SpookySwap is an AMM (Automated Market-Making) decentralized exchange powered by the Fantom network. Users can use it to swap, add/remove liquidity, yield farming, etc. Also, the platform supports a bridge to transfer tokens to/from the Fantom network to the Ethereum, BSC, Polygon, Avalanche, and Arbitrum networks. The project code is fully audited by Certik.
So, in this article, we will explain how you can use the features supported by the SpookySwap platform. Let’s first talk about the tokens that run inside the platform.
Since the platform is based on the Fantom network, users must hold the $FTM tokens to pay fees. Also, the SpookySwap platform has a native token named $BOO.
1. $FTM Token
You can get $FTM from many powerful platforms like Binance, KuCoin, FTX exchange, etc. Check the complete list of supported platforms here.
2. $BOO Token
On the other hand, if you wish, you can buy the $BOO token from the below platforms. Check the list of supported platforms from where you can get this token here.
Users can stake the BOO token and earn rewards. We will discuss this in detail later. Now, let’s continue with the guide:
Step 1: Set Up the Fantom Network
Users are required to set up the Fantom network details in their Metamask wallet. Skip this step if you have already set up Fantom connection details in your wallet.
To add a network, go to Settings-> Add Network, and then fill in the following details there.
- Network Name- Fantom Opera
- Network URL- https://rpc.ftm.tools/
- Chain ID- 250
- Currency Symbol- FTM
- Block Explorer URL- https://ftmscan.com
Step 2: Connect the Wallet in the Website
To use the SpookySwap platform, visit the page. And connect your wallet.
The SpookySwap platform allows you to connect with the below wallet types:
- Coinbase Wallet
Step 3: Check Account in Portfolio
Users can check their account-related details from the Portfolio tab.
Step 4: Swap
Using the Swap function, users can convert any of the supported tokens. SpookySwap allows the users to place the orders in Market or Limit mode.
To swap, users need first to select the input and the output token. Next, they need to enter the amount of input token that they wish to swap. The Spookyswap application will display the amount of output token that you will receive.
Then, confirm the process, and you will be able to see the resultant token in your Metamask wallet (Fantom network) once the transaction becomes successful.
Spookyswap allows users to set limit orders to set the price they wish to buy/sell a particular asset. The transaction will trigger only when the condition is met. This feature is good as you do not need to monitor the price manually. You can set the order you want to place, and the application will work on your behalf.
Then, you can set the price here (see highlighted field in the above screenshot) at which you wish to sell and see the percentage difference with the current market price.
Step 5: Add Liquidity
Spookyswap supports liquidity pools where users can deposit their tokens to earn a reward. They also receive liquidity pool (LP) tokens that represent their share in the pool. As a reward, the Liquidity providers receive 0.2% of the trading fees from the transactions against their participating pool.
To add liquidity, go to the Supply tab. Next, users need to select the token pair. We have some $FTM and $BOO tokens in our wallets.
Note: To add liquidity into the liquidity pool, users are required to provide an equal amount of both tokens.
First, select your token pair., then enter the value against one token, and the value of the other token will get automatically displayed.
If you are using the token pair for the first time to add liquidity, you have to Approve the pair first.
Once approved, the Supply button will be enabled. Click on that.
Once the transaction is successful, you will become a liquidity provider in the selected pool. You will be eligible to earn a liquidity fee for every transaction done against the liquidity pool.
You can check your liquidity details now.
Step 6: Remove Liquidity
Users can remove (wholly or partially) the liquidity from a pool whenever they want. When users withdraw their tokens from a liquidity pool, they receive the deposited tokens along with the fee earned during the period the tokens were in the pool.
To remove any existing liquidity, click on the Withdraw button. Now, enter the percentage of liquidity that you wish to withdraw, and confirm the process.
Once the transaction is successful, you will find that tokens are reverted to your wallet, and the LP token balance has become zero.
Step 7: Farm
Spookyswap offers a yield farm pool where users can deposit their Liquidity Pool tokens to earn an additional income.
You can check the list of all farm pools from here
We have an FTM-BOO Liquidity pool token that we will deposit into the farm pool.
Also, users need first to approve the transaction to stake before actually depositing it into the farm pool.
Once you approve, the stake button will appear. Click on it, and enter the amount of the LP token that you wish to deposit into the pool.
Confirm the transaction. You can now see your staked LP token balance.
The rewards earned will accumulate with time, and you can click on the Harvest button to withdraw them from your account.
Step 8: Remove Liquidity from Farm Pool
Users can also remove their tokens from the farm pool at any time.
To remove, click on the Unstake button and enter the amount of farm pool token that you wish to withdraw. And finally, confirm the process.
Step 9: Stake $BOO
BOO token holders can stake their token into the platform and earn xBOO in return. They can further stake this xBOO and earn different tokens.
To stake your BOO token, visit the link.
Approve your $BOO first. Now click on the Stake button and enter the amount of $BOO token that you wish to stake.
Finally, confirm the process. You can check your staked $BOO token details from the dashboard. Users can add (stake) or remove (unstake) $BOO tokens in the future if they want.
You can then stake the xBOO token into the pools to earn more.
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