Seascape Network AMA Recap with WOWSwap
On the 24th of April, 2021, the WOWSwap team, were live on Seascape Community Telegram group, to provide the community with insights on their recent partnership with Seascape, and also attend to the questions and queries provided by Community members.
In order to ensure clarity to my readers, this article has been divided into three segments; the first segment, gives full account of the questions asked by the moderator (Kerel) of this session, while the second segment gives account of some selected questions asked by Twitter community members.
Kerel — Hello Everyone, We’re going to start our first internal AMA! We are very happy to have WOWSwap team join us today to talk more about our partnership with them and what you guys can do with their project.
WOWswap — Hello!
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?
WOWswap — Sure! 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).
WOWswap 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 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 — Yeah, as a fellow leverage trader I was very enthusiastic about partnering with you guys. And love to see you guys also on BSC.
WOWswap — Thank you
Kerel — Can you tell us the difference between WowSwap and Pancakeswap? Why should the Community use WowSwap? Is there any benefit?
WOWswap — Pancakeswap 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 favorite 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.
WOWswap — 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 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.
WOWswap — 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 2️8 tokens 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 ll 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?
WOWswap — 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 x1️ (no leverage) to x5️ (maximum leverage). At launch for a few days the maximum leverage is set to x3️— this constraint will be removed shortly.
Then you do a SWAP and can see your position in the Portfolio page. That’s it!
Twitter Question 1 — 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?
WOWswap — First of all, we allow all CWS community members to buy more CWS tokens if they want to. We thinks that people should not be discriminated 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
Twitter Question 2— What are the advantages of the $CWS project compared to most of the DeFi projects on the market today? Will there be innovation?
Kerel — 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 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.
Finally, our long term goal would be to bring in new game developers that would integrate blockchain, DeFi, and NFT elements to their game and rewards their users, you guys
Twitter Question 3 — How will you prevent copies of tokens from being included for the purpose of defrauding users? Does this project have a system to remove these tokens from the pool?
WOWswap — 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 right tokens
Twitter Question 4 — Do you intend to promote the project in countries and regions where English does not perform well? Do you have any IocaI community to better understand your project?
Kerel — We already have over 9 communities with local social media used to provide you 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 everyday we are working hard to provide you the infrmation you need in the format you want. Click here to follow all our social media! Here you should be able to find all our other channels, be sure to follow the ones that are relevant for you.
WOWSwap — Yes, in the future we plan to translate WOWswap in several languages, especially, for those countries where leveraged trading is not allowed.
Twitter Question 5 — Is this platform suitable for Crypto beginners?Or does it only appeal to professional users?
WOWswap — 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.
WOWswap 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.