xBOO Update: Decentralized Buybacks for BOO

3 min readFeb 23, 2022

It’s been 7 months since xBOO launched and BOO holders started earning a portion of all DEX volume through single-staked BOO. During this time, over 36 billion dollars of DEX volume has generated over 11 million dollars of rewards for BOO holders, and totaling over a 100% APR based on returns since launch with no risk of impermanent loss. 67 million dollars of BOO is currently staked in xBOO, which is more than half of all currently circulating BOO.

xBOO has increased from 1:1 at launch to 1:1.667

xBOO buybacks are now receiving their first major upgrade since launch, and allows the Fantom community to earn even more rewards for being an active investor in SpookySwap. With the aim of making SpookySwap as decentralized as possible we are proud to introduce: Decentralized Buybacks.

With this update, any investor can earn 0.1% of the total buyback amount through performing an xBOO buyback. Based on past performance the annual bounty would exceed $70,000 earned through executing BOO buybacks.

We strongly recommend that to perform buybacks, our community members have prior knowledge of our Solidity smart contract. While our decentralized buyback script which is available here on the SpookySwap GitHub was created using Python to be user friendly, we advise inexperienced developers to proceed with caution. The script requires a private key which could incorrectly be shared publicly if steps are not followed correctly. In short, the steps needed to execute a buyback are:

Clone the Repo: Using git, clone the repo with the command:
git clone https://github.com/SpookySwap/spookyswap-brewboo-scripts.git
Navigate to the repo and install the python3 requirements: Using Python3, run the command: pip3 install -r requirements.txt
With your favorite text editor, create a .env file to store a wallet's hex private key: Example of expected contents for the .env file: PRIVATE_KEY=4bd1283169c03c542276521992b85c5e17cab72e6ee702e1dbfc687f16327d33
IMPORTANT: This is not a real private key. Never reveal your private key to anyone. Compromising your private key compromises all control and funds in the respective wallet. DO NOT CHECK THIS FILE IN ANYWHERE. The .gitignore of this repo has .env included. It is not recommended to change this.
Edit the brewBoo.py script’s token pairs to choose which pairs to convert: BrewBoo v2’s value can be tracked with this zapper.fi link to identify which pairs have the highest xBOO rewards to be bought back.
Call the script and follow the prompts: The script will verify that the wallet in your .env file has FTM to perform the buyback transaction. If your wallet does not have enough FTM for the transaction, brewBOO.py will print a failure message. Here is a sample of calling the script to see how the prompt will appear:

python3 brewBoo.py
You have some FTM to perform incantations.
Continue? (y/n)
y
Type: 'BrewBoo' to activate the Brewing ritual
BrewBoo
Successful Brew!Continue the Brew to create BOOs? (y/n)
y
As you wish, brewing BOOs to complete ritual...

Long term, the 0.1% incentive will ensure buybacks trigger more often than the current 24–48 hour intervals. Additional buybacks will both help investors earn rewards more quickly, and create more regular buyback price impact than the current daily interval. Capturing buyback volume more often will also result in xBOO holders being better rewarded, because buybacks will more accurately reflect token price for volume on volatile tokens. More buybacks means that the xBOO interval on the SpookySwap Stake BOO page will update throughout the day, allowing investors who move money more frequently to still capture the majority of xBOO buybacks.

Overall, we are excited to transition xBOO buybacks to a more decentralized contract that rewards our SpookySwap community. Additional updates to the SpookySwap DEX in line with a current priority to become more decentralized will be published soon. You can read the full list of SpookySwap development priorities on our SpookySwap docs. You can learn more details about how to perform a buyback through the SpookySwap GitHub, or head over to our Discord’s developers-chat channel to discuss decentralized buybacks with fellow Fantom Foundation developers and the SpookySwap team.

Stay Spooky!

xBOO Update: Decentralized Buybacks for BOO

Written by Spooky Swap