In 2022, the cryptocurrency and blockchain industry is developing extremely fast. There are many interesting and promising blockchains. They begin to acquire various useful services. For example, Fantom is an extremely interesting blockchain. On it you can find many young projects and coins on which you can earn. But how and where to buy them? The decentralized exchange SpookySwap, which specializes in the Fantom blockchain, will help us with this.

What is SpookySwap?

SpookySwap is a decentralized crypto exchange that runs on the Fantom (Opera) blockchain. It is considered the largest and most popular exchange on this blockchain.

The principle of operation is similar to the classic DEX platforms. The exchange has asset liquidity pools (they contain a certain cryptocurrency). When exchanging, you send one cryptocurrency directly from your wallet to the pool, and from the neighboring pool you are credited with another cryptocurrency immediately to your wallet. As a result, there is no need to go through any registration and identification procedures.

What functionality does SpookySwap have?

 

On SpookySwap, for example, you can find a classic set of options for a decentralized exchange. The only difference is that you are on the cheap and unique Fantom blockchain.

You will be able to: make an exchange; add liquidity; get LP tokens; engage in farming and staking (at good interest rates). In addition, among the unusual features, the exchange has its own bridge and NFT store.

With regards to the bridge, in the case of the Fantom, this is extremely convenient. You can conveniently (but not always quickly) change your cryptocurrency from the Ethereum network to Phantom directly on the exchange website or vice versa. The bridge also supports networks such as BSC, Polygon, Arbitrum, Avalanche and others. In general, the bridge is extremely advanced and functional.

How does the exchange work?

How SpookySwap exchange works.  Photo: Ibrahim Boran / Unsplash.comHow SpookySwap exchange works. Photo: Ibrahim Boran / Unsplash.com

Everything is very simple. You just need to connect your Metamask wallet to the site and start working. However, pay attention! The service works most correctly with Metamask. First of all, I recommend it for use on this exchange. However, you need to install the Fantom network in your wallet first. 

Next, you need to select the desired pair of assets (for example, Fantom and USDC), enter the required amount of the asset. And then, make a confirmation that you agree to work with your assets on the wallet and directly make the exchange itself.

As a result, the exchange is extremely simple and fast. And the fees are quite low: 0.20% per transaction.