookySwap Discord community, and to bring awareness to upcoming or existing Fantom protocols.
Additionally, our team has focused on growing the SpookySwap subreddit to be more integrated into the Reddit cryptocurrency community. During December we held a SpookySwap Christmas Meme Competition with over a dozen entries of original meme art.
To celebrate the new year and to reward our community artists, the SpookySwap team hosted another subreddit art competition focused on art reflecting on Fantom in the last year. Expect more subreddit competitions and rewards for Reddit activity in the coming months.
Official SpookySwap NFTs have been a long requested feature, and we’re proud to have launched our genesis NFT series Magicats on Fantom Opera. Our initial mint of 5000 Magicats NFTs was completely sold out only five minutes after minting launched. In its first week since launch, Magicats has generated over $1M in volume on the NFT marketplace, PaintSwap, and is currently the 4th highest cumulative volume NFT series on their marketplace.
Our highly interactive and polished rarity guide launched in December, included as a page on the SpookySwap NFT site, and is adjustable to personal preferences that goes beyond the much appreciated rarity guides our NFT community has created. Magicats holders can search all 5000 generated Magicats based on name or ID, and can view the Magic Points (MP) of each attribute, toggle whether additional factors like set bonuses or titles contribute to the MP score, and see if the NFT is available for sale on the PaintSwap marketplace. December upgraded the rarity page to:
- Filter for specific traits
- Filter for cats on sale at PaintSwap
- View sale price in FTM
- Expand the Magicat NFT image to fullsize
Now that our rarity page has launched, our NFT development will focus on two major utility aspects promised for Magicats: yield boosting and being our genesis series for future NFT collections. Our next NFT development announcement is coming early 2022. Contract development to implement DEX utility for Magicats has begun, so please look forward to more information in our next development update, as well as more information on official SpookySwap NFT collections.
In early January, SpookySwap launched its light mode offering several website updates for a more customizable viewing experience, including:
- Toggle light/dark theme
- Enable Art
- Default Transaction Speed
- Slippage Tolerance
- Expert Mode (Same setting as found on swap page)
- Enable Multihops
Additionally, several new tokens whitelisted for our swap page:
- DUCAT, MST, SNT, CREDIT, cUSD, LIQR, BRUSH, BRO, OOE, MULTI, MATIC, XRUNE, MOD, STA, SUPA, FTML, 2OMB, Atlas, FLORY, 2shares, POWER, fDLAUNCH, agEUR, POS, 5TABLE, RING
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 without quarterly deadlines. This switch from Roadmap to Priority List allows us to better rapidly shift priorities based on the ever growing crypto space. For example, we are now committing development time to ve(3,3) NFT utilization by Andre Cronje.
Overall, the SpookySwap focus is split between two main tenets: Becoming the Home of DeFi, and NFT innovation.
Home of DeFi
Our goal when creating SpookySwap was to take the best network for high frequency, serious trading and create the best decentralized exchange for expert investors. Our existing portfolio tools, expert trader page, and native limit orders are only the beginning for innovations to make SpookySwap the portal for DeFi across the entire cryptocurrency community. Our priorities to meet this vision are:
- CEX Listing & BOO Price Feed with Band and/or Chainlink
- SpookySwap DEX V2
- Expert Trader V2
- Farms as a service — Permissionless ability for new projects to deploy a farm
- Masterchef V2 — Multi token reward farms
- Revamped landing page
- ve(3,3) Solidly NFT utilization
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. We know many are waiting with anticipation for Magicats Staking, and overall the team has created a great solution to the issue of whales controlling farm boosts that we were struggling with, and we look forward to sharing more information in our next development update. Our priorities to meet NFT innovation are:
- Magicat staking to boost yield
- NFT platform — Brand new concept, totally new to Fantom (Not a marketplace)
- Additional NFT series that benefits existing holders
Since Magicats is the SpookySwap genesis series, Magicat owners will be given a free mint for any upcoming SpookySwap NFT series which incorporates our long term NFT innovation goals. We are currently working with one new hire, Alukard, to work full time on upcoming NFT utility, to work alongside our team member 0xHephaestus.
Other than new utility, 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
- Token whitelistings
- Website bug fixes and quality of life updates
With the deployment of our expert trader page and Magicats’ launch, SpookySwap has achieved many of our Q4 2021 goals. Priorities which are close to completion include BOO Price Feed utilizing Band Protocol, Magicat Staking to boost yield, and CEX listing.
SpookySwap has successfully been listed on three CEXs, MEXC Global, Bitrue and gate.io. Additional CEX listings are a high priority, in accordance with our successful governance proposal. SpookySwap has hired one additional new DeFi developer, Alukard, to expand the core SpookySwap team for more DEX support, who is currently working on native SpookySwap NFT Staking. 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.
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 want to hear what upcoming features you’re excited about most, or any feedback for new features to develop for Fantom Opera.
As many of our roadmap goals have been met, and our new development priority list is for more long term and ambitious features, future SpookySwap development updates will be published quarterly. Our next Development Update will be released late April 2022.