WOWswap is bringing leverage to the people with expansion to Polygon Network (formerly Matic)🚀. At launch, 🔟tokens are available to trade with up to 3️⃣x leverage (5️⃣x enabled soon), with more tokens added in the future.
Polygon Network brings scalability to Ethereum using an adapted version of Plasma with Proof of Stake🥩 (PoS) based side chains, which are blockchains that run alongside the Ethereum main chain. The result is fast🏎 and nearly-free💰 transactions — a true delight 🍬 to WOW degen traders.
Expansion to Polygon Network allows to trade tokens currently not available on the Binance Smart Chain, including opening a long position on ETH with USDC used as collateral. In total 🔟tokens are available to trade:
- ETH (Ethereum)
- wBTC (Bitcoin)
- CEL (Celsius)
- MATIC (Polygon)
- GHST (Aavegotchi)
- LINK (Chainlink)
- QUICK (Quickexchange)
- SX (SportX)
- DEFI5(DeFi Top 5 Index by indexed.finance)
- DEGEN (Degen INDEX by indexed.finance)
ETH, GHST and QUICK are available to trade against USDC and the other 7 tokens are traded against ETH.
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 ETH and USDC to the liquidity pools on Polygon 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 ETH or USDC: the protocol will change proxy-tokens to real tokens, exchange real tokens for ETH/USDC on Quickswap, 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:
WOWswap launched the first leveraged trading protocol on Binance Smart Chain 🚀
Today, on the 12th of April 2021, WOW protocol has expanded into the DeFi industry with a new use-case — decentralized…
How to use deposit assets to Polygon and connect to WOWswap.
Users can deposit Ethereum tokens to the Polygon Network via Matic Bridge using Metamask and then, if needed, withdraw them back to the Ethereum mainnet. You will need some MATIC tokens, because the MATIC token is used to pay transaction fees. You can purchase MATIC on Uniswap.
Before you start, make sure you have added Polygon Network to Metamask.
Connect MetaMask to Polygon Custom RPC
You need to configure the Matic Network custom RPC in your MetaMask.
- Click on the network selection button at the top of the app.
- Click on the “Custom RPC” to add the Polygon mainnet information.
- Select ‘Custom RPC’.
Enter in the Matic mainnet details as follows:
Network Name: Polygon
New RPC URL: https://rpc-mainnet.matic.network
Chain ID: 137
Block Explorer URL: https://explorer.matic.network/
Deposit Ethereum assets to Polygon
Ensure you are using the POS Bridge and NOT the Plasma Bridge. The Plasma takes up to a week to transfer funds. The POS will take 7–8 minutes.
- Go to https://wallet.matic.network/ and connect Metamask.
2. Clicking the Metamask button as shown above will prompt a signature request. Click on Sign.
3. For moving funds to Matic, click on “Move Funds to Matic Network” as shown.
4. Once you have done that, the Matic POS Bridge module will open on the wallet as shown below. The token shown by default on this transfer module will be Ether. You can choose to move other tokens by clicking the arrow. For this example, we will move 0.01 ETH.
5. Click on transfer. The system will show a warning message for you to read. Click on Continue.
6. The next window will show the estimated costs of moving the funds. Please note, that depositing ERC-20 tokens will require an additional transaction to ‘Approve’ spending the token. ETH does not need an approval and is cheaper to migrate.
7. Make sure once again that PoS Bridge is selected, then click Continue. Metamask pop up will open and click ‘Confirm’.
8. Once you confirm, the system will take around 7–8 minutes on the Matic POS Bridge to move your funds from Ethereum to Polygon.
That’s it! 🎉
Right now you can go to wowswap.io to trade on Polygon. To switch the network from BSC to Polygon, simply click the network button at the top right corner. Make sure the correct network is selected on Metamask.
Remember that, to use WOWswap you will need a liiiittttle 🤏bit of MATIC to pay for the transaction fees. If you do not have MATIC tokens on Polygon Network, you will need to repeat the process and move MATIC from Ethereum network to Polygon.