WOWswap: The First Multichain Leveraged Swaps DeFi Application

Years ago, leverage trading was exclusive to seasoned investment professionals.

But the advent of cryptocurrency transformed this narrative.

Now, leading cryptocurrency exchanges offer margin trading accounts.

Traders can borrow more capital from brokers to trade their best tokens on centralised stock and cryptocurrency exchanges.

Still, the platform’s exchange operators completely controlled the leveraged trading rules, assets, decisions on capital lending rates, and liquidation procedures.

But WOWswap changed the scene.

It democratised leveraged trading by giving the community complete control.

Users can trade with a leverage five times the regular rate.

They can also borrow additional coins or assets to buy more tokens on the AMM.

Even liquidity providers supply stable coins or major crypto assets to the lending pool.

In turn, they receive interest paid by the traders.

But the WOW token holders decide the protocol fees, interest rates for lenders and borrowers, liquidation ratios, and other factors.

Amazing qualities lurking  around WOWswap:

WOWswap is a decentralised trading protocol leveraging top blockchains such as Ethereum, Binance Smart Chain, Solana, Avalanche, IoTeX, Polygon and, HECO Chain.

It provides leveraged exposure to smaller cap Altcoins to increase returns in the bull and bear markets, and provide high APY for major token holders.

WOWswap has surpassed milestones and undergone improvements since its launch on April 12, 2021, on Binance Smart Chain (BSC).

Some of the platform’s notable achievements include:

1. The launch of the first WOW Governance module and WOW staking enabling degens to receive governance rewards.

2. The release of WOWswap liquidation bot with zero programming skills.

3. A decentralised WOWswap protocol via on-chain instant governance.

It’s leveraged short swaps and smart contract feature hires everyone with a metamask wallet.

Plus, the platform has listed over 200 tokens for up to 5x leveraged trading, more than any other leveraged DEX.

WOWswap also secured long-term partnerships with Metis, Pangolin Exchange, Mimo Exchange, and a Joint Venture with Netswap to achieve its goals.

How It Works

The user interface on WOWswap is simple and practical.

The opening leveraging short or long positions requires one click.

Making a WOWswap is super easy to execute.

It automatically borrows the funds needed for the extra leverage.

Since the lending pool’s utilisation rate can fluctuate, WOWswap traders receive an hourly interest rate instead of an APY.

Every time a trader opens a leveraged position — long or short, the trader borrows a loan from the liquidity pool at an Hourly Interest Rate (HIR).

Once a leveraged swap is complete, the HIR will be fixed until the trader purchases extra tokens or sells a part of them.

It offers premium security against data manipulation attacks facilitated by flash loans.

It also executed an extensive audit by engaging Hacken — a leading blockchain and smart contract audit firm to ensure a more credible and transparent smart contract.

This action made them receive a ‘secured’ rating.

Similarly, the platform launched its governance token, $WOW, through a successful ICO launch.

Interestingly, WOWswap ICO set a new world record as the fastest token sale ever.

99.97% of the tokens were sold out in 9 seconds after the sale’s launch.

WOW backers sent over $11 million worth of BNB to the token sale smart contract and closed the $700k hard cap in just 9 seconds.

Of course, this shows the endless possibilities of the groundbreaking project.

$WOW is tradable in WOWswap and PancakeSwap exchanges in WOW/BNB and WOW/BUSD markets.

Additionally, the community-driven project will allocate 55% of WOW tokens to liquidity providers, margin callers, and traders for contributing to the protocol’s expansion.

On-Chain Instant Governance

WOWswap takes decentralised finance to another level by developing an instant on-chain permissionless system that counts every vote and adjusts the protocol’s parameters in real-time without interruption.

WOW token holders are allowed to vote for all WOW protocol’s financial and economic parameters like interest rates, liquidation margins, protocol fees, liquidation rewards, and others

More so, there are two main revenue streams.

They are the trading profit fees and liquidity provider fees.

WOWswap channels the generated revenue towards governance rewards, development costs, insurance costs, donations, and buyback and burn programs.

In the future, WOW holders will be allowed to propose new tokens for listings, add new features to the protocol, propose/vote on adding new charities for donations among others.

Trading Fractionalized NFTs with Leverage

WOWswap has launched the first-ever leverage trading for NFTs on Ethereum blockchain, providing leveraged trading for 6 NFT index tokens — Punk, Bayc, Purr, Glypth, Meeb, and Cool.

NFT index tokens track the lowest price of its NFT collection.

Thus, by purchasing this token, one can get exposure to the price of the collection.

With WOWswap, traders do not need to purchase a complete artwork; they can invest any amount of ETH or USDC in digital art.

When traders buy a token with leverage on WOWswap, they fund only a portion of the purchase with their capital.

But the remaining part of the funds can be borrowed from a liquidity pool.

After a complete swap, traders receive proxy tokens which are pegged 1:1 to real tokens held by WOW smart contract.

These proxy tokens are required to ensure the repayment of loans.

Once the proxy tokens are sold for USDC, the protocol changes the proxy tokens to real tokens, exchange real tokens for USDC on Sushiswap exchange, repay the loan to the liquidity pool and transfer the rest of the funds to the trader.

Improvements To Boost UI/UX

As WOW protocol gets more robust, the blockchain infrastructure driving it solidifies too.

The team has now onboarded over 10 new powerful servers to run their blockchain nodes on Ethereum, BSC, Solana, Avalanche, and other chains.

In addition, WOWswap will be celebrating its first-anniversary event between February 21st – 25th.

For a more professional trading experience, they have also prepared a special release of 3 major upgrades to their protocol.

These changes include WOWswap Profor to give users more options and control of their assets, limit orders to set stop loss and take profit, and WOWswap alerts: notifications for profits, liquidations and high APY.