We just wrapped up an amazing AMA with our friends over at WOWSwap, the first decentralized protocol for leveraged trading on PancakeSwap. They allow liquidity providers to create and operate common BNB pools, and traders can borrow these funds to buy up to 5 times more tokens on Pancakeswap DEX. Below we share some of our favorite questions asked to their founder so that users can refer back if they have questions in the future.
- How do I use WOWSwap to leverage pCWS?
“Unlike margin trading on centralized exchanges, WOWswap is very simple. Just select a token you want to buy for BNB or BUSD and move the leverage slider to the right to set the leverage coefficient. Leverage can vary from x1️ (no leverage) to x5️ (maximum leverage). At launch for a few days the maximum leverage is set to x3️ — this constraint will be removed shortly. Then you do a SWAP and can see your position in the Portfolio page. That's it!”
- Can you tell us the three big advantages of this partnership and how it can change the quality of the service for the new user?
“First of all, we allow all CWS community members to buy more CWS tokens if they want to. We think that people should not be discriminated against due to the amount of capital they have and if they believe in the projects they can benefit from its growth so we provide extra liquidity for that. Second, we cross promote projects among our communities, so the WOWswap community can know more about Seascape and CWS holders can try WOWswap. Finally, at WOWswap we are closely watching the NFT market and trends and looking for opportunities to cooperate in NFT space, so the partnership with Seascape opens for us new markets.”
- What is the tokenomics and basic utility of the WOW token at WOWswap ? What drivers of growth for the WOW token do you see in the future?
55% of WOW tokens will be distributed to the community when the liquidity mining program starts. WOW holders can directly contribute to the protocol safety and profitability by participating in voting and define the right parameters of the protocol such as liquidation margin, approving tokens for leveraged trading, lending interest rate, etc. The major driver for WOW growth is trading volume, because the more profit traders generate the more WOW will be burned and also more money will be distributed to WOW stakers via the governance staking contract.
- Can you tell us the motivation and benefits for investors to hold $WOW long term. What plans do you have to help drive demand and scarcity for the token?
“We are building an innovative product, our smart contracts are one of the most complex in the DeFi industry. To give you a feeling it would take us 32 ETH to deploy them on Ethereum when we decide to do so. So our ambitious goal is to join the top league of well-known DeFi projects.”
This is a project that we're very happy to be a part of and be a part of its growth. Stay tuned for more great news, right here at the Seascape Network!