LIQUIFI AMA HOSTS WOWSWAP
Hey everyone, Tuesday the 8th of June was an awesome day at the Liquifi telegram community as we hosted WowSwap.io team in our AMA series and it was so impactful and insightful here is the AMA summary below.
K,
Alright everyone and welcome to this AMA event with the WOWSWAP team :rocket::rocket::tada:
K,
The group has been muted as we begin this AMA and apologies for the 10 minutes delay
K,
Hi @WowDegen welcome on board, are you ready to roll??
WOWswap.io | Never DM you first
Hello everyone! Yes, I am ready
K,
Lovely!!!
K,
Without further delays, we will start taking questions from the Twitter comment sections and they are 10 in all for this section
K,
@WowDegen Please do a very brief introduction of yourself let’s know you:rocket:
WOWswap.io | Never DM you first
We are DeFi researchers and users since 2019. Before crypto I used to work for an investment bank at proprietary trading department and then with a management consulting firm.
WOWswap.io | Never DM you first, [6/8/21, 5:18 AM]
:white_check_mark:
K,
[In reply to WOWswap.io | Never DM you first]
Thank you very much for that, I’m quite sure it’s been and all exciting journey for you especially the one with WOWSWAP.io:rocket::rocket:
WOWswap.io | Never DM you first,
definitely, crypto is more fun than banking
K,
Exactly!!
K,
Alright we are taking a trip to Twitter to fetch some very lovely questions asked by the community, I know you are ready for this!!
K,
Question 1.
@ABNsebastian
I know evey new and upcoming #dex in #ETHEREUM and #bsc are trying to compete with #PancakeSwap and #Uniswap. I have only one single question that how you guys gonna overthrow those??
WOWswap.io | Never DM you first,
WOWswap is not AMM. WOWswap is a decentralized leveraged trading protocol that runs on top of Pancakeswap. By using WOWswap, traders can buy and sell their favorite tokens with up to 5X leverage by borrowing extra BNB or BUSD from the lending pool, however trades are executed via Pancakeswap exchange. It gives us an advantage, because we can use the ample liquidity of Pancakeswap to swap tokens and WOWswap provides users borrowing funds to open leveraged trades with our liquidation mechanism.
So in short, Pancakeswap is not a competitor, but an integral part of WOWswap protocol
WOWswap.io | Never DM you first,
:white_check_mark:
K,
[In reply to WOWswap.io | Never DM you first]
Great to know these facts about WOWSWAP!
K,
Question 2.
@cryptoooqueenn
Smart contracts are vulnerable to bugs, and even recently three big new DeFi projects were victims of this, costing users funds. How efficient and secured is your smart contract, and did you ever audit it via any external party?
WOWswap.io | Never DM you first,
Recently we received audit results, which confirmed that our contracts are secured. Audit report here
WOWswap.io | Never DM you first,
Also, we are using Chainlink oracles to prevent economic attacks
WOWswap.io | Never DM you first,
Tweehttps://twitter.com/chainlink/status/1389908148245483523
WOWswap.io | Never DM you first,
We are doing the best we can to keep our users’ funds safe, but in DeFi there is always risk — so don’t use more funds than you can afford to lose.
K,
[In reply to WOWswap.io | Never DM you first]
🏋♀:muscle::muscle:
WOWswap.io | Never DM you first,
:white_check_mark:
K,
I can’t agree more, thanks for that elaborate response
K,
Question 3.
@Rejin98232572
I also see that you mentioned a upcoming feature called “short selling”. Can you explain what that is to the viewers?
WOWswap.io | Never DM you first,
Sure, currently users can create BNB and BUSD pools so that margin traders borrow these funds to buy up to 5 times more tokens. For short-selling, we plan to allow users to create other pools, for example, UNI pool. So other users will be able to borrow UNI and swap it immediately for BUSD. Later, if UNI price goes down, then a user can receive a profit by buying UNI cheaper and returning it to the pool. If UNI price goes up, then a trader will lose money.
WOWswap.io | Never DM you first,
short-selling means that a user borrows a token and sells it. However, later the user needs to buy back this token to return the debt. Short-selling is used by users who believe that the token will depreciate
WOWswap.io | Never DM you first,
:white_check_mark:
K,
[In reply to WOWswap.io | Never DM you first]
This is one very unique and innovative feature the WOWSWAP infrastructure has:muscle:
K,
Question4.
@Mrroot35
How is leveraged trading on dex different than that on cex ?
WOWswap.io | Never DM you first,
On CEX all leveraged trading rules are decided by the exchange. Also, the exchange has control over your funds. In DeFi protocols do not have control over user funds and rules and procedures are decided by the community. So, in WOWswap $WOW holders can stake $WOW to receive xWOW and use xWOW for voting on major protocol parameters: lending rates, liquidation margins, liquidation bonuses, tokens for leveraged trading, etc. Finally, on CEX the exchange is doing liquidations of unprofitable positions but in WOWswap all liquidations are managed by the community of Keepers. Every Keeper is running a bot, that constantly monitors the blockchain trying to find money-losing positions.
WOWswap.io | Never DM you first,
:white_check_mark:
K,
[In reply to WOWswap.io | Never DM you first]
[GIF]
K,
Question 5.
@SanJay82870022
What is your vision and the goal you want to ultimately achieve with WOWSWAP since we have similar projects who claim to be doing the same thing you’re doing? What are the competitive advantage of wowswap compared to its competitors?
WOWswap.io | Never DM you first,
Our vision is to provide decentralized leveraged trading services on as many platforms as possible: BSC, Polygon, Arbitrum, Heco, Ethereum, Fantom, Solana, OKexChain, etc. And also we want to add as many assets as possible: tokens, stocks, commodities. We believe that the traditional financial world will move to DeFi in the next 3–5 years, so we want to have the leading position in decentralized leveraged trading. Our competitive advantages are professional technical and management team, superior technology, deep understanding of the DeFi industry and experience in management and delivery of large IT projects. Today we also have the first mover advantage by running the first leveraged DEX on several chains
WOWswap.io | Never DM you first,
:white_check_mark:
K,
[In reply to WOWswap.io | Never DM you first]
Interesting, WOWSWAP for all networks I really look forward to the future of this project all I see is another undervalued gem waiting to blow up!
K,
Question 6.
@Shabbir30260554
Tell us about your plans for 2021 what are you currently working on and are you going to expand, the list of big exchanges?
WOWswap.io | Never DM you first,
Our roadmap for the next 2–3 months is here- Medium
WOWswap.io | Never DM you first,
Currently, we are working on decentralized governance, which will be launched today. Unlike other governance models it will be the first instant governance in DeFi: after a user votes, the protocol parameters are updated onchain immediately, so the next trade on WOWswap will be processed according to the updated rules. The governance module will count all votes and the final parameter is defined as a weighted average of all votes.
WOWswap.io | Never DM you first,
WOWswap.io | Never DM you first,
We believe this is a very democratic and innovative approach to managed decentralized finance
WOWswap.io | Never DM you first,
The Next 100 WOW Days
WOWswap launched on April 12, 2021 on Binance Smart Chain and just two weeks later WOWswap expanded to Polygon Network — a multichain…
[Photo]
ap.io | Never DM you first,
:white_check_mark:
K,
[In reply to WOWswap.io | Never DM you first]
I would say this is the most decentralized way of putting the community first I have seen in recent times. Kudos!
K,
Question 7.
@Dishankcrypto
Revenue is very important for any project for growth and development , What are the ways that generates profits/revenue to maintain your project and what is its revenue model ? How can it make benefit win-win to both invester and your project ?
WOWswap.io | Never DM you first,
WOW protocol has 2 major revenue streams, also regulated by Governance: trader profit fee and liquidity provider fee. Trader profit fee is taken only if a trader closes a leveraged position with profit. And the liquidity provider fee is taken as % of the interest generated by the LP. Currently, we are generating one of the highest APY on BNB in the industry — typically from 50% to 100%
WOWswap.io | Never DM you first,
:white_check_mark:
K,
Question 8.
@clCryptol23102925
How do liquidity providers add/remove liquidity to AMM? Can anyone be a liquidity provider? Will the fees that they get be more than the loss they potentially would take? (I’m assuming the loss would be from taking counter-positions of the other traders who trade on AMM)
WOWswap.io | Never DM you first,
To provide liquidity a user needs to visit wowswap.io/earn page
WOWswap.io | Never DM you first,
WOWswap.io | Never DM you first,
Since Wowswap is not AMM, there will be no impermanent loss. The liquidity is provided in single assets: BNB, BUSD, Matic, USDT, etc
WOWswap.io | Never DM you first,
:white_check_mark:
K,
Thanks for the answer !
K,
We have just two more questions to end this section, everyone get your questions ready as I will open the group for the questions to be commented for 1 minute. Every question answered here gets a reward of $10:moneybag: so get ready!
K,
Question 9.
@Dishankcrypto
NFT and Defi are one of the trending trends in the crypto market and they are effectively expanding with many new projects coming up in the field. What do you think about the development of NFT and Defi? Which area are you focusing on at the moment? (DeFi, Stake,Dapps
WOWswap.io | Never DM you first,
We would love to partner with NFT projects to issue WOW NFTs or to reward the best traders with unique NFTs. So if you know some great potential partners, let us know!
In the meantime we could enable leverage trading for tokenized NFTs. There are several promising projects fractionalizing NFTs and converting them to tradable tokens. When these tokens get enough traction we could support the trading on WOWswap.
WOWswap.io | Never DM you first,
:white_check_mark:
K,
[In reply to WOWswap.io | Never DM you first]
This is an interesting one and the offer looks great for potential NFT partnerships. Thank you!
K,
@WowDegen are you ready for the last question for this section?
WOWswap.io | Never DM you first,
yes, please, shoot
K,
Alright let’s roll!
K,
Question 10.
@Sanjay82870022
Could you please tell us the Main Role of WOW tokens in the WOWSWAP Ecosystem? how can i generate WOW? and How can the community earn passive income with WOW tokens? How Many Incentives does Wowswap offer the community
WOWswap.io | Never DM you first,
To participate in Governance users 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
wowswap.io
Wowswap | BEP20 Token Swap AMM Platform
Wowswap is a decentralized AMM platform, build on top of binance smart chain. Its a BEP20 token swap exchange. It has HybridStaking features which returns up to daily 2.5%.
required.
WOWswap.io | Never DM you first,
[Photo]
WOWswap.io | Never DM you first,
Currently, WOW holders can receive up to 250% APY on their WOW holdings
WOWswap.io | Never DM you first,
WOW token is a utility token used in the protocol’s governance
WOWswap.io | Never DM you first,
:white_check_mark:
K,
Thank you @WowDegen for the elaborate answers provided for all 10 questions of this section.
K,
Now is the time to open the chat for the live questions to start pouring.
The chat will be opened for 1 minute so get your questions ready everyone:tada:
Section 2
Owen Porterfield,
What do you think is the biggest problem $WOW will solve that no other project is solving now, and why is the problem important to solve?
WOWswap.io | Never DM you first,
[In reply to Owen Porterfield]
We are building DEX-which is decentralized and free to use from anywhere in the world with just mobile phone and internet connection! Leverage for all!
Lu Stringer,
Do you do buy back or token burn to increase the value and drive scarcity? If not, do you have plans for such in the future.
WOWswap.io | Never DM you first,
[In reply to Lu Stringer]
Yes, the protocol buys a portion of tokens from its profit. The share is decided by the governance.
Alice :relaxed::relaxed:,
For project development, the main priority is to have sufficient funds. Is your team financially able to carry out? Do you have sufficient funds for development?
WOWswap.io | Never DM you first,
[In reply to Alice :relaxed::relaxed:]
Yes, we raised enough funds from private and public investors (over $1m).
Alex Ryu,
Ambassadors play a very important role in every project, Do you have an ambassador program? If yes, How can I be one ?
WOWswap.io | Never DM you first,
[In reply to Alex Ryu]
Not yet, but we will launch a blockchain-based referral program next month
Tuấn Buiiii,
What about All features of $WOW , can you tell me? From Pools, Staking, Apy, and more…..
WOWswap.io | Never DM you first,
[In reply to Tuấn Buiiii]
Check all the features of wowswap (staking, trading, governance and more) in our medium: https://wowswap-io.medium.com/
Jabo Ki Jabo Nah,
ETH fees are high nowadays. Do you have any plan to list in BSC like pancakeSwap in near future?
WOWswap.io | Never DM you first,
[In reply to Jabo Ki Jabo Nah]
WOW is already tradable on Pancakeswap. You can trade here: Pancakeswap
VSS BOT,
Very little public confirmation of project progress. Can you share the current progress of Your project?
WOWswap.io | Never DM you first,
[In reply to VSS BOT]
Check our roadmap here: Roadmap
And also follow us on Twitter for all updates: https://twitter.com/Wowswap_io
Jane,
What do WowSwap team think about the Staking economy? How is this implemented in WowSwap ? What are the benefits can WowSwap provide to these staking holders?
WOWswap.io | Never DM you first,
[In reply to Jane]
You can stake WOW to receive interest! In fact, up to 250% APY.
To participate in Governance users 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.
VSS BOT,
As we know, By the Token price many people judge a project, What do you have to Say to investors? What’s the plan to increase the Token Demand?
WOWs
Medium
WowDegen — Medium
Read writing from WowDegen on Medium. Every day, WowDegen and thousands of other voices read, write, and share important stories on Medium.
wap.io | Never DM you first,
[In reply to VSS BOT]
Never invest more than you can lose.
WOW token will grow when you trade well :)
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 the our community will share the best trading strategies, because when our traders make money all WOW token holders get value from it.
Rozella Light,
Can you tell us some of the development or enhancement of WowSwap since it was started? Who are your additional partnership at the moment?
WOWswap.io | Never DM you first,
[In reply to Rozella Light]
We are working on additional partnerships with Chainlink, Sushi, Arbitrum, OKexChain, HECO, and many more
Kier- eaglebit.net,
Will the team had an strategic plan to add liquidity to other chain like Matic?,
WOWswap.io | Never DM you first,
[In reply to Kier- eaglebit.net]
We already added $100k initial liquidity on Polygon
WOWswap.io | Never DM you first,
This is the end of the AMA session. Thank you everyone for participating!
Thanks for all the answers provided, it was such an insightful and impactful AMA and thanks to everyone that participated.
WOWSWAP Useful links
website: https://wowswap.io
Telegram: https://t.me/wowswap
Twitter: https://twitter.com/Wowswapio
