Fantom ecosystem spotlight – SpookySwap
We recently had the pleasure of engaging with Eerie, one of the founders of SpookySwap. The first native Fantom AMM and DEX, SpookySwap offers a host of farms, staking opportunities, and easy-to-use token swap and cross-chain bridge features as well.
In this interview, the SpookySwap team’s openness and willingness to collaborate with other projects across the Fantom network shines through. We were also pretty excited to hear about what they have in store for the future!
1. What is SpookySwap?
SpookySwap is an automated market-making (AMM) decentralized exchange (DEX) on the Fantom Opera network.
We provide the lowest swap fees on Fantom for exchanging between cryptocurrencies, a user-friendly bridge built into the interface for bringing liquidity onto Fantom, and an emphasis on governance.
SpookySwap has zero deposit or withdrawal fees for both our farms and pools.
2. How do you introduce SpookySwap to a novice or someone who knows relatively little about DeFi?
SpookySwap is a cryptocurrency exchange, but contrary to traditional exchanges, there isn’t someone else on the other end of your trade.
Trades are fulfilled automatically using liquidity provided by other users, and the price you receive on the trade is relative to the ratio of the two tokens you’re trading.
Using SpookySwap requires no sign-up, no user information, and no data collection whatsoever! Interacting with SpookySwap is trustless, and anyone can make trades or provide liquidity.
The reward for providing liquidity is both collecting a portion of the swap fee and collecting newly circulating BOO, the SpookySwap governance token.
3. How did you come up with SpookySwap/what was your inspiration?
Our team has a lot of experience using popular AMMs on Binance Smart Chain and Ethereum, and observing the success of AMMs that were native to the network they supported.
We were excited to provide new utility to Fantom Opera network by launching the first native AMM DEX for the network.
The name Fantom and our love of cats helped inspire our spooky, magical cat theme.
4. Are you part of a team? If so, how did you end up working together?
Our team is a great group as we work really well together. ooGwei and Eerie reached out to team members from past projects to create the SpookySwap supergroup that handles all aspects from contract development, web development, tokenomics, product design, art, user experience, marketing, social media… you name it!
When the idea was pitched and brainstorming for product design and our Spooky theme were created, there was a lot of genuine excitement for the possibilities.
Even then, we already had confidence that we were going to have a major impact on the DeFi community.
5. What’s your background?
Eerie - Computer Science
ooGwei - Computer Science
No. 4 Type C - UX/Graphic Design
Patchwork - Business Administration
Shrimpy - Art/Media Arts
6. Why did you decide to build on Fantom?
Fantom’s technology was very exciting for our team, both as investors and developers. We had been Fantom investors for quite some time and decided to become developers for Fantom, as well.
Fantom also makes it especially easy and affordable for those familiar with EVM contract design to create DeFi protocols for their network. We felt like this, combined with the need for native DeFi protocols, made it an easy choice to build on Fantom.
7. How did you learn about Fantom?
Similar to other active investors in DeFi, we learned about Fantom through Andre Cronje’s Twitter and the early DeFi protocols that announced support while Fantom was still in its infancy. We were minting and swapping fUSD with everyone else early on!
8. How was your experience of building on Fantom?
Fantom makes it especially easy for those familiar with EVM contract design to create DeFi protocols for their network, and the existing community was incredibly helpful with any development questions we had. Overall, developing for Fantom is a breeze.
9. What brings you to DeFi, and what excites you most about the space?
We’ve been active users of a few other DeFi protocols for a while now. The most exciting thing about DeFi is just how much can be automated.
It’s understood that automation and AI will replace many jobs in many different job sectors, and the ability to have the functionality of an entire financial institution without the inefficiencies that come with the scale of global finance is very exciting.
10. How did the community receive SpookySwap?
From the beginning, our community was incredibly receptive to our art, user interface, and tokenomics.
We take pride in our site layout, which creates an easy-to-use interface for DeFi veterans and newcomers.
We feel our community is very appreciative of our emission schedule and that BOO has a hard-coded max supply of 13.666M.
11. What’s coming up for SpookySwap? Free alpha!
We’re continuing to partner with teams launching new projects on Fantom or bringing existing protocols onto Fantom through SpookySwap.
Our partnered staking xBOO pools mean that a lot of time is being dedicated to collaborations, and we’re very appreciative of the governance and feedback we receive from BOO holders. Expect several of our new features to reward BOO holders and xBOO stakers!
We’re also very excited about our upcoming generative NFT series, Magicats, which will include a planned portion of royalties from Artion going towards xBOO stakers as an additional benefit for holding BOO.
This means that similarly to xBOO earning a small portion of all swap fees, official SpookySwap NFT swaps on Artion will also contribute to the rate xBOO increases in value.
12. What would you like to tell fellow developers who haven’t started building on Fantom yet?
You’re still early!
Protocols that have launched recently in the past few months have quickly jumped to the top 10 TVL on the network for the simple reason that they fill a DeFi niche that was lacking native support and do it in an easy-to-use and transparent way.
If you have an idea that utilizes Fantom in a way that isn’t currently met, you’ll likely be successful. The community and fellow developers are open to help provide feedback or resources for your project.
Get involved with SpookySwap at:
