SpookySwap Development Update #3
SpookySwap has been officially live for two months! 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. We’re happy to see our price has been more stable than other Fantom DEXs during the past few weeks, and our TVL has improved relative to competing protocols.
At the end of our second development update published mid-May, we stated our focus would on long term objectives such as incorporating limit orders, an official NFT marketplace, and developing our expert trader platform. This development update will first cover past accomplishments made in June 2021, followed by covering our planned features and announcements.
We’ve implemented several site updates based on community feedback. For example, we’ve added a “50%” button to our liquidity page in order to create LP pairs more easily, as well as a mobile UX overhaul to compact and improve the farm layout. Farms now display the effective APR rate by incorporating trade fees earned by the LP pair to better help our investors in deciding which farms to contribute to. Tokens can now be imported to your wallet from the swap page with a new button located next to each token’s name.
SpookySwap has taken a massive leap in a direction to implement trader-friendly features and now offers native limit orders on our platform. Powered by Gelato Network, SpookySwap is the first AMM to support limit orders on Fantom which will allow investors of all sizes to have more agency over their trading experience.
Our portfolio page shows transaction history, current staked balances, and the ability to harvest from both the farms and the single stake farm on the same page. xBOO creates additional buy pressure by changing our swap fee model from 0.2% to LP providers to 0.17% to LP and 0.03% to buyback stakers. More features are planned for the portfolio page in the future based on community suggestions.
Developer Outreach and Partnerships
Alpha Finance Lab V2 airdrop went live to help offset high gas costs on the ethereum network and promote the fast transaction times, scalability, and low gas fees of Fantom Opera. Based on community feedback and new Fantom wallets created, we plan to continue to reach out to other networks in the future in order to promote Fantom to the greater crypto space.
As part of an official partnership with @beefyfinance which supports autocompounding SpookySwap farms, our FTM-BIFI LP providers have been boosted with additional BIFI tokens. Tomb finance has also generously boosted the BOO-FTM farm on Beefy. Overall, other developers showing interest in using BOO for their outreach showcase the strength and popularity of SpookySwap on the Fantom network.
Our audit through CertiK Foundation has completed, and our SpookySwap contracts have zero critical, major, or medium findings. You can see the full audit report here. We chose Certik based on their established and respected use with other DeFi protocols, and are excited to have approval from a renowned organization.
Our Twitter follower count continues to grow and has reached over 11,000 followers. Our art contest included more than 60 submissions of original SpookySwap art as well as a successful meme contest, which received over 150 retweets of our contest announcement tweet. We also completed a Twitter Giveaway that reached over 800 retweets to showcase our new limit order, buyback xBOO features, and the speed of the Fantom network.
Our next planned contest has been announced and rewards users who provide informational content such as infographics and videos. This contest has received official support from Fantom Foundation which has generously matched our planned prize for finalists of $2000, for a total of $4000 in prizes, in order to grow the Fantom network.
One of the main focuses as SpookySwap has been to communicate with the international crypto community. As part of this, we’ve translated our documentation into both Spanish and Chinese. We hope this will help to grow the Fantom Opera network in Latin America and Asia which have seen rapid growth in crypto during the past year.
We’ve also upgraded our Discord with the Tatsu bot for games, the Alpha bot for charts and chart analysis, and the Fantom Tip Bot for an FTM faucet. We will continue to grow our Discord community through encouraging active participation and rewarding helpfulness towards other members of the Spooky Squad.
Our governance votes continue to be a success, with our BOO holders voting to incorporate two new farms, FTM-ANY and FTM-WOOFY, as well as to create and promote the BIFI-FTM farm. Since all changes to farms will only occur through governance votes, we’re glad to see our community is active in supporting farms that add value to SpookySwap. Governance votes were also used outside of adding new farms to reduce the emission rate (and extend the duration) of the single stake IFO. Governance will slowly be expanded to include topics outside of new farms, such as farm weights, development priority, and multichain support.
SpookySwap has collaborated with ZooCoin.Cash to mint official SpookySwap NFTs, no longer available exclusively through our Twitter contests and Discord giveaways but now also for sale. We will be releasing additional NFTs of site assets in the future, having listed 5 at the time of publication which were each sold within 12 hours of release. Please look forward to more opportunities to receive official NFTs soon.
The release of our buyback single stake farm, which competes and coexists with our current single stake farm, may have additional incentives for xBOO holders in the future.
We’re happy to see an increase in the Fantom NFT ecosystem and will delay an official SpookySwap NFT marketplace in favor of new or improved capabilities for Fantom Opera. This includes the creation of an expert trader interface which would include detailed charts and recent transactions as well as new tools for bridging tokens onto Fantom Opera in a more secure and user friendly front end.
Overall, these items are significant undertakings and prioritizing between our long term development goals will be decided through community feedback, governance, and cooperation between existing DeFi developers. Our focus will continue to be bringing new capabilities to Fantom Opera.
Our next development update will be planned for late July.