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Welcome to the New To Crypto podcast designed to guide you through the crypto landscape with pinpoint accuracy created for the new and intermediate crypto investor. Join your host Crypto Travels Michael as he takes you through the different facets of getting started and succeeding in your crypto journey. New to crypto podcast brings you new episodes daily Monday through Friday with surprise bonus episodes sometimes on the weekend. Let me ask you, are you new to crypto don’t know where to start? Are you more experienced but have questions? Then you’re in the right place. This podcast is designed for you, coming at you from the training center in the lifestyle design studio. Here’s your host Crypto Travels Michael.
Hey, welcome to today’s show. I’ll tell you crypto is growing, and so is this show. People have chimed in to this show from 100 in three countries around the world 1240 cities spanning six continents. So I truly thank you if this is your first episode, or if you’ve been here for all of them. I welcome you today. Today’s episode is continuing on with the Fantom ecosystem series. And I’m diving into what is SpookySwap? So today I want to unpack with you what is SpookySwap? Well, it’s a decentralized exchange. If you remember from our earlier our first episodes, where I unpack and break down with a Dex is, also known as a decentralized exchange, and it runs basically as an AMM, (automated market making) and it runs on the Fantom opera network. So this project basically launched in April of 2021. And the project has already achieved several milestones including its gained endorsement and support from the Fantom foundation.
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It’s approved seven proposals with the community, with the BOO token as a governance token, it’s launched an event held with Alpha Finance and one other, official sponsored farm of WOOFY, established partnership with Popsicle. It’s also been audited by Certik, and it created a bridge for Fantom, Ethereum and Binance smartchain, and some of the benefits in technology is SpookySwap offers an easy way to swap one token for another via automated liquidity pools like other popular Dexes on different blockchains. The swapping rate is calculated by an AMM constant product formula. On SpookySwap, when trading tokens, users pay a 0.2% fee and liquidity providers earn a 0.17% of that as the BOO token rewards. So it’s called BOO rewards but it’s basically the token and 0.03% goes to xBOO holders, so none of the trading fees go to any dowel Treasury or development funds. When providing the Liquidity you actually receive SPLPs (Spookie liquidity provider tokens) representing your share in the liquidity pool. For example, by depositing BOO token and FTM tokens into a pool users receive BOO, FTM, SPLP tokens in return. To incentivize users, those SPLP tokens can be staked in farms to earn BOO tokens.
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There are 18 Farms available currently for staking SPLP. SpookySwap develop bridges, that make tokens from Ethereum, and Binanace smartchain tradable on its platform. So SpookySwap emphasizes the BOO token as the governance token and diverse farms to motivate users to join basically the Fantom project because this is part of the Fantom ecosystem to boost basically the platform’s popularity and the entire ecosystem of Fantom. Token traders on SpookySwap are charged 0.2% fee and it’s a competitive advantage compared to some of the other competitors. On SpookySwaps platform users can take advantage of BOO tokens in multiple ways, including providing liquidity and pools, which allows users to earn the swapping fees from the pair’s, also with farming, farming is a popular feature on many Dexes and is the place to stake SPLP, remember that Spooky liquidity pair tokens to earn BOO tokens so those farms motivate users to provide liquidity to SpookySwaps pools and help manage impermanent loss risk.
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The BOO token is a governance token as I mentioned before SpookySwap for voting on changes to the protocol. BOO tokens are also used to participate in IDOs sales on FTM pad, the first IDO platform on Fantom upper chain. As a result, the BOO token is tied to FTM pads to stake. So SpookySwap is not under any specific jurisdiction or governmental authority. This decentralization allows SpookySwap to invest people from all over the world who would like to interact with this platform. So SpookySwap does not charge any transfer fees or withdraw fees other than the network fees. And the network fees are fees paid to the miners on the blockchain. So who are the founders, the team of SpookySwap is unknown, one of the co founders users the alias Eerie Eight.
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So the BOO token is a tradable governance token a SpookySwap, and in general, BOO tokens benefit holders when using the Defi services of SpookySwap. And of course, BOO is available on SpookySwap and the current price is set at $20.74. Just around there. That’s where it’s currently trading. Today’s episode was just meant to be an overview more like an introduction for you about this Dex about SpookySwap and also another one in the Fantom ecosystem. And so I hope that this has provided value for you today. And definitely like and subscribe to the podcast. I love receiving your feedback in your emails. You can shoot me an email it at firstname.lastname@example.org again that email@example.com. So I’ll definitely be here tomorrow to chime in and tune in with you and until then make it a great day.
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