This development update comes very shortly after SpookySwap reached its all time highest 24-hour volume and Total Value Locked (TVL). 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. Reaching this milestone comes as a result of a massive influx of crypto investors from Avalanche and Binance, using the popular SpookySwap ETH-BSC-FTM Bridge which results in easier onboarding to use the SpookySwap platform.
SpookySwap now has the highest TVL of any protocol on Fantom Opera. This is partly the result of a large increase in our FTM-BOO, FTM-TOMB, and USDC-FTM pairs. We appreciate Tomb.finance, Screamer, and other developers choosing to launch on the SpookySwap DEX. SpookySwap now holds over $25,000,000 in stable coin pairs whose high volume enables large trades at lower price impact.
Data Recap: August 2021
- Total Value Locked: $200,803,470
- Average Daily Volume: $19,324,267
- BOO Holders: 51,713
- BOO Market Cap: $57,400,300
- xBOO APR: 58.93%
- Rewards for LPers + xBOO: $1,198,104
Our last development update discussed our plans to enable community governance proposals, a light mode user interface, the SpookySwap NFT platform, detailed charts, and additional incentives for xBOO holders. We’ll be discussing our progress on these items as well as showcasing a new project our team is releasing in response to developments on the Fantom network. 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.
A few small site improvements have been made since our last development update:
- A new footer has been added to our website which includes helpful links and charts on popular token trackers
- Our IFO BOO Single Stake pool now counts down to the end of our Initial Farm Offering (IFO)
- A passed farm governance proposal directed additional BOO rewards to the highest performing pairs
- A website application for farms and listings is included in our footer
Governance and Partnerships
August marked the implementation of three new governance votes, our wETH-YFI farm, a large farm adjustment, and our scream.sh pool and farm. August was also the first month including community launched proposals, in which six community proposals were created by BOO holders. The most popular community proposal was to create a raffle feature to earn SpookySwap NFTs and BOO prizes.
We additionally partnered with YEL.Finance to create the first xBOO rewards pool. xBOO holders could earn YEL rewards while also earning BOO that was bought back from the 0.03% portion of our 0.2% swap fee.
Our partnership with Cryptokek was announced in August, which will contribute to our upcoming custom interface which combines cryptokek’s charts with the SpookySwap swap page. This new Expert Mode layout will include compact navigation of the existing SpookySwap site while optimizing space for data display and charting tools. These robust tools even include your personal trade history, a history of liquidity changes for LP pairs, existing limit orders, and our familiar swap user interface.
Our most major partnership in August is our first xBOO partnered staking pool, featuring Screamer.
xBOO Partnered Staking Featuring SCREAM
Our most significant update of August is the launch of xBOO partnered staking, which provides additional rewards thanks to our partnership with Screamer. 1700 SCREAM tokens will be distributed over 60 days to xBOO holders, ending October 29th. We hope these additional rewards will both incentivize holding the BOO token for governance, and using it to invest in up and coming Fantom projects risk-free. Our promotion of the SCREAM-FTM farm caused the farm’s TVL to reach over $10,000,000 in liquidity and $6,000,000 in xBOO liquidity being staked for additional SCREAM rewards. In the hour after our announcement, SCREAM’s value increased by 30%.
Additional partnered staking pools will be launched as SpookySwap reviews applications submitted to us from existing and upcoming projects. We hope that the success of the SCREAM Partnered Staking pool will entice more developers to reach out to SpookySwap. Any developers interested in contacting SpookySwap for more information can reach the development team through our Twitter, Discord, or our Farm and Listing Form.
Our main focus of social engagement has been to interact with crypto twitter analysts who have a primarily technical audience. Several major accounts such as Beastlyorion, Frombroke2bags, Rager, Cryptunez and AltcoinGordon have discussed Fantom or SpookySwap during recent weeks. We’re very fortunate that serious and active traders are becoming aware of the Fantom Opera network, and its strength during this period of high volume in alternative DeFi solutions. Aside from interacting with crypto analysts, SpookySwap has continued to offer adding Grim’s hat to Twitter profile pictures. To date, over 150 profile pictures have been modified to include SpookySwap’s logo.
Additionally, we tried to capitalize on the recent growth in altcoin popularity through BOO giveaways through our Twitter account and cryptunez. Overall, we’ve received 3,887 new followers during the past month, a 26% increase in our total follower count. We will continue to create Twitter giveaways that reward our followers and the creative members of the Fantom community leading into Q4 2021 and the Halloween season.
Light mode was planned for release during the month of August. Due to combining light mode with an additional unannounced UI/UX overhaul, we will not be releasing our light mode site version until our expert trader page and UI overhaul have been completed. Light mode will feature several new art assets to better complement the brighter colors, such as this subject-to-change background:
The Swap, Farm, and Stake BOO windows will also be adjusted to fit a light mode theme. We will continue to remake site assets to better fit the light mode theme, including our color template for these UI elements. Light mode can be expected to launch by late September.
Earlier in the month, we teased our expert trader page with plans to release during the month of August. As mentioned while discussing light mode, expert trader page was delayed to incorporate light mode and our UI overhaul. We’re proud to reveal the complete expert trader layout, which showcases the amount of information included on our upcoming subject-to-change swap page layout:
Several of the analytics possible in the upgraded expert Swap page such as TradingView charts, recent trades, market summary, trending tokens, and favorite tokens list are only possible thanks to our partnership with KEK. Our expert trading page can be expected to be launched in September at the same time as our light mode.
Official SpookySwap NFTs have been a long requested feature, and are currently available in limited supply on the CoinZoo marketplace. In addition to ongoing development for the NFT platform, SpookySwap has begun actively supporting the official NFT marketplace for Fantom Opera, Artion.
With the launch of Artion from Fantom Foundation our team has created a new official SpookySwap NFT series: Magicats.
Our new NFT series, Magicats, will mint 10,000 generative NFTs utilizing over 200 unique art assets. The increase in the number of unique art assets compared to existing popular generative NFT series ensures that SpookySwap’s Magicats will be even more unique and less visually repetitive than competing NFTs. Because of this, a majority of art asset combinations will never be seen or minted.
Creating over 200 art assets, all finalized by our lead artist, Shrimpy, is an extensive task while also creating art for site assets, partnerships, and collaborations. We’ll have more information to share soon on our Magicats timeline.
We have begin reaching out to trusted community members to blind-test our upcoming UI overhaul. Feedback from community members will create another round of development, which when finalized will result in expert trader and light mode being launched. We thank everyone for their patience in these requested features being deployed.
The success of xBOO partnered staking has been felt and well timed with the recent influx of new Fantom Opera members. We will be reaching out to other developers who have shown interest in creating partnered stake pools and be creating new governance votes regularly to incentivize active community participation and BOO ownership.
We will continue to reach out to and interact with active crypto twitter accounts who show interest in alt coins and Fantom Opera. You can expect more teasers of Magicats to be released through Twitter leading up to its release, while the majority of art assets will only be discoverable once Magicats are officially minted.
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 projects to develop for Fantom Opera.