Posts

Closer Look: SpookySwap Finance on the Fantom blockchain

avatar of @roleerob
25
roleerob
@roleerob
·
·
0 views
·
4 min read

Looking for those DeFi app's demonstrating (at least some) success at getting their "tokenomics" right? Yeah, me too ...

Source: #announcements channel, on 11 Dec 2021 @ 1:30, in SpookySwap's Discord server.

Check this out!

Within less than 2 hours, there was an impressive sequence of events in the community engaging in SpookySwap Finance's Discord server.

When someone asked for a "long version" explanation of the "deflationary effect" referenced in the announcement illustrated above, this was provided minutes later:

BOO is slowly being emitted for farm rewards. If BOO had zero volume, the value per BOO would slowly drop, since circulating BOO is inflationary (but with a limited maximum supply). But trade fees are being used to buy BOO through xBOO. And as xBOO buys back BOO at the market price, it increases the price of BOO thanks to AMM DEX price calcuations. So a combination of our emission rate for farm rewards slowly decreasing and our DEX volume increasing (as shown in the announcement's infographic) has caused the buy pressure from xBOO to increase the value of BOO faster than the emission rate decreases it, causing a price increase even at zero BOO volume. A few coins try to create the same effect of price increasing even at low/zero volume by having tokens be deflationary and burn circulating supply over time.

Source: #trading-farming channel, on 11 Dec 2021 @ 1:48, in SpookySwap's Discord server.

Which was followed by this impressive transaction, within an hour:

Source: #trading-farming channel, on 11 Dec 2021 @ ~2:41, in SpookySwap's Discord server.

Coincidence? Perhaps. But, I doubt it, as "smart money" tends to keep (very) close tabs on what is happening with their investment and does not take long to make decisions on major "good news" like this.

As we can all agree, a single $1.3M investment (is @onealfa dabbling in SpookySwap? 😉) into any DeFi platform is a notable event. Certainly it was the case with SpookySwap. The original announcement and this follow-up to it made a favorable enough impression on me to take the time to bring it to your attention.

SpookySwap Finance

Like what you see, dear reader? Launching in April 2021, here is what SpookySwap has to say about their "Full Feature Tokenomics:"

We are working towards a platform governed through community voting, with expert trading mode, a fast polished UI, and limit orders.

If you like the sounds of that and want to consider adding to the $652m in SpookySwap's TVL, here are some "starter" links, for DYOR:

SpookySwap is not the biggest platform (currently #4) on the Fantom blockchain, but I like the fact it is unique to Fantom. SpookySwap's UI is a bit whimsical for my tastes, but it is creative and pretty well done. It seems to be a "hit" in their Discord server and there seems to be a lot of productive "energy" in there.

Bottom line: For my investments, there is a lot to like about this platform! 👍

Having chosen myself to invest into the Fantom blockchain starting this past October, I already had a stake in SpookySwap, which is why I knew what was happening on their Discord server. As a long-term investor, this good news will make me take a second, closer look at increasing it.

Closing

Ending a "short and sweet" (for me) post, dear reader, I suspect we all have been somewhat set back by the crypto market over the last several days. I certainly was hoping for a better end to the year, but ... It is "crypto," afterall, so I am "OG" enough to have been through this many times. In the midst of it, though, it is nice to find some good news to celebrate.

While the LeoFinance community waits for the launch of the PolyCub platform, we can all take some encouragement in knowing @khaleelkazi and his dev team are constantly on the lookout for ways to improve the long-term viability of what they are building. If they choose to look into it, perhaps they will find something in SpookySwap's approach worth emulating.

I’d love to hear any feedback you may be inspired to provide.

Until "next time," all the best to you for a better tomorrow, as we all work together to build up our Hive Communities and add increasing value to our Hive blockchain!  

Respectfully, Blogger @roleerob Hive "Dolphin" 🐬, LeoFinance "Whale" 🐋, & Man Cave "Dragon" 🐉

P.S. I am not a financial adviser. Please consider this post as financial information and / or opinion only. Please perform your own due diligence, in whatever manner seems best to you, if you have found it to be beneficial.

Posted using LeoFinance and “immutably enshrined” in the Hive blockchain on Saturday, 11 December 2021!
🌲 No trees were harmed in the publishing of this post! 🌲


LeoFinance: A Hive blockchain community devoted to investing!
Discord: Engage with LeoFinance's Online Community!

Check it out!

Hive signature GIF created by @zord189. Ask him to create one for you!
This account is protected by @dustsweeper

Posted Using LeoFinance Beta