What is WOWswap (WOW) | What is WOWswap token | What is WOW token
WOWswap is 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. Liquidity providers can supply BNB to the lending pool and receive interest paid by the traders.
W😮Wswap is a fully community-owned protocol based on a simple idea💡: 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 W😮W tokens — our governance token.
Making a W😮W swap is as easy as making a regular Pancakeswap — extra capital will be automatically borrowed from the liquidity pool.
In the example below with 1 BNB you would be able to buy your favorite token for 5 BNBs, so you will receive 5️⃣ times more tokens.
Instead of the original token you will receive a proxy-Token (for example, if you bought CAKE you will get wCAKE tokens), which is pegged 1:1 to the original in W😮Wswap’s smart-contract. Proxy-Token will be converted back to the original token when you decide to close your trading position.
If the price of your token 🚀🌕, you can swap proxy-Tokens back to BNB and receive a multiplied profit. Hope, in this case you won’t mind to share a 5% of your profit that will go to ̶o̶u̶r̶ ̶L̶a̶m̶b̶o̶ ̶P̶i̶g̶g̶y̶ ̶B̶a̶n̶k̶ back to the community via the insurance fund (2,5%) and token buy-back and 🔥 (2,5%).
Sounds exciting ❗❓ Now, let’s talk about the 😢 part. If the price of your token goes 📉, below the liquidation threshold, then anyone can become a margin caller 👿 by triggering the liquidation of your trading position — in this case you will loose all 💰 invested in the trade 🥵.
The BNB pool will still receive back borrowed funds plus the accrued interest, and the margin caller gets the rest of the funds as a reward.
The insurance fund. We make the best effort to make W😮Wswap as safe as possible for everyone, but in case of a black swan event some trades theoretically can be liquidated too late, so to mitigate possible losses for liquidity providers the protocol builds up the insurance fund, which receives 2.5% of every swap’s net profit.
W😮W tokenomics:
W😮Wswap has a fixed supply of 1️⃣,0️⃣0️⃣0️⃣,0️⃣0️⃣0️⃣ W😮W tokens, which are used for the protocol’s governance and community rewards.
**👨🌾Community tokens **will be distributed to the protocol’s users over a period of 18 months:
- 200,000 tokens will be distributed to liquidity providers
- 100,000 tokens will be distributed to leveraged traders
- 50,000 tokens will be distributed to margin callers
- 200,000 tokens are reserved for marketing activities, community contests, bounty campaigns, white hacking rewards, and airdrops.
**📢Sale tokens **will be offered to public at a public sale price of 💲5️⃣ via our smart contract 0x79f8ac4e7b4e83ca1ad4c54dfc5eaec659a1fe56🦄.
👨💻Team tokens have a vesting period of 18 months, unlocked quaterly.
**⚡Initial liquidity **tokens will be used to create a trading pool on Pancakeswap on March 1, 2021 at 🕘 19:00 (GMT+9). The listing price will be 💲8️⃣.
🔥 W😮W airdrop 🔥
To celebrate W😮WSwap protocol launch we are distributing 3,885 W😮W tokens to the first 7️⃣7️⃣7️⃣participants who traded at least once on PancakeSwap before February 7th on a first-come, first-served basis.
5️⃣ WOW tokens (💲4️⃣0️⃣ USD value at public listing price) will be distributed to each qualified user on March 1, 2021 at 18:00 PM (GMT+9).
To qualify for the airdrop you need:
1️⃣💛 Pancakeswap 🥞 (your wallet needs to have at least 1 swap transaction made before February 7, 2021)
frequently asked Questions
What tokens will be available for leveraged trading?
WOWswap will launch with the top 4 most liquid tokens on PancakeSwap for up to 5x leverage trading: CAKE, ETH, BTCb and AUTO. Later the community of WOW token holders will be able to vote to add any token for trading on WOWswap.
How to participate in the WOW token airdrop?
To celebrate WOWswap protocol launch we are distributing 3,885 WOW tokens to the first 777 participants who traded at least once on PancakeSwap before February 7th, 2021 on a first-come, first-served basis.
5 WOW tokens ($40 USD in BNB at public listing price) will be distributed to each qualified user just before the WOW token is listed on PancakeSwap on March 1, 2021 at 18:00 PM (GMT+9).
To qualify for the airdrop you need to:
- 1. Have traded on PancakeSwap at least once before February 7th, 2021.
- 2. Follow our official Twitter account.
- 3. Submit your wallet address and the Twitter username in this google form
How to participate in the WOW token public sale?
230,000 WOW tokens are reserved for sale and 90,000 have been sold to private investors at $4.5 USD per WOW token with a 3-month lock up.
140,000 WOW tokens are available for the public sale.
The public sale will start on February 25th, 2021 at 6:00 PM (GMT+9) and will last 72 hours, ending on February 28th, 2021 at 6:00 PM (GMT+9). The public sale might end sooner if all 140,000 are sold faster.
The public sale price is 1 WOW = $5 USD.
To buy WOW token you need to send BNB to WOWsmart contract - 0x79f8ac4e7b4e83ca1ad4c54dfc5eaec659a1fe56
The USD value of BNB will be automatically converted and an equivalent amount of WOW tokens will be sent to your wallet address.
The maximum participation amount per wallet is 50 BNB. If you send funds after the sale finished, your transaction will be reverted.
- You can add WOW tokens to your Metamask wallet by going to Metamask, click ‘Add token’ → click ‘Custom token’ and paste WOW token address: 0x4da996c5fe84755c80e108cf96fe705174c5e36a
Where will WOW token be listed?
Initial liquidity tokens will be used to create a trading pool on Pancakeswap on March 1, 2021 at 19:00 (GMT+9). The listing price will be $8 USD in BNB per WOW.
WOWswap team will gradually increase the number of available exchanges to list WOW including centralized exchanges.
How will the token sale funds be used?
In order to bootstrap an initial liquidity for leverage traders and accelerate the development of the protocol we decided to make a public token sale.
To promote and bring adoption to the WOWswap protocol 90% of the total raised funds will be used to provide liquidity on PancakeSwap, protocol development, marketing, audit and for BNB lending pool. 10% will be kept as a reserve for a further expansion of the protocol:
Details
- • $400,000 for BNB lending pool to enable leveraged trading
- • $200,000 for continuous protocol development
- • $200,000 for marketing
- • $150,000 to bootstrap liquidity on PancakeSwap
- • $50,000 for smart contract audits
- • $105,000 kept as reserves
How community tokens will be distributed?
55% (550,000) of the total token supply will be distributed to the community.
Community tokens will be distributed to the protocol’s users over a period of 18 months. The preliminary plan is as follows:
- • 200,000 tokens will be distributed to liquidity providers
- • 100,000 tokens will be distributed to leveraged traders
- • 50,000 tokens will be distributed to margin callers
- • 200,000 tokens are reserved for marketing activities, community contests, bounty campaigns, white hacking rewards, and airdrops.
Is the project audited?
The WOW token and token sale contracts are audited by Hacken. No severe, high or medium issues have been found.
The main WOWswap app trading protocols are not yet audited, however the team is in contact with Hacken to receive an external audit after the contracts are deployed.
What are the protocol fees?
The protocol charges 5% of net profit made by traders, calculated in BNB. For example, if a trader buys a token for 10 BNB with 5 X leverage (50 BNB in total) and the token’s price increases by 20%, then the trader’s gross profit is 1.250 – 40 BNB (borrowed) = 20 BNB. Suppose, the cost of capital was 0.5 BNB, so the net profit will be 19.5 BNB. The protocol fees will be 0.0519.5 = 0.975 BNB.
50% of this amount will go to the insurance fund (0.4875 BNB), and another 50% will be spent to buy and burn WOW tokens.
What is the insurance fund?
The insurance fund is the protocol’s native fund to mitigate possible losses for liquidity providers.
We do our best effort to make WOWswap as safe as possible, but in case of a black swan event some trades theoretically can be liquidated below the liquidation price. If it happens, insurance fund will be used to cover the losses of the liquidity providers.
In the future, WOW token holders will have a right to manage insurance fund’s assets and may decide to use part of the fund for investments.
How and Where to Buy WOWswap (WOW)?
WOW has been listed on a number of crypto exchanges, unlike other main cryptocurrencies, it cannot be directly purchased with fiats money. However, You can still easily buy this coin by first buying Bitcoin, ETH, USDT from any large exchanges and then transfer to the exchange that offers to trade this coin, in this guide article we will walk you through in detail the steps to buy WOW
You will have to first buy one of the major cryptocurrencies, usually either Bitcoin (BTC), Ethereum (ETH), Tether (USDT)…
We will use Binance Exchange here as it is one of the largest crypto exchanges that accept fiat deposits.
Binance is a popular cryptocurrency exchange which was started in China but then moved their headquarters to the crypto-friendly Island of Malta in the EU. Binance is popular for its crypto to crypto exchange services. Binance exploded onto the scene in the mania of 2017 and has since gone on to become the top crypto exchange in the world.
Once you finished the KYC process. You will be asked to add a payment method. Here you can either choose to provide a credit/debit card or use a bank transfer, and buy one of the major cryptocurrencies, usually either Bitcoin (BTC), Ethereum (ETH), Tether (USDT)
Step by Step Guide : What is Binance | How to Create an account on Binance (Updated 2021)
Next step - Transfer your cryptos to an Altcoin Exchange
Since WOW is an altcoin we need to transfer our coins to an exchange that WOW can be traded. Below is a list of exchanges that offers to trade WOW in various market pairs, head to their websites and register for an account.
Once finished you will then need to make a BTC/ETH/USDT deposit to the exchange from Binance depending on the available market pairs. After the deposit is confirmed you may then purchase WOW from the exchange.
Exchange: PancakeSwap
Apart from the exchange(s) above, there are a few popular crypto exchanges where they have decent daily trading volumes and a huge user base. This will ensure you will be able to sell your coins at any time and the fees will usually be lower. It is suggested that you also register on these exchanges since once WOW gets listed there it will attract a large amount of trading volumes from the users there, that means you will be having some great trading opportunities!
Top exchanges for token-coin trading. Follow instructions and make unlimited money
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Find more information WOW
☞ Website ☞ Explorer ☞ Explorer 2 ☞ Social Channel ☞ Social Channel 2 ☞ Social Channel 3 ☞ Message Board ☞ Coinmarketcap
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