WOWswap is Now Live on IoTeX 🎉
WOWswap brings leverage to the people with expansion to the IoTeX Chain 🚀 First 5 tokens are added for decentralized leveraged trading!
👉You can also now buy 😮WOW token on Mimo DEX exchange which runs on IoTeX. You can trade WOW here.
At launch 5️⃣tokens are available for trading (BTC, CYC, ETH, GFT & IOTX) with up to 5️⃣x leverage, and more tokens are joining soon.
Expansion to IoTeX Chain allows to trade tokens currently not available on the other 5 WOWswap supported chains with BUSD and IOTX used as collateral.
It also means that liquidity providers can earn yield on BUSD, IOTX, which comes from long buying and yield for BTC, CYC, ETH & GFT for lending to short sellers. Simply deposit assets in WOWswap Earn lending pool 😎
Why IoTeX Blockchain?
With WOWswap we seek to provide the best leverage and lending experience to tokens not available elsewhere. Launching on chains like IoTeX offers fast and cheap trading experience as well as access to different tokens not available on other WOWswap supported chains.
IoTeX was founded as an open-source platform in 2017 with a vision for the Internet of Trusted Things, a decentralized ecosystem where humans and machines can interact with guaranteed security and trust.
IoTeX is a decentralized network of users, developers, and enterprises that collectively govern and utilize the IoTeX platform. As an EVM-compatible “Layer 1” blockchain, IoTeX powers an ever-growing ecosystem of smart devices, DApps, and digital assets.
Network transactions and smart contracts are fueled by the IOTX token, which also enables anyone to be a shareholder in the IoTeX Network. The IoTeX Mainnet has been running error-free since April 2019 and is maintained in a decentralized fashion by >60 Delegates.
How does WOWswap work?
When you buy a token with leverage on WOWSwap, you finance only a portion of the purchase with your own capital 💵 — the rest of the funds you borrow from a liquidity pool🏊♂️. Anyone can deposit BUSD to the liquidity pools on IoTeX and earn interest on it.
After you complete a swap you will get “proxy-tokens”, which are pegged 1:1 to real tokens held by WOW smart contract 🤓on your behalf. Proxy-tokens are needed for the protocol to guarantee the repayment of your loan once you sell proxy-tokens back for BUSD: the protocol will change proxy-tokens to real tokens, exchange real tokens for BUSD on Mimo exchange, repay the loan to the liquidity pool and transfer the rest of the funds to you 🎉
For a detailed explanation how to use WOWswap, please check the article below:
How to Connect MetaMask to IoTeX Blockchain
You need to configure the IoTeX RPC in your MetaMask.
- Go to the settings page.
- Click on the network selection button at the top of the app.
- Click on the “Custom RPC” to add the IoTeX information.
- Select ‘Custom RPC’.
3) Input the RPC details:
- Network Name: IoTeX Mainnet
- RPC URL: https://babel-api.mainnet.iotex.io
- ChainID: 4689
- Symbol: IOTX
- Block Explorer: https://iotexscan.io
For more information on how to use MetaMask with HECO Chain (HECO), you can check it out here.
That’s it! 🎉
Right now you can go to wowswap.io to trade on IoTeX Chain. To switch the network from BSC to any other chain, simply click the network button at the top right corner. Make sure the correct network is selected on Metamask.
Remember that, to use WOWswap on IoTeX Blockchain you will need a IOTX token to pay transaction fees.