Since the launch on April 12, 2021 on Binance Smart Chain, WOWswap added support for Polygon and HECO chains becoming the first multichain leveraged swaps DeFi application.
The past 100 WOW days
On the 10th of May 2021 we shared our plan for the next 100 days with the focus to offer leveraged exposure to smaller cap altcoins to maximize returns in the bull market & bear markets, and provide high APY for major token holders.
On top of several protocol improvements, we also shared our determination to roll out WOW Governance, expand to other blockchains, release liquidation software, launch the first ever blockchain-based referral program and short selling.
1️⃣1️⃣days after announcing the roadmap we:
Launched the 1st WOW Governance module and WOW staking — 21st of May.
The first governance module, allows degens all over the world to stake their WOW and WOW/BNB LP tokens and receive governance rewards, paid in WOW.
8️⃣ days later we:
Released WOWswap liquidation bot — 29th of May.
WOWswap liquidation bot is run by Keepers who liquidate undercollateralized positions and earn liquidation rewards.
The liquidation bot very simple. In fact, you only need to make a few clicks. No programming skills are required.
9️⃣ days later we introduced instant onchain governance:
Decentralized WOWswap protocol via fully on-chain instant governance — 8th of June.
WOW token holders who staked $WOW for a period from 14 to 730 days can now vote on WOWswap financial and economic parameters, such as liquidation rewards, trading profit fees, liquidity provider fees etc. and earn part of the protocol fees.
Just 3️⃣days later:
Launched on HECO- 11th of June.
HECO is the third blockchain supported by WOWswap with 15 tokens for trading on HECO and lending for $USDT and $HT.
1️⃣9️⃣ spins around the Earth’s axis we:
Launched a smart contract that hires you — 30th of June.
Our smart contract is a “fair employer” and hires everyone with a Metamask wallet 🙌. You just need to make a Sing Up transaction and generate your referral link — https://wowswap.io/reward-account with rewards up to $100,000 USD.
Exactly 1️⃣ month later, which felt like eternity, we:
Launched leveraged short-swaps- 29th of July, 2021.
With the launch of leveraged short-swaps, WOWswap became THE dAPP for the 🐻 and 🐂 markets.
Currently available on BSC network, WOWswap supports shorting, longing and lending to earn high APY on 42 tokens❗ All in 1-click.
We should also mention adding support for more tokens, our continuous development to launch WOWSwap on Solana and support for liquidity mining on Pancakeswap and improving the UI/UX.
With the past already behind us, we are now excited to share our roadmap for the rest of the year.
1. Launching WOWswap Pro 😎
Wowswap interface is minimalistic and is extremely easy to use. In fact, opening leveraged short or long position takes just 1-click. Yet we recognize the demand for more professional trading experience to maximize those gains, therefore, we will soon launch WOWswap PRO to include more trading data, always-on chart and possibility to open a position and follow the portfolio in one page.
2. Statistics page release 📅
For all the data freaks, statistics page will display TVL, trading volume, total fees collected, interest rate changes as well as liquidation volume and trading volume changed per token.
3. Efficient capital utilization — launching WOWswap Yield Aggregator
At the time of writing, APY on BNB and BUSD is 26% and 46%, respectively with only 17%+ percent of the pool utilization ratio. It means that more than 3/4s of the pooled assets are sitting idle.
To increase pool utilization efficiency we will launch WOWswap yield aggregator to farm rewards from other protocols. We are considering only the safest protocols, like Alpaca Finance, AlphaHomora Finance and Venus. Adding a yield farming strategy could generate extra 10% to 15% extra APY to WOWswap liquidity providers.
In the future, the same technology could be applied for proxy-tokens, which are pegged 1:1 to the underlying tokens and are held by WOW’s smart-contract on your behalf. Learn more about proxy-tokens here.
4. Enable WOW burn and reward distribution.
Every time a trade makes a profit on a leveraged position, WOWswap protocol charges a fee of net profit made by traders, which is adjusted by the governance.
Currently the fee goes to WOWswap treasury, but very soon we will start to burn WOW tokens and distribute the rest of the protocol’s revenue to xWOW holders.
5. Launch Phase 2 of WOWswap governance — WOWswap Improvement Proposals
WOWswap On-chain Instant governance is live, but some changes to the protocol require manual interference. Therefore, in the next phase WOWswap Improvement Proposals (WIP) portal will be launched where xWOW holders will be able to propose new tokens for listings, adding new features to the protocol, propose/vote on adding new charities for donations and more.
6. UI/UX Optimization
Even though the user interface on WOWswap is simple and is easy to use, there are a lot of moving parts under the hood that need to be improved, optimized and polished to make the experience as flawless as it can be.
In the next few months we will focus on improving the UI experience, especially, for mobile users.
7. Expansion to more promising blockchains.
WOWswap is currently available on BSC, Polygon and HECO, yet we are focusing on bringing leveraged swaps to the most users as possible.
With the recent developments on Solana, Arbitrum, Metis, and Optimism we will continue to expand to those ecosystems not just within quarter, but for the foreseeable future. Ethereum is also on our roadmap, yet the gas fees currently hinder user experience.
Your feedback 👂matters
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