WowSwap operates on top of PancakeSwap decentralized exchange which is based on BSC (Binance Smart Chain). It is the first Decentralized protocol that offers leveraged trading on PancakeSwap. Moreover, the protocol is fully community-owned and is created on the basis of a very simple idea. The idea states that the liquidity providers can actually create a BNB (or BUSD) pool and users who want to trade can borrow these funds to purchase five times more tokens on the PancakeSwap decentralized exchange.
It means that you can use WowSwap to borrow extra BNB(or BUSD) from the pool in order to purchase and sell your favorite tokens with five times leverage. Moreover, the liquidity providers can earn the interests by supplying the BNB to the traders through the lending pool. The Wow token is considered as the governance token. Therefore, the Wow token holders will have the ability to decide the liquidation ratios, the interest rate for borrowers and lenders, protocol fees, and more.
Source: WowSwap Official
The total supply of WowSwap tokens is 1,000,000 WOW. There will be no more tokens and the current supply will be used for the community rewards and the governance of the protocol.
Here is the distribution of the total supply that you need to know.
- Supply: 55 Percent – 550,000 WOW
- Distribution and Mechanism
The community tokens will be distributed to the users of the WowSwap protocol over a period of 18 months. Here is the distribution of the WOW tokens reserved as community supply.
- 200,000 WOW are allocated for the liquidity providers and will be distributed among them.
- 200,000 WOW are reserved for white hacking rewards, bounty campaigns, community contests, marketing activities, and airdrops.
- 100,000 WOW are allocated for the leveraged traders and will be distributed among them.
- 50,000 WOW are allocated for margin callers and will be distributed among them
- Supply: 23 Percent – 230,000
- Mechanism: The WOW supply reserved for sales has already been offered to the community in the form of a public sale through the protocol’s smart contract.
- Supply: 20 Percent – 200,000
- Mechanism: The team token is reserved to support and expand the development team and its vesting period is 18 months. This supply will be released to the team on a quarterly basis.
Initial Liquidity Fund
- Supply: 2 Percent – 20,000
- Mechanism: The initial liquidity tokens have been used for the trading pool creation on PancakeSwap that took place on 1st March 2021.
As mentioned, the WowSwap protocol is based on BSC (Binance Smart Chain) and it already has built notable partnerships. The most important one is with PancakeSwap where you can convert your other tokens to WOW.
WowSwap ICO (Initial Coin Offering)
WowSwap set a new world record because its initial coin offering was the fastest token sale ever recorded. It only took 9 seconds for the WowSwap’s public sale to finish.
The protocol offered its initial coin offering sale on 25th February 2021 at 18:00:00 local time and it was scheduled to last for three long days. However, the community was waiting for that eagerly and it didn’t take that long. The sent offered 45,130 worth of BNB tokens to the token sale smart contract and the spot price was 244 US dollars. The total value of all the BNB was more than 11 million US dollars. The 700 thousand US dollars of the hard cap was closed in only 9 seconds.
WowSwap Leveraged Trading Protocol
WowSwap has also launched its first leveraged trading protocol on BSC as well on 12th April 2021. Leverage trading was considered only for the highly trained investors but crypto has changed it entirely. Currently, you can open your margin trading account on almost all the major digital currency exchanges. However, if you’re using a centralized platform for trading then the operator will have complete control over the rules of leveraged trading such as liquidation procedures, assets and capital lending rates available for leveraged trading, etcetera.
WowSwap goes one step ahead to democratize leveraged trading and to empower its community. By using the WOW protocol, you can create and use a common liquidity pool as a liquidity provider and users who want to trade can also borrow these funds for the leverage’s trades. The borrowing rules will also be established by the WOW community members who will be holding WOW tokens.