Decentralized leveraged trading platform, WOWswap is celebrating the first anniversary of the launch of its native $WOW token. On February 25, 2021, $WOW launched through a record-breaking public token sale, kicking off a new economy on the WOWswap platform. The public sale maximum cap was oversubscribed by over 25x, with the initial cap of $700,000 being filled in record-breaking 9 seconds, making it one of the fastest public sale launches in the crypto space.
Launched in early 2021, WOWswap aims to provide a decentralized, transparent, and low fee decentralized crypto exchange that runs on multiple blockchains. Currently, the platform is supported on Binance Smart Chain (BSC), HECO, Polygon, Avalanche, IoTeX, Solana, Ethereum, Arbitrum, and Metis. Users on the platform can leverage their trades up to 5X, giving them an opportunity to maximize their trading bets.
The sublime rise of WOWswap in 2021
While anniversaries come and go, it is the usability of the platform that determines how many anniversaries a specific project will celebrate in the long-term future. WOWswap did not disappoint across the past year as the team released new developmental upgrades and updates, boosting the overall user acquisition, the adoption rates, and total value locked (TVL) on the DEX.
On April 12, 2021, the team launched the first version of WOWswap on the Binance Smart Chain, to reduce the transaction fees and increase the scalability of transactions. Over the next six months, the WOW development team released the protocol to multiple blockchain networks (mentioned above) to further invite new audiences and markets to try out the exchange. Shortly before launch, the team announced they had received preliminary audit results from Hacken, showing the contract was working smoothly.
The WOWswap DEX has experienced massive growth since its launch with over 1200 unique traders visiting the website and the total trading volume reaching $15 million across the year. This translates to around $1 million in trading volume every month, a big success for a budding DEX platform. Additionally, the TVL grew to an all-time high of $5 million and has been oscillating between $1 million and $4.5 million for the past year.
The growth has greatly been influenced by the large selections of tokens on the platform and its leveraged trading features. WOWswap has listed over 200 tokens for up to 5X leveraged trading, making it the largest leveraged trading DEX in tokens listed. Notwithstanding, the platform launched the first-ever leveraged trading for NFTs on Ethereum, and decentralized the governance with the WOW staking, allowing the WOW token holders to decide on the crucial financial and economic parameters.
On the governance front, WOWswap implements instant on-chain permissionless governance that counts every vote and adjusts the protocol’s parameters in real-time without any downtime. WOW token holders can stake $WOW for a period from 14 to 730 days and receive non-transferable xWOW tokens, which are used for voting.
The WOWswap Pro platform
One of the largest and most prominent upgrades to the DEX is the launch of the WOWswap Pro platform. The newly designed Pro version offers a minimalistic interface that is extremely easy to use, even for beginners. Apart from the newly crafted design, WOWswap Pro also includes new features to give traders an opportunity to maximize their gains. First, the platform introduced chart analysis for pro traders, showing them when to open and close a trade position. Secondly, a clean and easy-to-read interface allows traders to easily monitor and manage all the opened positions, debt level, liquidation price & health on one page. The Pro version also shows the liquidation price before opening a position, displays daily gainers, and shows real-time news and announcements.
Lastly, the Pro version also allows users to set limit orders before opening a trade. This allows traders to set take profits and stop losses, meaning they do not have to stay on the screen 24/7 waiting for a trade to close. Executing limit orders is free for users, liquidation bot operators pay for gas and don’t get any extra rewards or compensating for closing these positions.