Everything You Need To Know About SpookySwap – Part 1

SpookySwap is a leading Automated Market Maker (AMM) on Fantom. It’s also a Decentralized Exchange (DEX). With Andre Cronje returning to the helm at Fantom, it’s a good time to revisit the ecosystem. Where else to start but with Fantom’s leading DEX, SpookySwap? 

Today, we look at what SpookySwap is. We also review its safety and who owns the platform. Lastly, we look at where and how to buy its native $BOO token.

What Is Spookyswap?

Simply put, SpookySwap is a leading AMM DEX on Fantom. Think of it as similar to UniSwap, but for the Fantom Chain. It also has a cat-like, spooky theme. This is in line with Fantom’s overall horror theme. Other Decentralized Applications (dApps) on Fantom follow suit too! These include Geist Finance, Scream, Tomb Finance and so forth.

Now, let’s get back on track. The Spooky platform allows users like you and me access to plenty of DeFi features. These include:

1. Swapping. You can swap a token for another on their dApp.
2. Providing Liquidity. You can deposit tokens into Liquidity Pools (LP).
3. Farming. You can use your LP tokens to farm $BOO tokens.
4. Staking. You can stake your $BOO tokens for $xBOO. By doing so, you get extra benefits on the platform.
5. Bridging. You can use their in-built bridge to move tokens from other chains into Fantom.

Moreover, the platform also allows you to stake your own Magicat NFT! By staking it on certain pools, you get a higher $BOO reward. And you get an adorable cat too!

Is SpookySwap Safe?

Well, the dApp itself has a good track record. Simply put, it has not been hacked or exploited before. However, the platform faces similar risks as compared to any other AMM or DEX. These include, but are not limited to, smart contract bugs and rug pulls. The greatest risk is with impermanent loss. This applies largely to liquidity providers.

Otherwise, the dApp is reasonably safe to use. It has audits with Certik, and Rugdoc gives it a “Low Risk” rating. However, in crypto, never say never. There is nothing that’s 100% safe. So, manage your risk accordingly and do not put all your assets in the dApp.

Who Owns SpookySwap?

Now, this is a hard question to answer! That’s because all of the founders are anonymous. So, we can only identify them via their twitter handles. In the tweet below, Eerie and ooGwei are the co-founders of the project.

This is why @SpookySwap is such a comfy project! @EerieEight, @The_ooGwei, @No4TypeC and team tirelessly answering questions and providing basic support on discord day in and day out. $ftm https://t.co/Pc41BmaMYq

— poor again (@dc_pkr) May 17, 2021

However, no one really or truly “owns” the dApp. Like the curious cat you are, you might ask: “Why is this so?”

This is because it is meant to be decentralized, of course! It’s similar as to how no one truly “owns” the Bitcoin network. On the other hand though, for projects like SpookySwap, large holders of their native token will command more authority for sure.

Where To Buy the Spookyswap Coin?

If your dream is to become a $BOO token whale, then this section is for you! We’ll be going through the places where you can get some $BOO tokens.

So, to get some $BOO tokens in your wallet, you need to check their Coingecko Markets page. From here, you’d be guided on where the token is traded. See the above screenshot for its ready markets. These could include both Centralized Exchanges (CEXs) or DEXs. As a general guideline, look for exchanges offering:

• Low Spread. 
• High Volume.
• Green Trust Score. 

All these help to ensure that you get an accurate price for your $BOO tokens. With the list above, I would recommend you get $BOO tokens from MEXC Global or on SpookySwap itself.

How To Buy the SpookySwap Coin?

So earlier, we mentioned that you can get $BOO tokens on either a DEX or CEX. Let’s go through both methods below:

1. Method #1 – Using SpookySwap.
   • To start off, you’ll need to have some $FTM tokens in your Metamask Wallet. Below are some handy guides to ensure that you’re on the right footing, before you begin.
     • First, make sure you have your Metamask wallet set up.
     • Secondly, connect your Metamask wallet to the Fantom Network. To do so, follow Step 1 of our previous guide.
     • Next, fund your Metamask wallet with $FTM tokens. You’ll need these to pay for gas fees (although they’re really cheap on Fantom!).
     • Lastly, connect your wallet to SpookySwap! To do so, follow Step 2 of our previous guide.
   • Next, head on over to its “Swap” page. Ensure that the token in the “From” field is for $FTM, and the “To” field matches $BOO. Then, input the amount of $FTM you would like to swap for $BOO. Click on the “Swap” button and approve the transactions following on Metamask.

     

     To double confirm that you’ve swapped to the correct $BOO token, import its contract address “0x841fad6eae12c286d1fd18d1d525dffa75c7effe” to your Metamask wallet. Your new $BOO balance should now show in your wallet!

2. Method #2 – Using MEXC Global.
   • To start off, we assume you’ve already had a MEXC account set-up, funded with $USDT tokens. We’ll be using $USDT to buy $BOO tokens below.
   • Next, buy your $BOO tokens with your $USDT. You can do this using their spot trading function. The screenshot below reflects the $BOO/$USDT trading pair for MEXC Global. Ensure that you’re on the “Spot” tab as highlighted below!

     

   • Voila! You’ve got some $BOO tokens in your exchange wallet! Now, we recommend that you withdraw your tokens into your own Metamask wallet for safekeeping.

Conclusion

In summary, we hope we’ve answered some questions for you on SpookySwap! Now, if you’re interested in the Fantom ecosystem, head on over to its dApp to explore their offerings! Read our second article on the DEX to learn more about it.

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