SpookySwap Decentralized Exchange Review

SpookySwap is an automated market maker and decentralized exchange that operates on the Fantom Opera chain. It is a user-centered service provider that lets you swap tokens, supply liquidity, and stake tokens in farms in exchange for rewards.

SpookySwap background

This exchange was launched in April 2021. The founders of this platform have chosen to remain anonymous. We don’t have any background information on the developer and it is not known where this company is located.

SpookySwap overview

This platform is endorsed and supported by the Fantom Foundation. It offers low swap fees and has been audited by a top security firm. You can connect some of the most popular wallets to this exchange and move tokens from other chains using the Bridge.

Pros & cons

Pros

• Swift transaction processing speed
• Low trading fees compared to other exchanges
• Excellent incentives for staking tokens

Cons

• Lack of reputation

Funding methods:	FTM gas and cryptocurrencies
Cryptocurrencies supported:	50+
Countries:	100+

Key features of SpookySwap

Let’s look at the principal features of this DEX:

• Token swaps

Like any exchange, this one allows you to swap one token for another. For this, you need to connect your wallet to the exchange.

• Liquidity

By adding liquidity, you can earn a portion of the trading fees. You will also receive liquidity provider tokens that represent your share of the pooled assets. These tokens can be staked in farms to earn BOO tokens. 

• Bridge

If you have tokens on other chains but wish to transfer them on this network, you can do so using the Bridge functionality. You can move tokens from networks like Polygon, Avalanche, Arbitrum, BSC, and Ethereum. 

• Staking

There is a single-stake pool where you can stake your BOO tokens for xBOO. Then, you can stake xBOO to earn other tokens. 

• Native token

The native token of this platform is known as BOO. It plays the role of a decision-maker in governance votes. It is possible to stake this token for xBOO and as collateral for other products. 

• Security

This platform has been audited by Certik. There were no critical or major issues found in this audit. However, there were a few minor issues. SpookySwap doesn’t have any of the advanced security features that you find on other platforms.

What wallets does it support?

Here are wallets compatible with this DEX:

• Metamask
• Coinbase Wallet
• TrustWallet
• MathWallet
• TokenPocket
• WalletConnect

Here is how you can connect your wallet to the platform:

1. Visit the official website and navigate to the Swap tab
2. Click on the Connect Wallet button located at the top right corner
3. Select your wallet from the list

How does SpookySwap work?

To start trading on this exchange, you first need to connect your wallet. Also, you need FTM gas that you can get for free provided you have a fresh wallet address and have recently bridged using multichain. If you don’t find the token in the default list, you can add it by entering the address in the search box. It is possible to change the transaction speed to fast or instant. However, this means paying more gas fees. You can also adjust the slippage tolerance and enable expert mode and multi hops. 

What can you buy with SpookySwap?

Here are the most popular assets available on this exchange:

• FTM
• AAVE
• BOO
• COVER
• CRV
• DAI
• ICE
• LINK
• USDC
• wETH
• BNB
• MATIC

Are there any risks with SpookySwap?

There is always the risk of impermanent loss for liquidity providers. However, the platform incentivizes liquidity providers to offset this risk.

SpookySwap fees

For market order swap, there is a 0.2% trading fee and for limit orders, the fee is 0.22%. From this, 0.17% goes to the liquidity pools while the rest goes to xBOO stakers. 

Deposit methods

There is no scope for depositing fiat currency on this platform. You conduct trades using crypto coins and you must deposit them in your wallet when you purchase them from another exchange.

Should you buy it?

If you are looking to make the most of a diverse farm and low trading fees, SpookySwap is ideal for you. The user interface is quite responsive and you can complete transactions in a flash.

Final word for SpookySwap

This DEX platform has a large collection of assets and is enlisted on several renowned websites. You can join the SpookySwap community on various social media platforms to follow the latest updates. That being said, there are no user reviews for this exchange and it lacks a dedicated support team.