Recapitulation of WOWSWAP PROJECT AMA event held at AMA LOVERS CLUB.

Venue: https://t.me/amaloversclub
Date: Thursday, 18th February, 2021
Time: 10:00 AM UTC

The WOWSWAP PROJECT team was represented by @WowDegen who judiciously shared with us detailed knowledge and information about WOWSWAP PROJECT.

1st Segment: INTRODUCTION

Q1: Can you please introduce yourself and your background, also introduce the Team working on the WOWSWAP Project?

ANS: We are hardcore defi users since 2019. We experienced the extremely wow paced growth since then and unfortunately with the growth came the limitations of Ethereum blockchain: gas fees, slow transactions etc.

We 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.

This is why we came up with WOWswap. Fast, powerful and cheap to use, thanks to Binance Smart Chain infrastructure. We are also kind of a degens ourselves so when we believe in a project, we like to go in big. That is why up to 5x leverage is a tool we would love to use ourselves. The problem is, there wasn’t any single project that allows you to trade new and volatile Defi tokens. We love dYdX and Synthetix but the amount of tokens tradable is limited and gas fees are high.

We started to work on the concept and technical documentation last year with a team spread around Asia and Europe. We are genuinely very excited about the project and we want to make WOW community excited as we are by making a fun website and easy to use trading interface.

Our team is anonymous for regulation reasons.

Q2: Can you introduce the WOWSWAP Project, what critical problems does it solve that existing solutions are not solving and what's the competitve advantage?

ANS: W😮Wswap is the first decentralized protocol for leveraged trading on PancakeSwap

So we are a powerful tool for users who already used to trade tokens on Pancakeswap DEX

Our model is very simple: liquidity providers can create a 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 ⚙️ are decided by holders of W😮W tokens — our governance token.

Our competitive advantages are 1) first-mover advantage 2) innovative tokenomics with deflationary token model 3) the problem that the protocol solves is a a real problem for DeFi community.

Q3: Can you briefly describe the Top milestones you have achieved and your target milestones with timelines, also share your roadmap?

ANS: 1) Concept finalization and technical documentation is complete
2) Front-end interfaces are complete
3) Smart contracts are in development
4) Community is launched and growing like WOW
5) Tokensale in on 25th - coming soon
6) Audit is coming soon
7) Partnerships are ongoing.

2nd Segment: LIVE Questions

Q1: Which tokens will you use on the WOWSWAP platform? When adding new tokens over time, by what criteria will you decide which tokens will be added?
https://twitter.com/bayrak_kutsal/status/1362145439789834246

ANS: WOWswap will launch with the top 4 most liquid tokens on PancakeSwap for up to 5x leverage trading: CAKE, ETH, BTCb and AUTO. Later the community of WOW token holders will be able to vote to add any token for trading on WOWswap.

To add a new token the WOW token holders will have to take into account all the risk factors such as token volatility, sufficient liquidity and trading volume. Adding a token that does not have sufficient liquidity or is very volatile can put liquidators under time constrains to liquidate an under-collateralized position. Similarly, a lack of trading volume would reduce the revenue to the protocol by generating less trading fees and would fail to increase borrowing demand for BNB.

Q2: As a crypto trader and user, I have come across different swap platform like Uniswap, TakoSwap, SushiSwap, JulSwap, Mooniswap and so on. Each of them have come a different solution and unique features. What solution/unique feature is WOWswap going bring to the crypto ecosystem?
https://twitter.com/KurangaHA/status/1362087511506505728?s=19

ANS: Thank you Hakeem, good question! Our major innovation is totally new business model in DeFi that potentially can deliver unseen APY.

Check this out:

In DeFi everyone used to APY – annual percentage yield. While APY that you see on your savings account makes sense, the APY that varies from 130% to 5000% and then to 10% - does not make sense in our opinion.

Therefore, we are introducing a new concept – Hourly Interest Rate (HIR). Our target users – degens that want to get 5X leverage - do not care too much about the cost of capital, because they won’t keep their long positions for too long. So paying 2%-3% interest in nothing if the token grows 20% and with 5X leverage you make almost 100% profit. For example, if HIR = 0.1% the user that borrows capital just for 1 day will pay “only” 2.4%.

BUT there is an amazing math about the compound interest: 0.11% HIR is over 2️⃣,0️⃣0️⃣0️⃣,0️⃣0️⃣0️⃣% APY. This is what we call WOW returns for liquidity providers!

The lending pool will never runs out of money because if the lending pool’s utilization increases, the HIR will also increase, making it very lucrative for liquidity providers to put more capital.
In v1 we will set all parameters of the protocol ourselves based on our experience, but in v2 all parameters should be decided by governance like in Compound.

Q3: Security is a major concern, what makes you confident that your security is strong? please tell us about security of Wow Swap and if you have carried out audits with third parties? https://twitter.com/Ontortk/status/1362163330127859714?s=19

ANS: We have good news! The WOW token & public token sale smart contract audit will be done before the sale and token is distributed to the community. Stay tuned!

The main WOWsmart contract is not yet audited, however, we will first launch a beta version of WOWswap trading with a small lending pool for the community testing. The pool will first be small and gradually grow. Then after receiving real life trading feedback from the real degen traders we will receive the external audit.

Yes, we consider several types of attacks: pump & dump, low liquidity tokens, manipulation, rug pools, etc.
These attacks can be efficiently mitigated by the following measures:
1) At first, the protocol will be open only for major coins like $Cake, $Auto, $XVS, $SPARTAN, etc. and the leverage will be 2-3X.
2) Later the governance can decide to add more tokens and increase the leverage.
3) In V2 liquidity providers will be able to provide pools individually for every token they like – but in this case they bear individual risk connected to this token.
4) Building a substantial insurance fund
5) Increasing rewards for margin callers.

Q4: what programs do you offer because currently all the projects on the smartchain network are numerous and offer farming and staking, which have the highest APY that many participants choose how about farming and staking WOWSWAP? do you have your own unique way?
https://twitter.com/JinJrx/status/1362336538504220672?s=19

ANS: We are not about liquidity mining and meaningless farming. We use the token for making critical decisions on the protocol's safety and profitability

However, we will incentivize our traders and liquidity providers and margin callers with WOW token for adding real value to the protocol.

1) introduction - https://wowswap-io.medium.com/introducing-w-wswap-the-first-decentralized-protocol-for-leveraged-trading-on-pancakeswap-aca918927de1

2) AIRDROP is open - https://wowswap-io.medium.com/leverage-to-the-people-the-second-w-w-airdrop-campaign-63af4833c6cc

Twitter - https://twitter.com/Wowswap_io

CONCLUSION:

By the way, don't miss this. We will go very far with WOW:

The public sale will start on February 25th, 2021 at 6:00 PM (GMT+9) and will last 72 hours, ending on February 28th. 140,000 WOW tokens are available for the public sale.

The public sale price is 1 WOW = $5 USD (sold in BNB).

We will list on Pancakeswap on March 1, 2021 at 19:00 (GMT+9) by bootstrapping $150,000 USD in BNB for liquidity. The listing price will be $8 USD in BNB per WOW.

Kindly Get In Touch With Us On Our Various Social Media Platforms;

Thank you so much for your great questions! If you have more - you can always ask here https://t.me/wowswap

Twitter: https://twitter.com/Wowswap_io

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