The Power of BOOs
What is it? What can you do with it? Why should you own it?
Last updated
What is it? What can you do with it? Why should you own it?
Last updated
BOO is the native utility token of SpookySwap, which we created. It plays a critical role in the SpookySwap ecosystem. You can read a more detailed analysis about BOO .
When it comes to important decisions, BOO takes the stage as the community's power to influence proposals on . All farm-related decisions, like emission changes, which new protocol we partner with, and which farms should be inactive, are made through community vote.
You can also access the page by going to SpookySwap -> Vote near the menu.
The weight of 1 BOO is different depending on what form your BOO is in: - 1 BOO in single stake or resting in your wallet = 3 vote points - 1 BOO in liquidity pairs = 5 vote points
Anyone can make their own proposal as well on Snapshot. Please see the voting page for more details.
You can stake your BOOs in the buyback BOO (xBOO) pool to automatically earn more BOOs and other protocols' tokens! In short, the cycle looks like this:
Buy/Farm BOOs -> Stake BOO in xBOO pool, receive xBOO as receipt -> Stake xBOO to earn other protocols' token -> Provide LP in the partner protocol's farm to earn more BOOs -> Repeat
How? A portion of all trade fees made on SpookySwap goes to buy BOO, and then the bought BOO is distributed among those who have staked their BOOs in the single stake pool. The proof/receipt of your staking your BOO is called xBOO. You can further stake your xBOO and stake it in partner pools to earn partner tokens.
You may find other uses for BOOs on other protocols as well! We'll leave it up to them to detail what you could do with BOOs!