SpookySwap Development & Roadmap Update 2022

SpookySwap leads TVL growth on Fantom
ETH and BTC liquidity has increased significantly on SpookySwap’s DEX

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
Overall, December ended with trending higher in total DEX volume

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
January included a record high TVL over $1,800,000,000
Total SpookySwap revenue is currently above competitors such as Pangolin Exchange and QuickSwap
On the 10th of December 2021, SpookySwap’s earned fees for xBOO exceeded BOO emissions for the first time. Since then, xBOO fees have exceeded emissions several times.

Partnered Staking

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:

Governance Proposals

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.

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.

Our bridge update connects popular “Ethereum Helpers” to the Fantom network.

Social Outreach

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.

Christmas themed SpookySwap meme submitted by our Subreddit member, Davvzq
New Years Promotional Art by №4 Type C

Magicats NFTs

Our Genesis NFT series: Magicats
One of the 13 unique Magicats has been successfully sold for 50,000 FTM on the PaintSwap marketplace
  • Filter for cats on sale at PaintSwap
  • View sale price in FTM
  • Expand the Magicat NFT image to fullsize
Rarities include bonus Magic Points for titles and asset matches

Site Improvements

In early January, SpookySwap launched its light mode offering several website updates for a more customizable viewing experience, including:

  • Enable Art
  • Default Transaction Speed
  • Slippage Tolerance
  • Expert Mode (Same setting as found on swap page)
  • Enable Multihops
The SpookySwap light mode reduces art assets

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.

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:

  • 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

NFT Innovation

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:

  • NFT platform — Brand new concept, totally new to Fantom (Not a marketplace)
  • Additional NFT series that benefits existing holders

Ongoing

Other than new utility, we will continue to support our ongoing efforts to grow the SpookySwap DEX. The team will continue to work towards:

  • Farm adjustments based on performance
  • Token whitelistings
  • Website bug fixes and quality of life updates

Next Steps

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.

--

--

Get the Medium app

A button that says 'Download on the App Store', and if clicked it will lead you to the iOS App store
A button that says 'Get it on, Google Play', and if clicked it will lead you to the Google Play store