Wanswap is a new decentralized exchange built with automated market making (AMM) modeled after the explosively popular Uniswap, and built on Wanchain blockchain. It in addition to the standard swapping and liquidity providing features common to all AMM DEXes, WanSwap also features liquidity farming inspired by related projects such as Sushiswap. WanSwap takes full advantage of Wanchain’s cross-chain features in order to power trading between assets from multiple blockchains using Wanchain’s cross-chain wanTokens including: wanEOS, wanETH, a growing list of wanERC20 tokens, wanBTC and with more chains & assets soon to be added soon after the launch of Wanchain 5.0.
The basic trading functionality of WanSwap comes directly from the Uniswap codebase. Liquidity providers are incentivized for providing liquidity to trading pairs with rewards drawn from the fees paid by users swapping between the paired assets.
Similar to Sushiswap, WanSwap also features a “Farm” page which provides extra incentives for providing liquidity to certain trading pairs by rewarding liquidity providers with the platform token, the $WASP token for WanSwap.
With new AMM DEX and liquidity mining projects popping up almost every day now, you could be forgiven for thinking WanSwap is just one more in a long line of Uniswap / Sushiswap clones. However, WanSwap is much more than that. While its core functionality is very similar to those previously mentioned DEX WanSwap leverages the unique features of the Wanchain public blockchain to empower users with functionality that is impossible for any Ethereum based decentralized exchange to match:
Wanchain is one of the early pioneers of wrapped cross-chain asset technology, and currently supports Wanchain based wrapped versions of assets from a number of major public chains including BTC, ETH, a variety of ERC20 tokens, and EOS. All those assets may currently be swapped back and forth between Wanchain and their native chain using Wanchain’s cross-chain Storeman Node based bridges. The upcoming launch of Wanchain 5.0 brings a major update to the decentralization and security of Wanchain’s cross-chain bridges. After 5.0, Storeman bridge based cross-chain swaps will be truly trustless and decentralized. This allows WanSwap users to transfer assets from any Wanchain connected blockchain and trade them against each other on WanSwap. After trading is completed, assets may then be withdrawn from Wanchain trustlessly their original chain.
This means that you could for example send your ETH over to Wanchain as wanETH, trade your wanETH for wanBTC on WanSwap, and then trustlessly withdraw your wanBTC to your own wallet address on Bitcoin using the Storeman bridge. You’ll never need put your faith in a centralized exchange again for moving value between chains!
The Wanchain blockchain operates using the Galaxy Consensus Proof of Stake mechanism in contrast with Ethereum’s current proof of work consensus mechanism — allowing for drastically cheaper and faster transactions. In contrast to Ethereum’s gas fees which can range from several dollars to dozens or even hundreds depending on the complexity of the transaction, Wanchain’s fees are typically less than a penny, and are hundreds of time cheaper than Ethereum in general. Not only are they cheaper, they are also far faster. Transactions are practically instant.
WanSwap’s cheap and rapid trading opens up a new world of use cases for WanSwap which are impossible to implement in a similar DEX on Ethereum. For example, automated trading strategies are economically viable on WanSwap, while the trading fees on Ethereum make them prohibitively expensive to do with Uniswap and other DEXes.
WanSwap was initiated by a small anonymous group of Wanchain core community members including experienced software developers, web developers, designers, marketers, and more. The team has come together to build WanSwap as a public utility for the Wanchain ecosystem and for the cryptocurrency community at large.
As a community built project, the majority of the work is done on a volunteer basis.
Early contributors to the WanSwap project will be rewarded for their contributions with a certain portion of the total $WASP tokens rewarded to liquidity providers. Besides the early contributor reward and the liquidity provider reward, there will be no other $WASP token issuance. There will be no token sale or equity offering of any kind associated with WanSwap.
WanSwap will launch with the following trading pairs:
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wanBTC-WAN
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wanETH-WAN
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wanEOS-WAN
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wanUSDT-WAN
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wanUSDC-WAN
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FNX-WAN
While anyone may issue a token on Wanchain and anyone may add any token pair they wish, the WanSwap team will provide a curated list of token pairs so that traders can be guaranteed the tokens they are trading ar legitimate. Only tokens on the curated list will be eligible to receive $WASP token incentives. In the future, the curation of the list will be managed by community governance.
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$WASP total supply will be ~210 million.
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There is no pre-mine, zero tokens will be reserved for team members, all tokens will be issued according to the rules written into the $WASP token contract.
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The $WASP token is used for community governance of WanSwap in order to vote on determining transaction fee rates, change in rules, token issuance, funding for DAO initiatives, and more.
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The tokens will be issued on a deflationary curve, with a decreasing amount being issued over time until the total supply approaches 210 million.
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The $WASP produced in each block will be distributed to traders, liquidity providers and the DAO fund
5% of all $WASP rewards will be sent to a DAO fund which will be distributed to early contributors during the early development stage, and which will be put under DAO control in the future. More details about $WASP tokenomics will be publish on the official WanSwap website. Details of the distribution to contributors will be published monthly on WanSwap’s website.