Dear, Community,

Welcome to the recap of our AMA with WoW Swap.
Our vibrant and enthusiastic community had a lot of questions to ask. To those who want to know quickly what WoW Swap is about, we are sure this recap is gonna help you. So without further ado,continue reading 😉

✔️Introduction with WoW Swap : 👉

Trooper Zen:
Q1. Can you tell us about how experienced is the founding team of WOWswap ?

WOWswap.io | Never DM you first:
Sure. I am a WOW Degen, the founder of WOWswap. I am in blockchain since 2017, and research DeFi space since early 2019. Before joining crypto, I used to work for top investment banks (prop trading desk).
Our team remains anonymous for regulation reasons. Also I don’t like publicity — enjoy my private life.

Other team members are professionals in the blockchain field with experience building CeFi and DeFi products living in Asia and Europe.

Trooper Zen:
Type “DONE” after your answer ☺️

Q2. Can you tell us what issues is WOWswap planning to solve ?
@WowDegen

WOWswap.io | Never DM you first:
DeFi experienced extremely wow paced growth since 2019 and unfortunately with the growth came the limitations of the 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.

This is why we came up with WOWswap.

Trooper Zen:
👏👏👏

WOWswap.io | Never DM you first:
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.

Trooper Zen:
Q3. Can you tell us about the private sale, token allocation etc.?

WOWswap.io | Never DM you first:
90,000 private sale tokens were sold to early backers of the project at $4.5 USD per WOW with 3 months lock up.

The public sale finished on February 25th reaching $700k hard cap in just 9 seconds. 140,000 WOW were sold for $5 USD per WOW. You can learn more about the public sale here: https://wowswap-io.medium.com/w-wswap-ico-sets-a-new-world-record-as-the-fastest-token-sale-ever-4068f259c505

Trooper Zen:
Wow🔥

WOWswap.io | Never DM you first:
If someone knows faster ICO or IDO let us know — the first person will get 3 WOW

The total supply is 1,000,000 WOW. 55% of WOW tokens will be distributed to the community: liquidity providers, margin callers, and traders for contributing to the protocol’s expansion. 23% in total were sold during the public and private sale with 20% allocated to the team.

Team tokens are locked and vested over a period of 18 months.

Trooper Zen:
Only for one person?

WOWswap.io | Never DM you first:
Yes

Trooper Zen:
Ok. Moving to the last question from this segment

Q4. What is WOWswap planning to achieve further this year?

WOWswap.io | Never DM you first:
Our goal is to build the product that will be used as frequently as Uniswap & Pancakeswap.

Security and great user experience are our priorities. Therefore the smart contracts will be audited, and we will upgrade the app features/usability according to our users’ feedback.

We already planed other very innovative DeFi features that will be available in V2

🌍 Community ask question by Twitter 👨‍💻

Trooper Zen:
Twitter question no 1.
From : @bimasuryaatmaj1

I read that the WOW Swap Protocol has not been audited, from an external party / (third party) how can we be sure and believe as a lay user that this project is safe? explanation please

WOWswap.io | Never DM you first:
WOW token is audited by Hacken and we received ‘well secured’ rating. Check the audit here: https://hacken.io/wp-content/uploads/2021/02/WOWToken_Secondary_SC_Audit_Report.pdf

The final WOWswap protocol smart contracts will also be audited (WHEN THEY ARE READY) by at least 2 auditing companies to ensure max security. Of course, always do your own research and never invest more than you are willing to lose!

Trooper Zen:
Twitter question no 2.
From : @KaanErkosse

You mentioned that all liquidity providers will be incentivized with very high APY. But have you considered the effect of the inflation rate for $WOW? is the $WOW usecase balanced with this high APY?

WOWswap.io | Never DM you first:
The very APY will not come from WOW token liquidity mining, but from Hourly Interest Rate mechanism. Think about WOWswap as Microfinance in DeFi. Liquidity providers give loans at very high rates to very risky traders.

Every time a trader opens a leveraged position, BNB is borrowed from a BNB lending pool to buy a token with leverage. To borrow BNB a trader needs to pay interest, which is commonly calculated in APY.

However, leverage traders do not keep their positions for too long and fluctuating utilization rate of the lending pool renders APY forecasts unreliable. Therefore we introduced Hourly Interest Rate.

For example, if HIR = 0.1%, a trader who borrows capital just for 1 day will end up paying “only” (1+0.01)²⁴-1 = 2.43% that goes to BNB liquidity lending pool providers

Paying 2.43% interest for 1 day might seem like a lot, but if the token a trader bought grows 20% on the same day, with 5X leverage he will make 90% net profit (after repaying the loan with interest).

Having said that, there will be a liquidity mining campaign to incentivize BNB lending pool and reward traders together with liquidators who will liquidate leverage traders.

Trooper Zen:
Twitter question no 3.
From : @velora08

Regarding insurance funds. How is WOWswap’s best effort in implementing technology and ecosystem security so that there are no problems with the WOWswap system? Are you able to handle it or not?

WOWswap.io | Never DM you first:
There will be a native WOW insurance that will be funded by traders!

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.

We hope the our community will share the best trading strategies, because when our traders make money, all WOW token holders get value from it.

Because there is a possibility that during the big market crashes some positions will not be liquidated on time (losing liquidity providers’ deposited BNB). In this case insurance funds will be used to cover the loses.

Also, when the insurance fund is big enough, part of the insurance fund’s assets could be used to get yield in other defi projects. We could deploy the assets to Venus, for example, and get interest on the BNB we collect as fees. The generated yield could be used to distribute revenue to the WOW token holders.

Of course, all this needs WOW token holders’ agreement but potential for revenue generation is high.

🌍 Community ask question by Website 👨‍💻

Trooper Zen:
Website question no 1.
From : @Arisabela

In the tokenomics of $ WOW token a 55% of the supply goes to the community, can you explain how? Is this project currenty planning to make airdrops and contests incentivations for your community?

WOWswap.io | Never DM you first:
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.

We have already done several airdrop campaigns. The last one was meme competition. 400 memes were submitted with 15 people awarded with WOW :)

There will be more campaigns so please join our telegram channel https://t.me/wowswap
and follow us on twitter https://twitter.com/Wowswap_io

Trooper Zen:
Website question no 2.
From : @nazmudsadat

One of the biggest problems of DEX platforms will be providing liquidity.and What incentive benefits will WOWSWAP offer to attract liquidity providers to the platform?

WOWswap.io | Never DM you first:
WOWswap is not an AMM style exchange like @PancakeSwap where liquidity is provided at 50/50 ratio to trade.

Instead, WOW traders borrow $BNB from our native lending pool for margin trading, but trades are routed via Pancakeswap.

In DeFi everyone used to APY — annual percentage yield. While APY that you see on your savings account makes sense, the APY that varies from 100% to 1000% and then to 20% — does not make sense in our opinion.

This is why we are introducing a new concept — Hourly Interest Rate (HIR). Our target users — degens that want to get 5X leverage — do not care too much about the cost of capital, because they won’t keep their long positions for too long. So paying 2%-3% interest in nothing if the token grows 20% and with 5X leverage you make almost 100% profit. For example, if HIR = 0.1% the user that borrows capital just for 1 day will pay “only” 2.4%.

BUT there is an amazing math about the compound interest: 0.1% HIR will deliver over 6️⃣ 0️⃣0️⃣,0️⃣0️⃣0️⃣% APY (assuming full utilization of the pool)). This is what we call W😮W returns for liquidity providers!

Would you deposit BNB if the APY reached 600,000%?

Trooper Zen:
Website question no 3.
From : Firda Rahma ( @agathabri )

how is Wow swap development going? can you describe detail current development efforts, expected applications, market expansion plans dan when will they become commercially avaible?

WOWswap.io | Never DM you first:
Currently everything is going according the plan and now:

1) Concept finalization and technical documentation is complete
2) Front-end interfaces are complete
3) Smart contracts are in development
4) Community is launched and growing like WOW
5) Tokensale finished in 9 seconds
6) WOW token is audited by Hacken
7) Partnerships are ongoing

The app will launch within a month so please stay tuned!

✍️ Telegram live Questions answered by WoW Swap ✔

Simrin:
I’m a developer, and I’m interested in contributing to your project alongsides earning, Do you have any Bug Bounty to check for vulnerabilities ?

WOWswap.io | Never DM you first:
Hello! Sure, after we publish our smart contracts, you are welcome to join. We will have a bug bounty program. In fact I already paid some money to people who found some mistakes on the website.

Karoceh:
With WowSwap traders can buy and sell tokens with up to 5X leverage, do you think this won’t trigger trading spam? How reliable is the WowSwap server when there is a volatile market?

WOWswap.io | Never DM you first:
Trading spam… hmm… as soon as traders are getting profits they will trade. Anyway, trading is a subzero game — some people win, some people lose. Our servers are safe, but in fact, they do not play any critical role: WOWswap uses smart contracts, which are saved and executed on blockchain, which is very safe.

ADC | LIGHT:
Where can I stake WOW?

WOWswap.io | Never DM you first:
You can provide liquidity on Pancakeswap and earn trading fees and also you can stake LP token (the token you get after providing liquidity on Pancakeswap) on Shrimp Capital’s farm — https://smonk.shrimp.capital/farms

Priyanshu Sharma:
Can you briefly tell us what is WOWswap in
3–5 sentences?

WOWswap.io | Never DM you first:
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.

✔️Thanks to all of our Community Fans✔️

Have a Great Day

Edited by : 🌿DK✍️

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