SpookySwap Development Update #4
This development update marks the quarterly anniversary of SpookySwap’s launch. A lot has been accomplished in 3 months and 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. Our TVL has improved significantly relative to competing protocols and we feel our recent site improvements, brand identity, and the SpookySwap ETH-BSC-FTM Bridge creates strong incentives to use the SpookySwap platform.
Data Recap: July 2021
- Total Volume: $57,418,520
- Average Daily Volume: $5,028,571
- BOO Holders: 25,125
- BOO Market Cap: $11,836,000
- xBOO APR: 54.79%
- Rewards for LPers + xBOO: $311,000
Our previous development update hinted at additional incentives for xBOO holders, detailed charts and expert trader page, as well as new tools for bridging tokens onto Fantom Opera in a more secure and user friendly front end. 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.
Site Improvements
Several site improvements have been made since our last development update:
- You can now choose to receive wFTM instead of FTM when withdrawing liquidity, which should assist removing liquidity for tokens with high taxes on transfer.
- The BOO price is now listed in both USD and FTM, since the value of BOO has been shown to be correlated to FTM.
- Our homepage now has an updated list of cross chain collaboration and partners.
- The CertiK tag has been added to each page which can be clicked to view our audit report.
- Our Analytics page is now able to display the full history for SpookySwap tokens and pairs, starting from our launch date April 17th.
SpookySwap Bridge
Our most significant site update has been the inclusion of our SpookySwap Bridge page, which creates a user friendly UI for correctly and quickly bridging tokens supported by Anyswap onto Fantom Opera. The SpookySwap bridge will expand support to additional tokens based on community requests and availability on Anyswap.
Our bridge improves upon the AnySwap and Multichain bridges by only including tokens actively supported on Fantom Opera, and by only showing the FTM, ETH, and BSC chains.
Additionally, the SpookySwap bridge allows wrapping ethereum from the pop up rather than disrupting the process by requiring an additional webpage to be opened.
Our team made the decision to focus on an improved bridge in order to further our goal of making SpookySwap the forefront of Fantom DeFi. As an added bonus, we hope new community members will be familiar with SpookySwap and our partners from the moment they bridge liquidity onto the Fantom Opera network. Overall, the SpookySwap Bridge is the first major update building SpookySwap from its current role as a leading AMM DEX to our planned role as the premier Fantom DeFi hub. We are excited to see the positive reception our bridge page has had and will continue to support features that onboard new users to Fantom Opera.
Limit Orders
Limit orders have recently been upgraded to include setting orders below market price. This update included minor fixes to improve mobile functionality and saves live orders as browser cookies to improve stability. We hope limit order functionality for both below and above market price orders attracts serious traders to use SpookySwap, and we will continue to provide features to encourage active trading.
Governance and Partnerships
Two new farms went live as part of recent SpookySwap proposals to add FTM-MIM and FTM-KEK as farms. We’re excited for Abracadabra.Money and Cryptokek to support the Fantom network with new capabilities, and we hope to continue to work with KEK to provide detailed analytics for tokens listed on SpookySwap.
Several developers have chosen to incentivize SpookySwap investors, such as YEL having airdropped their token to the top BOO holders and Reaper.Farm lowering their autocompounding fee down to 1% for the next four weeks.
Several new tokens have been whitelisted on our swap page including:
- Atari Token
- Graviton
- FBOMB
- SHADE
- YEL
- fUSD
- iFUSD
As well as tokens being added to the SpookySwap bridge:
- Graviton
- Atari
- YEL
As more protocols are developed, audited, and requested we will continue to support new tokens directly in the swap and bridge user interfaces.
Social Outreach
Our main focus of social engagement has been to bring liquidity currently on other networks onto Fantom Opera. In late June, Alpha Finance Lab Homura V2 stakers on the ethereum mainnet received BOO and FTM. Also during the past month, we launched our first #BuildOnOpera contest for Fantom community members to create infographics, guides, or videos showcasing the strengths and advantages of the Fantom network, which featured $2000 in BOO awarded to five winners as well as $2000 in FTM thanks to the matching prize provided by the Fantom Foundation. We hope the content created during the contest will be used by the entire Fantom community to share and promote the Fantom network.
Thanks to the brand identity of our mascot Grim’s hat and our new features, as well as our TVL being the highest of any native Fantom protocol, SpookySwap has reached 13,000 followers on Twitter and continues to be the flagship DEX for Fantom Opera. We have plans for more contests and events to continue our steady community growth.
NFTs
Our Erlenmeyer Cat NFTs became available for sale on ZooCoin and quickly sold out. We will continue to sell NFTs through ZooCoin so please be sure to follow our Twitter, Discord, and community Telegram for the latest NFT announcements.
Next Steps
The SpookySwap bridge was a significant undertaking and we’re fortunate our team has the needed specialists to create a widely adapted and well-received bridging utility. SpookySwap has yet to outsource any site functionality, and all updates are created by core team members.
Outstanding items we plan to accomplish are:
- additional incentives for xBOO holders
- detailed charts
- an NFT platform
Our roadmap additionally lists:
- the creation of a fully fledged on-chain DAO
- an Initial Coin Offering platform
- deploying BOO to Ethereum or other networks.
Feedback from our community members has been to focus on NFTs, gaming, and TVL growth.
In June, we had chosen Neist to be the first recipient of our BuildOnOpera grant and gave 3000 FTM for his work on the RPC aggregator, rpc.ftm.tools. SpookySwap makes use of this aggregator and its design to handle large spikes in traffic in order to support the rapid growth we’re expecting for Fantom Opera. We will continue to work towards finding appropriate recipients for BOO grants.
We hope to enable creation of governance proposals to BOO holders within the upcoming month. The amount of BOO needed in order to create a proposal is currently being discussed on Discord, and we appreciate any community feedback in determining an initial threshold. Detailed charts and an expert trader page are expected to be launched in August and will support all token information available on our analytics page. We also are working towards a light mode planned for the site which will be available in early August.
The SpookySwap NFT platform currently being developed will include features and mechanics new to Fantom Opera. We are working closely with past partners to create an NFT space that is open to all Fantom developers and artists. We appreciate any feedback to upcoming features in our Discord.
Overall, SpookySwap is taking several steps to solidify ourselves as the top native Fantom protocol which covers not only DEX functionality but acts as a DeFi hub for all features not provided by partners. We want to hear what upcoming features you’re excited about most, or any feedback for new projects to develop for Fantom Opera.
Let us know on Twitter, in our community Telegram, or in our SpookySwap Subreddit.
Stay Spooky!
