Crypto exchanges have hoped millions of people around the world to trade in and out for their preferred cryptocurrencies, enabling them to make profits and at the same time hedge their losses if the crypto market takes a downturn. Ironically, the biggest crypto exchanges are centralized and do not leverage the power of blockchain itself.
WanSwap is an Automated Market Maker (AMM) and a decentralized exchange that creates a whole new trading and financial atmosphere for people to trade, swap and make cryptocurrencies.
More than a DEX
Decentralized Exchanges (DEXs) have gained popularity in the last few years, with a major adoption being done in 2020 alone as DeFi exploded. However, WanSwap is not just another DEX. Using its proprietary Wanchain, the platform is able to provide functionalities that other DEXs fail to deliver.
One issue that modern DEXs face is that tokens being traded should be native to their chain. For example, UniSwap, one the most used ones, is based on Ethereum and therefore, only ERC-20 compliant tokens can be traded on it.
WanSwap solves this issue by creating a wrapped token for each pair. A pioneer in this, WanSwap even lets traders swap for BTC using their native wanBTC, which maintains its value with the underlying original BTC. To assist people who want to convert the wrapped tokens back into the pegged original ones, users can head over to their Storeman Node based bridges.
Apart from the instant swapping using its trustless decentralized environment, WanSwap offers many services, such as:
· Liquidity: Any one can become a liquidity provider and up to 0.3% of trade commissions, in line with their proportional contribution to the pool. Depositing tokens for the pool earn providers WSLP, which they can use to claim their staked tokens and the profits generated.
· Farming: For people who provide liquidity, an extra incentive is given for specific trading pairs by letting them farm WASP, the WanSwap native token.
· Hive: As a decentralized platform, WanSwap offers a staking feature called the Hive. Any user can stake their WASP tokens on the Hive and earn WAN.
· Analytics: The analytics page gives an instant overview of the liquidity and trading data of the listed tokens on WanSwap, enabling traders to make better choices on swapping and selecting which pool they want to invest in.
· Voting: As a democratic decentralized platform, users holding the WASP token can take part in the development and expansion of the WanSwap platform. This includes swap options for new coins, token burns, adjustments in rewards etc.
· Cross Chain: Enabling the use of non-native WanSwap tokens, Cross Chain option lets users swap assets between the Wanchain and Ethereum. Completely decentralized, the swaps are fast, secure and let's two whole different ecosystems connect with each other, bringing in a new era of DeFi.
· WanLend: There's no need to buy or sell assets when money (or cryptos) are needed. Using smart contracts that remove middlemen, users can easily borrow balance or even lend it out with higher income for lenders and a much lower interest for borrowers.
Advantage of WanSwap
The economical side of WanSwap and its services are much better than the available alternatives, but the platform has a lot more under its belt than just efficient and trustless services.
First and foremost, the current DeFi growth has seen transaction volumes swell, making small trades a nightmare and has developers scrambling for different solutions such as second layer options to reduce the stress on the network. With an infinitesimally small transaction fee, WanSwap doesn't need the complexity as an average transaction fee is around a cent! WanSwap also allows different platforms to enter a whole new DEX market easily as there are no listing requirements, apart from an initial liquidity for its pairs.
As a decentralized platform, WanSwap doesn't require any complex signup procedures. Traders and liquidity providers connect their compatible wallets using in-built smart contracts and can start buying or selling tokens immediately. There are no KYC and AML requirements and privacy is kept to a maximum level.