BSCDaily.com hosts WOWswap: a decentralized leveraged trading protocol that runs on top of Pancakeswap DEX based on Binance Smart Chain. With WowSwap, traders can buy and sell their favorite tokens with up to 5X leverage by borrowing extra BNB from the lending pool.
BSCdaily – Admin: Hello everyone!
WowDegen: Hello everyone!
BSCdaily – Admin: Are you ready? @WowDegen
BSCdaily – Admin: Okay, let’s get the show on the road
Q1: What is WOWswap all about? Give us a little summary
WowDegen: WWswap is the first decentralized protocol for leveraged trading on PancakeSwap.
Not so long time ago leverage trading was an exclusive domain of highly-trained investment professionals. Crypto has changed this forever – now all major cryptocurrency exchanges offer margin trading accounts to everyone. However, they centrally control leveraged trading rules, deciding on assets, available for leveraged trading, capital lending rates and liquidation procedures.
WOWswap further democratizes leveraged trading by giving all power to the community. WOW protocol allows liquidity providers to create and operate common liquidity pools, and traders can use these funds according to the rules collectively established by WOW token holders.
Our product is very simple: liquidity providers can create a BNB pool, and traders can borrow these funds to buy up to 5 times more tokens on Pancakeswap DEX. Protocol fees, interest rates for lenders and borrowers, liquidation ratios and other are decided by holders of WW tokens — our governance token.
Q2: Could you tell us about yourself? Why did you and your team decide to build WOWswap?
WowDegen: We are hardcore DeFi users since 2019. DeFi experienced extremely wow paced growth since then and unfortunately with the growth came the limitations of Ethereum blockchain: gas fees, slow transactions etc. We love to trade the hottest and newest defi projects, but when a Uniswap transaction costs $50+ USD an average person cannot fully enjoy the potential of DeFi. So we built on BSC.
With WowSwap traders can buy and sell tokens with up to 5X leverage by borrowing extra BNB from the lending pool. It is fast, powerful and cheap to use, thanks to Binance Smart Chain infrastructure
We are also kind of a degens ourselves so when we believe in a project, we like to go in big. That is why up to 5x leverage is a tool we would love to use ourselves. The problem is, there wasn’t any single project that allows you to trade new and volatile Defi tokens. We love dYdX and Synthetix but the amount of tokens tradable is limited and gas fees are high.
BSCdaily – Admin: Yes, gas fees on #Ethereum are now having a negative network effect on the chain, with each new user increasing the gas fees for everyone else. It’s not easy running with weight on your ankles
Q3: So how many people are your team composed of?
WowDegen: We are a small team of 9 people: product owner, 3 solidity devs, 3 front-end dev, UI/UX designer, marketing director. Our team remains anonymous for regulation reasons. Also we don’t like publicity – we want to enjoy our private lives.
We are based in Europe and Asia.
Q4: Let’s dive into $WOW Token, I’m super excited about this part. Can you share with us your tokenomics?
WowDegen: WOW token plays a critical role in the protocol’s safety and profitability. Holders of WOW tokens can define all protocol’s parameters via onchain instant governance mechanism.
WowSwap is a community-driven project with 55% of WOW tokens reserved to the community: distributed to liquidity providers, margin callers, and traders for contributing to the protocol’s expansion with extra 2% used for initial liquidity on Pancakeswap.
23% of the tokens were sold in public and private sale and 20% reserved for the team. Team tokens are locked and vested over a period of 18 months.
Q5: Great, could you give us some info on WOWswap’s token? What are some of $WOW use cases?
WowDegen: WOW is a governance token of WOWswap with a buyback and burn feature.
Every time a trader closes a leveraged position in profit, 5% of the profit will be taken and 50% of the fee will go to buy back WOW from the market and burn it. With the other half going to the Insurance fund.
So, the more money our users make, the higher the burning rate. I hope that our community will share the best trading strategies, because when our traders make money all WOW token holders get value from it.
To participate in Governance users will need votes, represented by non-transferable xWOW tokens, which users get in exchange of staking WOW tokens and/or Pancakeswap LP tokens (WOW/BNB and WOW/BUSD) in the Governance smart-contract.
xWOW token is used for voting and Governance reward distribution. Governance rewards are distributed proportionally among all xWOW holders. Staking by itself is sufficient to get Governance rewards, no actual voting is required.
So, to summarize WOW will be used for governance and the protocol’s profit distribution.
BSCdaily – Admin: Interesting burning mechanism!
BSCdaily – Admin: makes me want to buy some of $WOW too!
BSCdaily – Admin: How can I obtain $WOW?
WowDegen: You can buy WOW on wowswap.io
The sneak preview version currently running on the website allows you to trade many tokens including WOW but with no leverage (leveraged trading will be activated next week)
Also, you can buy WOW on Pancakeswap here: exchange.pancakeswap.finance/#/swap?outputCurrency=0x4da996c5fe84755c80e108cf96fe705174c5e36a
Q6: What can we expect from WOWSwap in the next 3 months and in 2021 as a whole?
WowDegen: Well, we have a very interesting roadmap for this year. First, we launch on BSC, then on Ethereum, and then, probably, Solana. We also plan to add short-selling function shortly.
Q7: Where can we find out more about WOWswap?
Try WOWswap sneak preview: wowswap.io/#/swap
Learn more about WOWswap: wowswap.io/#/about
Follow us on Medium: wowswap-io.medium.com/
Join our Telegram: t.me/wowswap
Follow us on Twitter: twitter.com/Wowswap_io
BSCdaily – Admin: As we are coming to the end of the AMA. @WowDegen, anything else you’d like to add before the end?
WowDegen: Thank you everyone for joining the AMA! If you have other questions you can ask me in our telegram chat. I hope, you will enjoy trading with leverage on WOWswap – it’s just so much simple compare to any other margin trading interface you have seen. But be careful, leverage in inherently dangerous and should be used with caution: too much leverage can turn a moderate trading loss into a wealth-destroying explosion!
BSCdaily – Admin: Thank you very much for your time today at BSC Daily @WowDegen
Hope you have enjoyed yourself as much as all of us did. I wish $WOW all the best and look forward to its development in the near future
Remember to check out WOWswap’s social media and website everyone
– Try WOWswap sneak preview: wowswap.io/#/swap
– Learn more about WOWswap: wowswap.io/#/about
– Follow us on Medium: wowswap-io.medium.com/
– Join our Telegram: t.me/wowswap
– Follow us on Twitter: twitter.com/Wowswap_io
Source : cryptodaily.io