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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Lola (AMA HOST): Hello!
You're welcome
Blood Tree: Thanks for having us
Lola (AMA HOST): How're you doing today?
Blood Tree: Doing good, I'm excited to be here finally. We've been waiting for this for a few weeks haha
How are you
Lola (AMA HOST): Glad to have you here. 😊
I'm good.
Shall we set the ball rolling?
Blood Tree: Yup, let's get it crackin
Q1. Can you give us a general introduction of you and Tree Defi? Could you tell us your role in the project and briefly introduce Tree Defi?
Blood Tree: Hello, I’m blood tree, one of the founders of TreeDefi, a Yield Farming project that focuses on deflationary tokenomics, real life NFT implementation and planting real trees around the world through deposit fees
My main role in the team is partnership, marketing and community management. I also love doing graphics for the project, writing articles and making youtube videos. It’s still work but I have a lot of fun with it so it almost feels like a hobby
And yeah, we treat every day as a new challenge and we love developing new skills through this opportunity offered to us by Defi
Lola (AMA HOST): Having so many skills. How do you manage them?
Blood Tree: Multitasking and lots of caffeine
Everyone is like this on our team, we're a bunch of sleepless maniacs
Lola (AMA HOST): Good one there!
Q2. How many team members do you have working with you? And can you also tell us their roles?
Blood Tree: We are currently 8 members, without counting the supporters we’ve recruited from our group, which help us with spreading the word about the project, some twitter management, community graphics and user support. It’s amazing to already have members from the community that we can trust when we’re overwhelmed by work
As far the main team goes we’re all coming from the startup world, having worked with countless projects and companies, so everyone is crafty with several skills required for this project, and we push each other to new limits every day
Everyone has an area they specialize in though, some are solidity and react developers, some work on UX/UI frontend changes, some marketing and community management and some research the landscape constantly and try to implement new innovative ideas. And we all try to learn from each other's specialty
Hope that answers it 😄
Lola (AMA HOST): Sure it does!
Q3. What are the major challenges of Tree Defi and how do you intend to solve them.
Blood Tree: The Defi world in general is a challenge in itself haha
It’s very hard to start a project and get it running. Once you get it running it’s hard to stabilize from the unavoidable initial pump and dump, and once you get through that you need a consistent schedule of updates to keep the ball running
The landscape is a non stop 24/7 365 days endeavour. Everything is in constant motion and everything your competitors do affects you too. Those previous points made the past month a bit of a living hell for us, having no free days, no proper sleep and no proper relationships with people in real life. But we’re never gonna stop. Seeing the community excited when we release something is much more rewarding than any vacation we could take
We’ve also overcome some minor hurdles during launch, but our community stood strong with us through it all, never flinching. We're blessed to have such a supportive userbase ❤️
Q4. How does staking works? And what's the reward Percentage? And can you tell us about your Audit?
Blood Tree:
Users have the opportunity to stake their SEED and TREE into our farms and pools, along with other tokens of their choice, including the ones from our partners. Since the project is young the rewards are still quite high, having over 1500% APR in some of our farms. We’ve also included a limited time pool where users can receive TREE as a reward (our capped token, with a supply of 16001 TREE). We’re always improving our farms and tweaking them for our users’ enjoyment and to stabilize tokenomics when needed.
Our audit was done by TechRate, a very respectable firm that has helped other large projects like Swamp in the past. They’ve been very kind to us, well priced and professional. They even went through phone calls with us to look into our contracts in detail and explain everything they do to us. It’s been a great experience and we recommend them.
If you wanna check the audit out it's in our menu on our app at app.treedefi.com
Q5. I learnt you would love to have partnerships with other Defi projects. Can you tell us which you've been looking at And why would you love to partner with them?
Blood Tree: Of course, we’ve already partnered up with Slime Finance and Blueswap. Both have been great experiences, and we’re in touch with Slime everyday, trying to organize new things in the future
Lola (AMA HOST): That's good to hear. How about Blueswap? How has it helped Tree Defi?
Blood Tree: And that’s how partnerships should be in our opinion. In Defi, partnerships generally last one day before they fade away and only consist of a crossed pool or something along those lines. We're trying to do more with them
Blue have been nice to us, they've just sent us a proposal a few days ago where they would like to include us into one of their new features
Lola (AMA HOST): Great
Blood Tree: And I like their graphics in general haha
We've also launched a partnership with Soteria Finance, which now offers insurance cover for our project
Lola (AMA HOST): a Graphic Person. 😅
Blood Tree: Yes, I'm very picky with that stuff haha
Lola (AMA HOST): Good.
Blood Tree: And yeah in general more partnerships are coming. And we're in talks with other players that we think will re-shape Defi along with us in the next year
Q6. Can you tell us Tree Huggers Reward Program?
Blood Tree: Yes, I love the tree huggers program
It’s a program where we reward the most active and helpful members of our community with TREE to put it simply. Each week we will start a poll with the 10 most active members of the week. 3 members will be picked by the community and 2 members will be picked by admins. They will receive 1 TREE each, a Tree Hugger name tag and will be included in our TreeHouse telegram group, where we work with our most helpful members on community management, marketing and development of new features
At the end of the month there will be a huge giveaway for Tree Huggers where 3 random members will receive:
5 TREE + 5 SEED
3 TREE + 3 SEED
2 TREE + 2 SEED
It's a good way to keep our best members close to us
Lola (AMA HOST): Yes you're right.
Q7. What Future Development and Plannings do you have?
Blood Tree: Right now we are working hard on deploying our TreeDefi Games, which will include: Green Wheel, Lottery and King of the Forest. We’re trying really hard to launch them this week but they require a lot of testing to avoid any bugs both in the contract and frontend
We’re also working on our new version of the frontend, which will be built fully from scratch and separate from the Pancake interface. And we hope that will make our presentation even cleaner and more appealing to investors. We’re also working on more tree donations, and new NPOs that we could partner with to donate in more creative ways
Lola (AMA HOST): Great. And that takes me to next question
Q8. Can you tell us about the three donations that's going on in Tree Defi?
Blood Tree: Of course, tree donations are our bread and butter. We’ve started the project with the goal of planting as many trees as possible. We thought this would be a good way to give Defi a real world application that is usually missing from these projects.
As of now we’ve planted over $7000 worth of trees during the first month of the project, and we’re gonna keep donating more and more every week moving forward. The way it works is that we currently use ⅓ of deposit fees to plant real trees around the world. In the future we’ll find new ways to improve this system and donate more
We’re thinking of a way of letting users donate individually through us if they wanna represent TreeDefi. We’re also thinking of doing fundraisers for other types of good causes in the future, and different ways to include NPOs into the world of Defi. We think it’s often overlooked and just something that we and the community love to do!
Lola (AMA HOST): I'm liking your done with tree symbol. Haha
Blood Tree: Yes I need to keep my text alignment consistent haha
Lola (AMA HOST): 👍😊
Q9. Can you tell the Community about the Seed in Tree Defi
Blood Tree: Absolutely, SEED is basically the main engine running our Yield Farms
It is a token that is uncapped but deflationary in nature. The starting emission rate is 0.15 SEED per BSC Block, and it deflates by 2% each week. Currently it has already lowered to 0.144
This means that eventually our token output will start slowing down and SEED supply will become more and more scarce. And this is without taking into account the burning mechanisms that we will implement shortly through games, and the occasional celebratory manual burn. SEED is used for most of our farms and it is therefore our main reward for users on the platform. TREE on the other hand is our capped token with a supply of only 16001 TREE. So it's the rare token of our platform.
And TREE is also used for Governance
Lola (AMA HOST): Okay.
Why this emoji? 😉
Let's promote Tree Defi 😊
Blood Tree: haha I love that one, it confuses people
Lola (AMA HOST): Haha. Okay. No problem
Q10. Share with us all the links about Tree Defi, so that readers can find out more and also follow the development of the project.
Blood Tree: Here are all of our important links:
If you wanna get in touch with us directly the best way is through Telegram, that's where we're active all day long
Lola (AMA HOST): Noted
Q11. Lastly our favourite question, do you have any alpha or juicy news for us in BSC News today?
Blood Tree: Haha, we don’t like spoiling future updates too much. But we do have our NFT system coming out very soon. We just launched a front end sneak peek today on our platform. Any curious BSC News users can go on app.treedefi.com/nftrees and check it out. The way it works is that our NFTrees are directly connected to real life trees that we planted.
Investors that purchase the NFT will get a lot of statistics about their tree, including: Name & Scientific Name, Date of Birth, Country of Origin, Place of Birth, Longitude and Latitude, Proof of planting and the CO2 removed by their tree. We’re also planning on releasing a map where users can connect with their wallet and see Their trees around the world in a clean interface.
Lola (AMA HOST): Great.
Now we've come to the end of the First round.
It was a really a nice session. Thanks @bloodtree 😊
Blood Tree: Thank you for all of the great questions, they were fun to answer! 😊
Lola (AMA HOST): Welcome Shanron
Hope you're good.
Shanron: yes I am great
Lola (AMA HOST): Good to hear that.
So shall we start?
Shanron: Yes I can't wait and I am sure the community is also ready !!
Lola (AMA HOST): Sure they are. 😊
Q1. Can you give us a general introduction of you and Dragon Ball Finance? Could you tell us your role in the project and briefly introduce Dragon Ball Finance?
Shanron: Yes of course !
Dragonball Is the first All In One DeFi platform with the coolest of all themes.
it is a protocol that allows you to have sustainable gains backed by a constant income that is generated through all DBF products.
I am the CEO and founder of the protocol,
I gather team members and advisors and hire professional coders to develop the smart contracts.
I have been in crypto since 2016, when I was shocked by blockchain technology and witnessed ICO and tokens in general 100x and then lose 99.99% of their value the day after.
I left crypto aside for a couple of years after the bubble, graduated and found a job in finance.. and then Uniswap came out..And history begun..
Lola (AMA HOST): This sounds great.
Q2. How many team members do you have working with you? And can you also tell us their roles?
Shanron: We started small with one developer, one designer and me.
We recently had the chance to hire new team members especially experienced devs that are now focusing maily on the IFO platform and NFT marketplace !
The website as well is being rebranded and redesigned to give it the look it deserves !
Lola (AMA HOST): That's great. And how has been the Journey so far?
Shanron: it has been great I gotta say
the community has backed us and we are growing daily, we also made so many progress on the development side, and once all use case will be applied I can really see this Dapp competing with top bsc projects !!
Q3. Can you tell us how Farming and staking works in Dragon Ball Finance? What's the reward Percentage?
Shanron: Farming and staking is very similar to pancake and similar platform we have created a full path tutorial to guide investors in the process, feel free to check it out here
the reward percentage is based on current price liquidity in the pool, token emission, pool multiplier and is a variable not a constant. Everyone can check it live on the top right of each farm at https://dragonballfinance.org/farms
Q4. Has your Smart Contract been audited? If he's, who audited it? And can you show us the report? As the security of the Community matters.
Shanron: Yes, we believe investors security and safety is the highest priority, that's why we audited our contracts as soon as they were out and we will keep auditing with other reputable companies as we organically grow.
here's the link:
Q5. How many Partners do you have? And what do you expect from them?
Shanron: We have several partner and advisors and are in talks with many potential future partners, but we believe that NFT marketplace and IFO launchpad have the priority as they are one of the most important products needed in the space !
Lola (AMA HOST):
That's good. And what stage do you plan to make that happen?
Shanron: IFO platform is being worked on and should be ready by next week !!
NFT marketplace is much more complicated and it will take around a month
we have another dev working on the first DBF casino game, and should be up at the beginning of te month!
that will really boost DBALL use case and price in my opinion
Q6. Can investors get in now? Or it's late to buy cheap and Hold to get rewards? And can you give out steps and details to do that?
Shanron: Yes you can buy DBALL now and stake it on the staking pool or provide liquidity for it and stake it the website to earn constant reward !!
follow the steps outlined in the tutorial for getting in early and not missing the dragonballfinance train !!
Q7. Can you share with our community the plans you and your project have for this year and the coming years?
Shanron: Dragonballfinance is here to stay,
We have built a roadmap that allow the project to create an ecosystem where the native token as multiple use cases in the protocol generating demand and scarcity for the token.
here is a list of the products we plan to implement that will directly or indireclty benefit DBALL and its holders:
Launchapad IFO (half of raised funds is used to burn DBALL)
NFT marketplace (anyone can list their NFT and anyone can buy them only with DBALL)
Super Saiyan pools (DBALL holders will be able to stake DBALL and earn BNB)
Casino platform (users can only play with DBALL, lost DBALL is burned)
Charting tool ( a tool similar to chartex or dextools where anyone can track any token and if you hold a certain amount of DBALL you unlock pro features)
Farming As A Service platform (host other protocol farms and use a % of LP deposit fee to buy back DBALL and burn it)
stable coins
vaults
lending and borrowing
expansion to other chains
much much more !!
Lola (AMA HOST): Great👍
Q8. What are the major challenges of Dragon Ball Finance and how do you intend to solve them?
Shanron: Major challenge right now is fighting inflation, we used to have too many non native farms and pools that allowed non native farmers to sell too many DBALL, so we removed most of them and added new native farms, also we plan to improve DBALL price and liquidity through layer farming , a perpetual way of high risk high reward gains that will happen weekly and will boost DBALL price and liquidity !!
Lola (AMA HOST): That's a great move.
Q9. Share with us all the links about DballFinance, so that readers can find out more and also follow the development of the project.
Shanron: 🐉Welcome to DragonBall Finance!🐉
🔮What is DragonBallFinance?
DragonBallFinance is the first fully decentralized self sustaining all in one defi platform on the Binance Smart Chain network that brings the dragonball theme in the current boring foody name defi world.
DragonBallFinance will implement several products and mechanics that ensure the sustainability of the project even in the long term perspective.
🈚️Tokenomics
🐉DragonBall Token($DBALL)
👨🍳Masterchef:
✅Initial Supply: 410,000 $DBALL
✅Liquidity raised with SaltSwap Launchpad
✅IDO price 1 BNB = 500 $DBALL
✅IDO allocation 25,000/250,000 $DBALL
✅soft cap/hard cap 50/500 BNB
✅Listing price 1 BNB = 400 $DBALL
✅partnerships, marketing and contests funds 15,200 $DBALL (all locked for the first 2 weeks, community will decide how to use them)
(All unsold tokens will be burned)
‼️DBALL IDO will be on Monday the 5th and it will be hosted by SaltSwap IDO Launchpad‼️
Senzu Token ($SENZU)
Senzu token will be the token used to reward layered farming investors.
❗️7% stacking fee will be applied and used for:
✳️40 % to buy back DBALL and burn it
✳️40% buy back SENZU and burn it
✳️20% allocated to further platform developments
💸 Liquidity Locked Forever
💸 LP Tokens Burnt
🔮 Future Goals:
🕔 NFTs and marketplace
🕔 Lotteries
🕔 Games
🕔 IDO platform
🕔Charting tool
🕔Lots more !!
🔮 Key Information:
🐲DragonBallFinance buy back an burning features: 🐲
✳️3% deposit fee will be charged at staking.
✳️2% withdrawal fee will be charged when unstaking.
Fees breakdown
✳️50% will be used for weekly burns
✳️50% for the project's products funds.
✳️5% of minted tokens for emergency and development funds
🌐 Website - https://www.dragonballfinance.org/
🐉 Official Telegram Channel - https://t.me/dragonballfinance_org
🔥 Announcements - https://t.me/dragonballnews_org
💰 Price chat - TBA
⌨️ Discord - TBA
☀️ Twitter
📶 Medium
💻 Github
🕵️ Audit
Q10. Lastly our favourite question, do you have any alpha or juicy news for us in BSC News today?
Shanron: Yes as I previously mentioned we have three major news this week !!
1) we will be launching layer2 with SENZU2 and renewed mechanics allowing this layer to be more stable and providig higher liquidity to native pairs !
2) Super Saiyan pools a pool where DBALL holders can stake their DBALL and receive BNB in exchange !!
3) IFO platform will be ready by next week and we will launch the first DBF Initial Farming Offering !!
Lola (AMA HOST):
We look forward to the three Great News.
Now we are done with the First session.
Thanks for your time. Twas a really a nice time with you Shanron
BSC.NEWS hosts WowSwap, a leading decentralized exchange on the Binance Smart Chain. All questions are answered by @WowDegen
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!
