SpookySwap Development Update #7
It’s been an exciting month since SpookySwap’s two 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.
SpookySwap has maintained its status as the highest TVL of any Fantom Opera DEX. We appreciate Tomb.finance, Spartacus Finance, and other developers choosing to launch on the SpookySwap DEX. SpookySwap now holds over $200,000,000 in stable coin pairs whose high volume enables large trades at lower price impact.
Data Recap: November 2021
- Total Value Locked: $860,383,884
- Average Daily Volume: $160M
- BOO Holders: 58,510
- BOO Market Cap: $124,167,600
- Price to Sale ratio: 10.12
- MCap/TVL: 0.144
- Top xBOO APR: 56.90%
- November Rewards for LPers + xBOO: $12,248,820
Our last development update discussed our plans for a SpookySwap lite mode, additional CEX listings, and Band Protocol price feed support for BOO. We’ll be discussing our progress on these items as well as showcasing our accomplishments during the month of November. 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.
November marked the implementation of several new partnered staking pools through SpookySwap governance votes:
- Yoshi.Exchange pool and farms
- TrueUSD pool and farm
- YEL.Finance pool and farm
- Trader Joe farm
- Spartacus Finance pool and farm
- Extension of the wFTM pool, funded by the SpookySwap team
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.
November also launched the implementation of three SpookySwap proposals. Proposals aim to allow BOO holders to take a larger part in determining aspects of the SpookySwap protocol.
- Prop-003 — Allocate DAO BOO to Olympus Pro for 31 days
Users can now exchange their BOO-FTM LP for Discounted BOO, the discount amount is based on how often LP is redeemed. This allows the DAO to acquire liquidity permanently.
- Prop-004 — USDC-MAI New farm and farm adjustment
SpookySwap’s proposal enables SpookySwap LP to be used as collateral on MAI Finance, a Lao Zi protocol. Incorporating QiDao protocol enables farming positions on SpookySwap to be leveraged.
- Prop-005 — Trader Joe Farm Swap
Our farm swap launched BOO liquidity on the Avalanche network, and enables AVAX holders to earn JOE with BOO-AVAX LP on Trader Joe. This proposal launched both JOE liquidity on Fantom Opera and BOO liquidity on Avalanche. The SpookySwap bridge supports both BOO and JOE, for great arbitrage opportunities between Fantom and Avalanche.
Expect new proposals that have significant impact on the SpookySwap DEX soon.
SpookySwap Bridge Expansion
A significant update in November was the launch of OKExChain support for the SpookySwap bridge which includes two options for bridging onto Fantom Opera:
- OKExChain — fUSDT, USDC
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 additional chains to the SpookySwap bridge in late December based on recent Anyswap support.
With the excitement from Fantom’s price action and new protocols joining the Fantom network, the SpookySwap community saw a large increase in the number of new users who needed a small amount of FTM to get started on the Fantom network. We’re incredibly grateful to our team of Discord moderators for their support in getting new SpookySwap members started on the network, and we’re incredibly excited to support the new bridge faucet by Mentasuave01, which provides 0.2 FTM to any wallet new to the Fantom Opera network that can provide a recent SpookySwap bridge transaction.
We will to continue to support and aid Mentasuave’s faucet, as it greatly reduces the manual labor hours needed from our team of moderators.
We’ve additionally collaborated with Forrest (Hashoshi) for a video showcasing the strengths and utility of Fantom Opera. Based on community feedback, we will continue to work with content creators to create educational material about Fantom Opera’s technology.
Our upgraded expert trader swap page was successfully launched, 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.
Based on feedback from the Expert Mode launch, we will be implementing Expert mode v2 featuring the following updates in December:
- Token Watchlists to easily switch between favorite charts
- Including market orders in the Orders section
- Infinite Swap and Liquidity history
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 currently the 4th highest cumulative volume NFT series on their marketplace.
Our highly interactive and polished rarity guide launched in November, included as a page on the SpookySwap NFT site, and is adjustable to personal preferences that goes beyond the much appreciated rarity guides our NFT community has created. Magicats holders can search all 5000 generated Magicats based on name or ID, and can view the Magic Points (MP) of each attribute, toggle whether additional factors like set bonuses or titles contribute to the MP score, and see if the NFT is available for sale on the PaintSwap marketplace. Our rarity page has been well received, and we hope this enables our NFT community a powerful tool in determining the value of each Magicat.
Now that our rarity page has launched, our NFT development will focus on two major utility aspects promised for Magicats: yield boosting and being our genesis series for future NFT collections. Our next NFT development announcement is coming early 2022. Contract development to implement DEX utility for Magicats has begun, so please look forward to more information in our next development update.
Additionally, a few small site improvements have been made since our last development update:
- Our navigation bar now shows when governance votes are live
- Magicats rarity search speed improved
- Home page now shows floating analytics/docs/vote buttons
- Minor bug fixes across all site pages
- SpookySwap now supports WalletConnect
- Over 20 new tokens whitelisted for our swap page, including major new Fantom protocols like Spartacus, Hector DAO, and Fantohm.
- Several new tokens are now bridgeable from our existing bridge options, including JOE and BOO for Avalanche, and JulD for Binance.
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.