SpookySwap Development Update #6
This development update comes very shortly after SpookySwap’s major October updates, Magicats and expert trader page. 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. Additionally, SpookySwap has reached a new highest TVL and 24hr DEX volume, thanks in part to the price action of FTM during FantomDC. Reaching this milestone comes as a result of a massive influx of crypto investors from Avalanche Polygon and Binance, using the popular SpookySwap Bridge which results in easier onboarding to use the SpookySwap platform.
SpookySwap has maintained its status as the highest TVL of any Fantom Opera DEX. This is partly the result of a large increase in our FTM-BOO, FTM-TOMB, and USDC-FTM pairs. We appreciate Tomb.finance, Geist Finance, and other developers choosing to launch on the SpookySwap DEX. SpookySwap now holds over $100,000,000 in stable coin pairs whose high volume enables large trades at lower price impact, which greatly increased SpookySwap volume during FantomDC.
Data Recap: October 2021
- Total Value Locked: $806,838,951
- Average Daily Volume: $160M
- BOO Holders: 57,113
- BOO Market Cap: $175,463,450
- Price to Sale ratio: 4.0
- MCap/TVL: 0.217
- Top xBOO APR: 63.83%
- October Rewards for LPers + xBOO: $9,595,040
Our last development update discussed our plans to expand partnered staking, changes to user interface, the SpookySwap NFT series, detailed charts, and additional incentives for xBOO holders. We’ll be discussing our progress on these items as well as showcasing our roadmap updates 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.
October marked the implementation of several new partnered staking pools through SpookySwap governance votes:
- Inverse Finance INV/DOLA pool and farms
- CyberFi CFi pool and farm
- Abracadabra.Money SPELL pool and farm
- Liquid Driver LQDR pool and 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.
October also launched the implementation of a new type of governance vote, proposals. Proposals aim to allow BOO holders to take a larger part in determining aspects of the SpookySwap protocol.
- Prop-001 — What percent of Magicats royalties should buyback BOO?
- Prop-002 — Should DAO BOO be allocated for a Tier 1 CEX Listing?
- Prop-003 — Allocate DAO BOO to Olympus Pro for 31 days?
Proposals have a four day vote duration compared to our typical 24 hour votes used for xBOO partnerships to encourage more discussion. Expect new proposals that have significant impact on the SpookySwap DEX soon.
SpookySwap Bridge Expansion
- Arbitrum — USDC, MIM
- Polygon — USDC, USDT, DAI, ETH, IronICE
- Avalanche — USDC, USDT, DAI, ETH, MIM, SPELL
In addition, Binance Smart Chain support has been expanded to include additional tokens
- BSC— DAI, ETH, MIM, BNB, BIFI
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 a new chain to the SpookySwap bridge in mid-November.
Our main focus of social engagement has been to incorporate the Halloween season into BOO giveaways through our Twitter account. October included a meme contest, art contest, and Make-A-Magicat contest, each of which saw more than 30 entrants.
Overall, we’ve received 13,608 new followers during the past month, a 43.8% 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.
Our #SpookySeason art contest was also very successful, featuring more than 40 submissions of high quality art, including submissions from popular NFT artists Dua Labs and Elle. We appreciate seeing the countless pieces of fanart we’ve received of Grim and other Fantom Opera characters, and we’re glad that SpookySwap is able to support talented artists in crypto while building excitement for Fantom.
In order to not detract from improving SpookySwap DEX features, we hired an additional team member to specifically develop for Magicats, 0xHephaestus. The Magicats launch was very smooth, and its success as our genesis NFT series is without doubt due to his work as a dev team member.
With the popularity of our Discord faucet and of our xBOO partnerships, our team has both rewarded our moderators for their bridge and faucet technical support and expanded the core team to include one additional new hire to support collaborations and partnerships, the well known Fantom community member OwenP. Owen has been tremendously helpful organizing our farm/listing/wallet application form and reaching out to fellow protocol teams over Telegram, Twitter, and Discord.
Our upgraded expert trader swap page is finally released, featuring LP pair charts, recent trades, and liquidity pool history. Several of the analytics possible in the upgraded expert swap page are only possible thanks to our partnership with Cryptokek.
We’re very grateful for the positive feedback received from the Fantom community on expert trader. We’re glad that SpookySwap can bring utility for serious trading to a network like Fantom, which significantly benefits active investors through its low fees and fast transaction speeds. Our expert trader launch increased SpookySwap’s total 24-hour volume by 10% compared to recent DEX history. You can expect an updated version including minor upgrades to be released in the coming weeks.
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 the 3rd highest cumulative volume NFT series on their marketplace.
NFT utility has been announced for Magicats, and a highly anticipated announcement from the SpookySwap team. We are happy to announce that Magicats will boost yield. We are aware of how popular genesis series reward their holders and we will be taking inspiration from successful series for additional utility.
Our current priority for NFT development is a highly interactive and polished rarity guide, included as a page on the SpookySwap NFT site, adjustable to personal preferences that goes beyond the much appreciated rarity guides our NFT community has shared. We’ll have more information soon on our Magicats timeline.
Additionally, a few small site improvements have been made since our last development update:
- Our Stake BOO page now shows BOO balance in addition to xBOO Balance
- Bridge page now has a ‘Need Help?’ button that links to our docs
- Tokens manually added to your swap page list which were later whitelisted now correctly display the token icon
- The timer for Stake BOO pools no longer shows months
- Buttons updated for the Farm and Stake BOO pages
- SpookySwap now supports WalletConnect
- The farm dropdown now shows how many tokens make up your LP position
- Over 20 new tokens whitelisted for our swap page, and several new tokens are now bridgeable from our existing bridge options.
With the deployment of our expert trader page and Magicats’ launch, SpookySwap has achieved many of our Q3 and Q4 2021 goals. Outstanding items on our roadmap include BOO Price Feed utilizing Band Protocol, a website “lite mode” reducing art assets, token zapping and CEX listing.
While Band Protocol has provided price feed support for Fantom since March 2021, our most requested DEX feature has been a lite mode reducing the number of site assets needed to load each webpage for more data conscious traders. We expect our lite mode to be completed during mid-December.
SpookySwap has successfully been listed on two CEXs, MEXC Global and gate.io. Additional CEX listings are a high priority, in accordance with our successful governance proposal. While our core development team is working on lite mode and other features, SpookySwap is looking into one additional new DeFi hire to expand the core SpookySwap team for more DEX support. 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.