In this article, we will guide new users to getting started with SpookySwap’s swaps” feature, how it operates and how to smoothly swap in the Fantom Protocol.
In this tutorial, we will introduce the Market Order and Limit Order Swap.
SpookySwap Overview #
SpookySwap is one of the first Decentralized Exchanges (DEXs) running on Fantom using an Automated Market-Making (AMM) protocol. It allows users to trade tokens without any intermediary. Furthermore, following the Halloween theme, SpookySwap’s interface is user-oriented, bringing seamless experiences to users.
When trading on SpookySwap, users are charged with 0.2% fees (0.22% for limit orders). On the other hand, SpookySwap provides Liquidity Pools and Farm for token holders to generate more profits.
They also have xBOO as their governance token, representing the share of the stake pool. xBOO tokens are mostly used to earn other tokens in the pool list and BOO tokens.
In addition, SpookySwap developed the Ethereum bridge and the BSC bridge to convert various tokens to Fantom Opera without any extra fee.
Getting Started with Spooky Swap #
Step 1: Go to SpookySwap: spookyswap.finance
Step 2: Click Connect wallet on the top right corner of the screen.
Step 3: Click Metamask to connect your Metamask wallet
Note: You can also connect it with other wallets you may be using. Try the “Wallet Connect”.
Step 4: click Web3 Priority to switch between blockchains (in this case, we will use Fantom Opera Chain).
Trade and Swap (Market Order) #
Step 1: Click Swap at the right panel, and you can choose between Market Order or Limit Order.
Step 2: Choose a token pair to trade; in this case, FTM tokens will be converted to BOO. Then insert the trading amount.
Step 3: Double-check the information and click Swap to conduct the transaction.
Step 4: You can adjust the Tx fee by sliding the gas bar, then click Confirm on the pop-up window of the MetaMask Wallet to approve the transaction.
Step 5: You will see the “Transaction Submitted” screen when your request to swap has been sent to Fantom to process. You can check on the progress by clicking “view on ftmscan,” or viewing the activity link in your wallet.
Limit Order Swaps #
A limit order is an order type of which you can submit a buy or sell order at a specific price. If the market reaches your price, the order is automatically executed. Fees are only charged on limit orders when they are executed, they can be canceled and placed without charge.
You can use limit orders in a number of situations. Let’s look at a few examples.
Buying at a lower price or accumulating #
As of writing, BOO is trading at 12 FTM to 1 BOO. Investors looking to “buy the dip” (say at 10 FTM to 1 BOO) do not need to continuously monitor the market and wait for a dip to make a swap. Alternatively, they could specify 10 FTM to 1 BOO in a limit order. BOO must dip below 10 FTM for this order to execute.
Selling at a higher price to make a profit #
As of writing, ETH is trading at 2500 USDC. Investors wishing to take a profit of 10% above this price can enter a limit order swap at 2750 USDC. ETH will only be sold at 2750 USDC or more as a result.
Spookyswap’s limit order feature allows you to execute a swap at the exact price you want, without monitoring the market 24/7.
How to Submit a Limit Order #
The use of limit orders with tokens that have a tax on transfer is not recommended, as the tax could potentially be triggered multiple times.
Here’s how to place limit orders for the two examples above:
- Ensure your wallet is connected to the Fantom chain
- Click the “Limit” tab on the Swap page
Placing a limit buy order for 10 FTMs per BOO #
- Choose “FTM” under “From”
- Under “To”, select “BOO”
- To swap out FTM, enter the amount. A market price will appear once you have entered the amount. Toggle ratios by clicking the double arrows.
- We can enter 0.1 BOO per FTM in the “Limit price” box next to BOO per FTM since we have a specific price (10 FTM per BOO).
5. Ensure that you are comfortable with the projected minimum received, price impact, and fees (0.22%)
6. Select “Place Order”. In the Orders section, you can now find your order under the “Open” tab.
Placing a limit sell order for ETH to USDC at a price that is 10% higher than the current market price #
- Select “wETH” under “From”
- Select “USDC” under “To”
- To swap out wETH, enter the amount. The market price will appear after you enter the amount. Toggle the ratios with the double arrows
- In this example, we will enter 10% next to “Above Market”, to sell ETH at a 10% premium over current market price. This will update the projected price and amount received.
5. Double check to make sure you are okay with the projected minimum received, price impact and fees (0.22%)
6. Click “Place Order”. You can now see your order in the “Open” tab of Orders section.
How to Cancel a Limit Order #
- Navigate to the Swap page, click on the “Limit” tab
- Your open limit orders are displayed under the “Open” tab of “Orders” section
- Select the one you want to cancel
4. Click “Cancel” and submit your transaction on MetaMask
Great job! We hope you are now ready to trade on SpookySwap and learn more about its features. More guides coming soon from Rugdoc!