Decentralized exchanges (DEX), are an integral part of the crypto trade and investment. They help investors in exploring crypto opportunities to uplift their trade journey. Further, the exchange also helps in adding liquidity to the crypto market. Users can also earn passive income by way of staking.
Today, we are going to know about the services introduced by one of the known DEXs.
SpookySwap is not just a DEX, but it brings great trade opportunities to the doorstep of the investor. The platform utilizes the Fantom network for delivering light fastening speed, security, and scalable transactions. Apart from this, there are a lot of great facilities that are offered by this platform.
Through this read we will explore the facilities introduced by the exchange.
What is SpookySwap?
SpookySwap – a DeFi portal is a one-stop decentralized exchange for leveraging funds across the whole crypto ecosystem, with the speed of the Fantom Opera. In other words, we can say that it is an automated market-making (AMM) decentralized exchange that works on the Opera network. The platform has its native coin called “BOO”. As the name spells, swapping is the fundamental operation of this platform. However, it doesn’t define that the operation of the exchange is limited to this only.
Moreover, there are a lot of trading operations that investors can take advantage of through this platform. In addition to this, it also has a built-in cross-chain bridge and NFTs.
The services launched by the SpookySwap
In addition to the fundamental attribute of swapping, this DEX does support several other facilities. The platform was launched with the core objective of adding ease to the investor’s tasks and trading activities. In this section of the read, we will be throwing light on some of the other services launched by the DEX, and they are as covered down:
- Liquidity: DEX acts as a link in bridging the gaps that might occur in performing crypto-related activities. Liquidity is an important aspect associated with trade. The more liquidity the more profitable the business would be, this is the basic belief on which the trade activities are performed.
- Staking: This is another great facility launched by the platform. It refers to the process of earning passive income by locking a certain amount of funds for a particular period. As this DEX has “BOO” as the governance token, investors can stake the native coin of the exchange and reap a great outcome.
- Bridge: In the year 2021, the DEX introduced its unique feature a Fantom Bridge. Initially, the exchange supported only two networks ETH BSC. But later on, as the operations of the exchange widened the number of the supported network also reached nine. Investors can connect their wallets to the chain they wish to bridge from.
- NFTs: The exchange has introduced a facility wherein users can boost their earnings by way of staking NFTs at a boostable pool.
Closing Thoughts
SpookySwap gives in-depth information to investors. The diligence reports provided by the exchange give detailed structured information on the core projects, regulatory risks, technology, market fluctuations, and many others. Investors can swap their tokens, manage liquidity, vote, stake at farms and pools, and bridge their funds. The comprehensive picture of the trade activities and fluctuations help investors in taking a sound decision after the thorough analysis.
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