Horizen EON, a fully EVM-compatible sidechain of Horizen and smart contract platform, is live on mainnet. The ecosystem is developing fast but you have fewer options to explore EON now. The latest addition to the Horizen EON ecosystem is SpookySwap, an AMM DEX launched in 2021 and one of the top TVL holders of Fantom Opera Network. SpookySwap, fully audited by Certik, is a bit different than other DeFi projects as they invested in building a strong foundation with BOO token as a governance token, diverse farms, a built-in bridge, built-in limit orders and user-centred service. Let us explore SpookySwap on Horizen EON.
You can trade ZEN, the native cryptocurrency of the Horizen ecosystem and other tokens on SpookySwap. If you are not accustomed to Horizen EON, add the network first to your Metamask from this Chainlist link. Once you have got your EON wallet, you need to have ZEN, the native token of the Horizen blockchain. The gas fees on EON are paid by ZEN. Presently, no centralized exchange supports withdrawal to the Horizen EON chain.
So, if you have ZEN in any centralized exchange, you need to deposit it into your Sphere by Horizen wallet. Sphere by Horizen is the official Horizen wallet. You can download Sphere from here. It is a desktop wallet and supports Windows, Mac, and Linux. The current version is 1.13.0. Once you have deposited ZEN to your Sphere by Horizen wallet, you can do a forward transfer from the mainchain to EON. Old versions are not recommended to be used and you may not find a forward transfer option there. Check this article to learn about the forward transfer process.
Once you have ZEN in your Metamask, you are ready to explore SpookySwap on Horizen EON. Presently, the top traded tokens are ZEN, USDC, BTC and ETH here. If you have used AMM DEXs earlier, you should be finding things very easy.
Try to swap some ZEN to USDC. lzUSDC or LayerZero USDC contract address can be checked here. This pair also has decent liquidity. The gas fee is nominal and transactions are fast. But why LazerZero? Holding bridged assets on an EVM chain is often risky. We can remember the Fantom multichain bridge hack that occurred on July 7, 2023, and resulted in a loss of $126 million worth of cryptocurrency. After the episode, Fantorm’s TVL fell more than 60%.
Briefly, due to this reason, the Horizen EON ecosystem has integrated with LayerZero Protocol. The Omnichain Fungible Token (OFT) standard, developed by LayerZero Labs, functions as a comprehensive multichain standard for fungible tokens.
Next, you can provide liquidity. We tried the ZEN-lzUSDC pair. You need to sign two transactions here. The first transaction will approve the usage of lzUSDC and the second transaction will provide liquidity. Once your liquidity has been supplied, you start earning trade fees!
As these are the initial days of the DEX, the trade fee earnings can be very high. After providing liquidity, you can see it in the ‘Liquidity’ tab. Before providing liquidity, you should always be aware of the impermanent loss.
The farms on SpookySwap are not active yet. In the future, you will be able to stake your liquidity tokens here and earn rewards. Check out SpookySwap active trade pairs here. Their team is working hard to add many more features and you should be able to see a lot of new things soon.
Follow SpookySwap on Twitter and join their Discord for any queries. If you are interested in knowing more about Horizen EON, their Discord will be the ideal place for having in-depth conversations. The cover image source is here.
This article is also published here.
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