SpookySwap has proven itself the most popular DEX in the Fantom ecosystem. This is the second part in our two-part series where we take a closer look at this exchange.
In the first article in our series, we answered some key questions about the exchange. Now, let’s dive a bit deeper and take a look under the hood of SpookySwap.
Want to learn more about maximizing your #Magicats gains? 😺🪄
— SpookySwap (@SpookySwap) December 20, 2022
How Does SpookySwap Work?
SpookySwap is an automated market-maker or AMM. This is a DEX that is part of the DeFi space. This DEX is also part of the Fantom network and ecosystem. They are also the most popular DEX inside the Fantom ecosystem.
As a DEX, SpookySwap offers the standard services. For example, swapping, yield farming, and adding liquidity. However, what sets them apart is their interoperability. They can currently bridge between nine different networks. This includes, among others, Ethereum, BSC, Avalanche, Arbitrum, and Polygon.
An extra feature that this DEX offers is limit orders with a 0.22% trading fee and market orders with a 0.2% trading fee. With these trading fees, they buy back their native BOO token. Here are some of the features that SpookySwap offers. For example:
- Bridging — You can bridge tokens to and from Fantom to eight other networks.
- Swapping — Swap tokens on their user-friendly UI.
- Staking xBOO — You can stake BOO on their platform. In return, you receive the xBOO token. For each staked BOO, you receive one xBOO.
- Liquidity farms — Add two tokens in equal parts to a liquidity pool.
- Farm — Stake your LP tokens and earn BOO.
- NFTs — You can access the Magicats, their genesis NFT collection. When you own one or more Magicats, you can boost your yield. They also offer other NFT collections.
As you can see, the DEX offers many interesting features. The picture below shows the current available bridges to other networks.
Source: SpookySwap website
The SpookySwap Exchange
The SpookySwap exchange is an AMM. Among others, they underwent a full audit by Certik. On the platform, you will need two tokens, the Fantom FTM token and the native BOO token. One of the main features of this DEX is their swap. This comes in two versions. One is the basic swap version. The only thing you need to do is to pick a coin in the top box and choose in the bottom box the token that you like to swap to. See the picture below.
Source: SpookySwap swap
The other version is the expert version, with the limit and market orders. This looks almost like a CEX dashboard. In the top-right corner, you have the option to change between a market or a limit order. As marked in the yellow box in the following picture. The dashboard also has some trading tools on the left side. For example, trend lines, fib retracement, text, or brushes. This is for advanced traders. On the other hand, the tools are not as extensive as at the major CEXes. However, it’s a lot more than your average, simple swap that we just saw above.
The SpookySwap DEX allows you to connect with a variety of wallets. This is good news because it means that you’re not confined to one wallet. Currently, they allow you to connect with six different wallets. Here’s a list of these six wallets.
- Coinbase Wallet
- Trust Wallet
- Math Wallet
- Wallet Connect
In another article of ours about SpookySwap, we explain how to set up the Fantom network in your MetaMask. The picture below shows options for connecting a wallet on SpookySwap.
Source: SpookySwap connection button
SpookySwap vs SpiritSwap
Fantom has plenty of DEXes in its ecosystem. However, SpookySwap stands head and shoulders above the rest. According to DeFiLlama, their current TVL (total value locked) is $84.25 million. Their nearest competitor, Beethoven X, doesn’t even have half of that. They have a TVL of $39.82 million. In the Fantom ecosystem, SpookySwap ranks 2nd for TVL and Beethoven X 3rd. On the other hand, SpiritSwap ranks 16th with a TVL of $8.7 million. That’s 10x less than SpookySwap. So, that’s a massive difference.
Having said that, the TVL on Fantom also dropped drastically. They went from $8.07 billion to the current amount of $440 million. However, let’s get back to comparing SpookySwap with SpiritSwap. SpiritSwap charges a 0.3% transaction fee, compared to Spooky’s 0.2%.
So, we saw that SpookySwap’s TVL outnumbers SpiritSwap’s TVL. Another important factor to consider is trading volume. Spooky’s trading volume over the last 24 hours was $10 million. SpiritSwap lags with a 24-hour trading volume of $800K.
In both essential fields, SpookySwap is way ahead of SpiritSwap. This is despite SpiritSwap having rolled out plenty of new features during 2022. Even Beethoven X, the runner-up to SpookySwap in volume, does just under 10% of Spooky’s volume. At this time, SpookySwap is the clear DEX leader in the Fantom ecosystem. See the picture below.
SpookySwap vs PancakeSwap
This is an interesting comparison because PancakeSwap runs on the BSC chain. So, we are going to compare the same two features as with SpiritSwap, TVL and volume.
As we know already, SpookySwap’s TVL is $84.25 million. Their volume is $10 million over 24 hours.
On the other hand, PancakeSwap has a TVL of $2.2 billion. Their 24-hour volume is no less than $106 million.
In other words, PancakeSwap outperforms SpookySwap in the two most important metrics. Not just with a small margin, but with a street length. Even though PancakeSwap has a higher transaction fee at 0.25%. The picture below shows the PancakeSwap TVL.
In two articles, we answered 10 questions about SpookySwap. They are the most popular DEX in the Fantom ecosystem.
The current price of BOO is $1.21, with a market cap of $11.9 million. There are already 9.9 million BOO in circulation. Their max supply is 13,666,000 BOO.
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