SEASCAPE AMA RECAP WITH WOWSWAP
On the 23rd of April, the Seascape community played host to Wowswap and engaged in an eventful AMA session.
WOwswap team led by WowDegen joined the Seascape telegram community to discuss and share insightful information and events on the recent partnership with Seascape.
The AMA session was moderated by Kerel, the Seascape Community Moderator.
To ensure clarity, this article is divided into three sections; the first section gives a full account of questions asked by the AMA host while the second section gives full detail of questions asked by the Twitter community and the third section gives detailed information on the telegram community questions.
Kerel: Hello WOW, nice to have you here. Can you give us a general introduction of you and WowSwap? Could you tell us your role in the project and briefly introduce WowSwap?
WowDegen: I am the founder of WOWswap. I joined crypto in 2017 during the ICO boom, and research DeFi space since early 2019. Before joining crypto, I used to work for top investment banks (prop trading desk).
W😮Wswap is the first decentralized protocol for leveraged trading on PancakeSwap. Our team members love to trade the hottest and newest DeFi projects, but when a Uniswap transaction costs $100 USD an average person cannot fully enjoy the potential of Defi. So that’s why we build on BSC.
Our product’s idea is very simple: liquidity providers can create and operate a common BNB pool, and traders can borrow these funds to buy up to 5 times more tokens on Pancakeswap DEX. Protocol fees, interest rates for lenders and borrowers, liquidation ratios and other settings are decided by holders of WOW tokens — our governance token.
Kerel: The second question is: Can you tell us the difference between WowSwap and Pancakeswap? Why should the Community use WowSwap? Is there any benefit?
WowDegen: Pankeswap is an AMM DEX. WOWswap works with Pancakeswap to exchange tokens and adds value by providing extra liquidity.
By using WOWswap, traders can buy and sell their favourite tokens with up to 5X leverage by borrowing extra BNB or BUSD from the lending pool. However, then the trades are executed via Pancakeswap exchange.
So, we use Pancakeswap to swap tokens and WOWswap to get additional liquidity (leverage) to buy more tokens. So, in short, Pancakeswap is not a competitor, but an integral part of WOWswap money lego.
Kerel: Thanks, so now is the best time for everyone to go on WOWswap, and get some sweet sweet pCWS with 5X. But remember guys, always trade responsibly, leverage trading is powerful but multiplies both gains and losses.
WowDegen: Yes, for that reason we currently set a limit 3x and I advise not to be greedy — just use 1.5–2x leverage and you will enjoy an extra 50%-100% profit with low liquidation risk.
Kerel: Can you give us more information or update on WowSwap Leveraged Trading App that is live? We know that many of our users are on mobile so that is something that they look forward to.
WowDegen: WOWswap launched on the 12th of April 2021! We are not a fork of any other project, and currently, we are the only project in this space. So other projects only offer 2–3 tokens for decentralized leveraged trading. At launch 2️⃣8️⃣tokens are added for leveraged trading by the project team, and anyone can add more tokens via WOWswap Governance.
Yes, you can use it on mobile too you need metamask on a mobile device though.
Kerel: We also generally recommend using metamask to all our users right now so it should be ok for them to use your app too 😉
The last of the 4 questions we prepared is: Could you briefly describe the steps I need to take on how to use wowswap if i wanted to open a leveraged trading with pCWS?
WowDegen: Sure. Unlike margin trading on centralized exchanges, WOWswap is very simple.
You just select a token you want to buy for BNB or BUSD and move the leverage slider to the right to set the leverage coefficient 😎.
Leverage can vary from x1️⃣ (no leverage) to x5️⃣ (maximum leverage). At the launch for a few days the maximum leverage is set to x3️⃣ — this constraint will be removed shortly.
Then you do a SWAP and can see your position on the Portfolio page. That’s it!
Kerel: Ok great, that should make it a lot easier for some people to use wowswap 😉that it’s for the intro question.
Kerel: First question: Can you tell us the three big advantages of this partnership and how it can change the quality of the service for the new user?
WowDegen: First of all, we allow all CWS community members to buy more CWS tokens if they want to. We think that people should not be discriminated against by the amount of capital they have and if they believe in the projects, they can benefit from its growth so we provide extra liquidity for that.
Second, we cross promote projects among our communities, so WOWswap community can know more about Seascape and CWS holders can try WOWswap.
Finally, at WOWswap we are closely watching the NFT market and trends and looking for opportunities to cooperate in NFT space, so the partnership with Seascape opens for us new markets.
Kerel: Thanks for clarifying that, and yes I want to add to the last part saying that this partnership opens a lot of possibilities for you guys as before you could buy/sell, stake tokens and get and exchange NFTs, but can now buy on leverage.
We’ll keep on looking for similar partnerships to expand the range of what you can do, and we’re very grateful to wowswap for partnering with us to provide more potential to our users.
WowDegen: One promising idea could be the leveraged purchase of NFTs :) for example.
Kerel: The second question is for me I guess: What are the advantages of the $CWS project compared to most of the DeFi projects on the market today? Will there be innovation?
The DeFi space today is filled with copycats and projects that bring little to the table, but we, as well as wowswap, want to open up entirely new market possibilities.
Our goal is to first provide gamification to all aspect of DeFi, to make it more fun, easier, and more accessible to everyone.
But also to bring in the new use case for NFT, such as in our staking saloon game. We strongly believe that NFTs can be more than simple collectibles but provide a whole new range of applications and finally, our long-term goal would be to bring in new game developers that would integrate blockchain, DeFi, and NFT elements into their game and rewards their users.
Kerel: The next question is again for you @WowDegen : How will you prevent copies of tokens from being included to defraud users? Does this project have a system to remove these tokens from the pool?
WowDegen: Currently, only our team can add new tokens for leveraged trading. In a couple of weeks, this role will be delegated to the governance. So in short, it’s very unlikely that someone will add a fraud token for leveraged buying. However, we plan to add leveraged short-selling in May/June.
And we plan that anyone can create a pool with ANY token so that traders can borrow those tokens and short-sell them, In this case, WOWswap users need to be careful of what tokens they borrow. But we also add some UI features to help users select the right tokens.
Kerel: Ok great, there have been too many problems on other projects and we always want to make sure our users are safe. And be sure to tell us when to sell/short will be on.
Kerel: The fourth question again is for me, but I think you could also answer it afterwards wow: Do you intend to promote the project in countries and regions where English does not perform well? Do you have any local community to better understand your project?
We already have over 9 communities with local social media used to provide you with all the information you need. We know English is not spoken well in many countries and localization refers to more than just translating the content so every day we are working hard to provide you with the information you need in the format you want.
Click the link to follow all our social media: https://seascape.zendesk.com/hc/en-us/articles/900006341903
Kerel: Last question for our social channels, for you again WOW: Is this platform suitable for Crypto beginners? Or does it only appeal to professional users?
WowDegen: Absolutely — our platform is as easy as Uniswap. Not so long time ago leverage trading was an exclusive domain of highly-trained investment professionals. Crypto has changed this forever — currently, all major cryptocurrency exchanges offer margin trading accounts. However, on centralized trading platforms, their operators have full control over-leveraged trading rules, including decisions on capital lending rates, assets, available for leveraged trading, and liquidation procedures.
W😮Wswap democratizes leveraged trading further by giving all power 💪to the community. With WOW protocol liquidity providers can create and operate common liquidity pools 🏊♀️, and traders can borrow these funds for their leveraged trades according to the rules collectively established by WOW token holders.
Telegram Community Questions
Q What is the tokenomics and basic utility of the WOW token at WOWswap ? What drivers of growth for the WOW token do you see in the future?
WowDegen: 55% of WOW tokens will be distributed to the community when the liquidity mining program starts. WOW holders can directly contribute to the protocol safety and profitability by participating in voting and define the right parameters of the protocol such as liquidation margin, approving tokens for leveraged trading, lending interest rate, etc. The major driver for WOW growth is trading volume because the more profitable traders generate the more WOW will be burned and also more money will be distributed to WOW stakers via the governance staking contract.
Q On moving forward through your roadmap, what are your most important next priorities/Milestone? Does Your Project have enough fundamental (Funds, Community, etc) to achieve those milestones?
WowDegen: The next big thing for us is to launch on Ethereum. So we are launching on Polygon (Ethereum Layer-2). It also has very fast and cheap transactions. Then we will add a short-selling function and launch on Solana. Yes, we have enough funding to achieve our goals.
Q Can you tell us the motivation and benefits for investors to hold $WOW long term. What plans do you have to help drive demand and scarcity for the token?
WowDegen: We are building an innovative product, our smart contracts are one of the most complexes in the DeFi industry. To give you a feeling it would take us 32 ETH to deploy them on Ethereum when we decide to do so. So our ambitious goal is to join the top league of well-known DeFi projects.
Try WOWswap here: https://wowswap.io/#/swap
Follow us on Twitter: https://twitter.com/Wowswap_io
Learn how to use the app: https://wowswap-io.medium.com/wowswap-launched-the-first-leveraged-trading-protocol-on-binance-smart-chain-4aecb5fc0bc3
Pancakeswap WOW/BNB pair: https://exchange.pancakeswap.finance/#/swap?outputCurrency=0x4da996c5fe84755c80e108cf96fe705174c5e36a
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