What Is SpookySwap (BOO)?
SpookySwap is a decentralized crypto exchange (DEX) built on the Fantom Opera network. The platform aims to focus on building the foundation to provide user-centric services by enabling users to diversify their funds across multiple ecosystems on Fantom Opera. Moreover, SpookySwap aims to allow the community to participate in network development, providing users with a user-friendly user interface (UI).
According to the whitepaper, the platform seeks to leverage the speed that Fantom Opera offers to deliver high-speed transactions while also ensuring high-end security and scalability. Likewise, the platform also aims to allow users to complete transactions at a low rate. SpookySwap offers four services – swap, liquidity, liquidity farm, and single stake pools. Swap allows users to trade and exchange digital assets on the platform, acting as an automated market maker (AMM). An AMM is an underlying protocol that automatically decides the prices of digital assets using mathematical formulas.
Users can partake in the liquidity pools to provide liquidity to the platform and earn liquidity pool (LP) tokens in return. Subsequently, users can stake these LP tokens to earn BOO tokens. BOO is the native cryptocurrency of SpookySwap, which also functions as the governance token of the platform. The platform also seeks to collect the transaction fees in BOO. Out of the total supply, about 72.7% is reserved for liquidity farm rewards, which will be disbursed to stakeholders. Also, 5% is reserved as developer funds. A liquidity farm or a yield farm is a tool to generate rewards for digital asset holders for locking their cryptocurrencies to provide liquidity to a particular platform.
History of SpookySwap (BOO)
SpookySwap was launched on April 17, 2021. The platform was founded by five anonymous developers – Eerie, ooGwei, No. 4 Type C, Patchwork, and Shrimpy. The BOO cryptocurrency has a maximum total supply of 13,666,000 tokens, 20% of which were created initially. About 273,320 tokens were reserved for initial DEX offering, while 546,640 tokens were reserved for initial farm offering.
