Aesthectics matter and in the world of DeFi we're in now where things change fast like the weather in Hawaii, standing out is a gateway for engagement and development and an onramp to growth.
I just found out about Spooky Swap last night, and wow I am much enamored with the simple cute visuals. But this is deFi and while hype may drive much of the investment, I've tried to invest in projects that are built on top of technology between teams of people that plan to stay a while in the JRPG of crypto.
I dug further into Fantom because of SpookySwap and I had originally found SpookySwap by first going to CoinGecko's Top DEX's. Pretty useful to see this info! We can see that the 24hr volume on Spookyswap was a respectable, but not eggregious volume. 41st place is impressive.
I didn't even know about Fantom Foundation until yesterday when I found out about SpookySwap so I wanted to learn more about the chain Spooky was built on. The Fantom Foundation put out a blog post on May 20 announcing Fantom and Chainlink were working together to proide VRF (Verifiable Random Function) auditing/oracle'ing for Smart Contracts. Which makes me feel that this particular DEX and the FTM ecosystem might not be as volatile as other DEX ecosystems we've seen coming out this year.
Start small, bring assets over to Fantom and test - that's what I did!
The underlying currency of Fantom Opera network is of course the FTM (FANTOM) coin, which is trading @ 0.298474 as of this writing. You're going to need FTM to complete transactions so think of it just like ETH gas. What I really liked was that fees were very minimal per transaction, less than on BSC. FTM is @ .32 cents right now and I paid .061 FTM to sign for compounding my BOO staked...more on that in a bit!
I had an admittedly frustrating time figuring out how to bridge my "dust assets" to Fantom so I could play around at super low stakes in the network. I had 41 BUSD built up from EPS Finance so I thought I could bridge my BUSD from BSC on Metamask to Fantom, which I could! The https://multichain.xyz/ bridge is cool and it's the first time I had used it. Fees weren't bad but when I had gone ahead and swapped my BUSD for fBUSD, I realized that SpookySwap doesn't support swapping tokens from fBUSD/BUSD for anything yet :(
My first stake on SpookySwap farms
So, I went back to the Multichain bridge and sweapped my fBUSD for BUSD. I went to PancakeSwap, swapped the BUSD for BNB and brought over BNB to the Multichain Bridge and converted it to fBNB.
I split the .06fBNB that ammounted to into fBNB and FTM and then staked it in the LP farm.
I've made a spectacular $.01 cent so far whic is amazing considering the total LP is worth like less than $20 now.
My favorite part of SpookySwap though is the Boo Single Stake :)
I used my leftover fBNB dust to buy what I could in BOO, the token of SpookySwap DEX. I staked that and it was worth ~$2.62 yesterday so even a gain of a cent on $2.62 in a day would be an amazing apr compared to an ACH interest at best @ .5APY
Great returns! Much spooky scary skeletons! My spooky investment strategy here will be to harvest some BOO when it's profitable past the FTM required to claim it and compound it.
FTM faucet on discord
I found out that you can even get FTM sent directly to whatever wallet address you want, too! It's my favorite faucet I've found in DeFi so far, by far! You need to be on their discord and you can claim the faucet drip once every 50hr, you just message the faucet bot "!help" and then "!faucet" and then follow the instructions to withdraw. Read more about the faucet here: https://docs.spookyswap.finance/getting-started/how-to-get-fantom-gas
Don't be scared of the Spooky!
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