WowSwap AMA Transcript

BSC.NEWS hosts WowSwap, a leading decentralized exchange on the Binance Smart Chain. All questions are answered by @WowDegen

By
Kamran Iqbal
on
February 27, 2021
Category:
AMA

WOWswap.io: Hello everyone!


KDOT (AMA Host): Hey WOWswap :) nice to have you on, firstly thank you for taking the time out to attend this AMA.


WOWswap.io: Pleasure to be here


KDOT (AMA Host): Perfect, before we start.. Once you've finished answering a Q would you mind just typing 'DONE' so i know youve completed your answer.


WOWswap.io: Ok


KDOT (AMA Host): perfect.


KDOT (AMA Host):Bsc news is happy to hold the wowswap AMA & has carried out its own DD prior to the WOWswap presale, we have also taken a security deposit, however please conduct your own research before any presale. OK lets get this AMA kicking!

Q1: Tell us how the idea behind WOWswap came to light?


WOWswap.io:We are hardcore defi users since 2019. DeFi experienced 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 research and trade the hottest and newest defi projects, but when a uniswap transaction costs $50+ USD an average person cannot fully enjoy the potential of Defi.  This is why we came up with WOWswap. With WowSwap traders can buy and sell tokens with up to 5X leverage by borrowing extra BNB from the lending pool. It is 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.


Q2: How many people are apart of the CORE team?


WOWswap.io: We are a small team of 7 people: product owner, 3 solidity devs, front-end dev, UI/UX designer, marketing director.


Q3: We know WOWswap hasnt launched yet, but does it have a working product?


WOWswap.io: No, the app is not yet launched. Time timelineis to launch is in 45 days.

This is what we achieved so far:

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


KDOT (AMA Host): ah WOW.. very much on it :)


Q4: If the product is still in production, how certain are you that you are able to build what is said on the packet?


WOWswap.io: Good question! We are confident in our ability to deliver the product: the product functionality is clear, the technical documentation is completed (this is a major milestone) and our tech team has all necessary capabilities to complete the product. Our devs and management delivered many IT products before, so this time it should not be different.


KDOT (AMA Host):Great :)




Q5: On the website it says the launch of WOWswap is in 45 days, how will the team ensure this timeline is met?


WOWswap.io: For the last few months we worked without weekends to make WOWswap. We will continue to work very hard to meet the deadline.


KDOT (AMA Host): OK which leads me on to



Q6: Why Presale? If you can launch the product within a month and half, why do you need to raise so much money?


WOWswap.io: We are doing presale to accelerate the development, to test the demand from the market, to cover the audit costs, and to bootstrap the initial liquidity for the liquidity pool. 90% of the total raised funds will be used to provide liquidity on PancakeSwap, protocol development, marketing, audit and for BNB lending pool. 10% will be kept as a reserve for a further expansion of the protocol:

• $400,000 for BNB lending pool to enable leveraged trading

• $200,000 for continuous protocol development

• $200,000 for marketing

• $150,000 to bootstrap liquidity on PancakeSwap

• $50,000 for smart contract audits

• $105,000 kept as reserves


KDOT (AMA Host): perfect.




Q7: As for the upcoming pre-sale, how will you prevent bots from taking all the allocation?


WOWswap.io: We developed the WOW token public sale contract to be as simple as possible to minimize contract exploitation risks. Anyone can participate only after the sale starts.  We also have a cap of 100 BNB per wallet


KDOT (AMA Host): ah great! :)




Q8: Did you hold a private sale? If so, when? And how where these investors chosen?


WOWswap.io: The private tokens were sold for $4.5 USD with a 3-month lock up. You might think the token lock up is short, however difference between public sale price ($5USD) and the private sale price is only 50 cents. Private investors are our trusted partners who would help WOW to list on CEXs and marketing. We denied many offers, because we needed "smart money" We closed the private sale 3 weeks ago


Q9: I understand the team holds 20% of the total supply & is vested for 18 months, can you tell us more about this? Will the tokens fully unlock after 18 months or gradually?


WOWswap.io: Out of 1,000,000 tokens 200,000 tokens are dedicated to the current and future team members to incentivize protocol development beyond WOWswap V1 launch. The tokens are locked for 18 months with a 3 month cliff, meaning that every 3 months ~33,333 tokens are unlocked. To further bring transparency to our community, we will use a third party platform to ensure the lock up. Unicrypt and team.finance are two platforms that lock team tokens' liquidity. BSC support is supposed to be launched within a few weeks and when it is available, we will lock the tokens in one of those platforms.


Q10: I understand the WOW token is deflationary due to a BUY BACK & BURN mechanism, could you go into more detail how this works and the benefits?


WOWswap.io: sure. WOW token will grow when WOWswap users trade well. Every time a trader closes a leveraged position in profit, 5% of the profit will be taken and 50% of the fee will go to buy back WOW from the market and burn it.  With the other half going to the Insurance fund. So, the more money our users make, the higher the burning rate. We hope the our community will share the best trading strategies, because when our traders make money, all WOW token holders get value from it. Also, when the insurance fund is big enough, part of the insurance fund’s assets could be used to get yield in other defi projects. We could deploy the assets to Venus, for example, and get interest on the BNB we collect as fees. The generated yield could be used to distribute revenue to the WOW token holders. Of course, all this needs WOW token holders’ agreement but potential for revenue generation is high.


KDOT (AMA Host): ah amazing, i actually like this concept!!


Q11: With the recent DeFi hype, we’ve also seen alot of exploits which has left users losing alot of money, how will the WOW team prevent this happening on their platform?


WOWswap.io: The WOW token  smart contract audit will be done very soon. The main WOWsmart contract also will be 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. In fact $400,000 from the raised funds will be used to create the BNB lending pool to enable leveraged trading.


KDOT (AMA Host): Side Q: Can you confirm who will carrying out the audit?


WOWswap.io: Hacken


KDOT (AMA Host): ah ok, it says in the website certik would be instructed?


WOWswap.io: We talked to them, but they are charging too much, imho :))) The website will be updated, thanks


Q12: Have you or any of the core team worked on any other crypto project?


WOWswap.io:Yes, we have launched a few projects before on ethereum blockchain. We developed the smart contracts, website and run marketing campaigns from our own money. They did not pick up so much steam as WOWswap did, so we really appreciate the interest in WOWswap.


Q13: Any reason why the WOWswap team is ANON?


WOWswap.io: Some of our investors are from traditional finance industry and getting licenses for crypto business, so we dont what unnecessary exposure. Another reason - some of our directors do not like publicity.


Q14: Why Binance Smart Chain?


WOWswap.io :It is very simple actually. There are three reasons:

1. It is fast.

2. Low gas fees

3. Fast growing community 🚀


KDOT (AMA Host):Amazing :)


Q15: any plans for cross-chain?


WOWswap.io: Some of our devs have good expertise in rust, so we also study solana, but now we focus on BSC


KDOT (AMA Host): amazing!!


Q16: Anything you'd like to add?


WOWswap.io: Be careful when trading with leverage - you can loose all your funds 💀 We also would like to say thank you to all people who participated in our two airdrop campaigns. Unfortunately, not all users managed to get the tokens are we are deeply sorry for that. We received 28,000+ applications for the 1st airdrop and 14,000+ for the 2nd airdrop. However, only 777 eligible addresses will receive airdrop from the 1st campaign and 888 from the 2nd campaign. More airdrops are coming - stay tuned!


KDOT (AMA Host): Perfect, would you like to leave some LINKS Telegram, website etc


WOWswap.io: Sure Our twitter is https://twitter.com/Wowswap_io Check our medium - there is a lot of interesting stuff. https://wowswap-io.medium.com/ And our telegram group is - https://t.me/wowswap Firstly, thank you so much @WowDegen for attending today & answering all of the Questions, if you wouldnt mind sticking around, just incase the community has further Qs to add.  Also I'd like to express, BSC NEWS holds these AMAs to give the community a better insight into projects, they are NOT financial Advice. Please conduct your own research before taking part in any token sale.

Thank you for organizing the AMA!



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