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WOWswap Upgrades Trading Protocol

Written by: Mustafa Mulla

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Mustafa Mulla

Mustafa has been writing about Blockchain and crypto since many years. He has previous trading experience and has been working in the Fintech industry since 2017.

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Feb 28, 2022

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WOWswap, a decentralized trading protocol that offers leverage of up to 5X, multi-chain services, and even a lending system, has achieved the honorific milestone of a 1st anniversary since the release of its WOW token for sales.

And to commemorate this in the hearts of the users, WOWswap has decided to release 3 new upgrades to its trading protocol to facilitate easy and seamless swaps on most of the major blockchains.

WOWswap’s first year in operation was full of successes. Ranging from the record-breaking 9-second timestamp of their $700,000 public sale capitalization to their wonderful Hacken audit results, WOWswap enjoyed a smooth entry into the Defi application industry. 

The success story began with their record public token sale on February 25th, 2021, in which they raised $700 thousand USD while the users sent a whopping $11million to the smart contract.

They also received their preliminary audit results from Hacken, a cybersecurity company, even before the public sale.

These audit results showed that there were no critical points in the original smart contract they released and highlighted a few more measures that they took to decrease their already low risks to the barest minimum.

And within 100 days of their launch from 21st April 2021, they achieved the following milestones on their roadmap:

  • WOWswap became the first multi-chain leveraged Defi swap application, after introducing support for both Polygon and HECO chains
  • They launched the first WOW governance module, allowing risk-takers to stake their WOW and WOW/BNB LP tokens for WOW rewards.
  • They introduced the WOWswap liquidation bot, that enabled WOWswap Keepers, who had zero coding skills, to liquidate positions with no collateral for rewards.
  • They released a decentralized WOWswap protocol via on-chain instant governance so that people that staked WOW tokens for 14-730 days would be able to take decisions on their financial and economical parameters and earn rewards as well.
  • They also launched on their third blockchain, HECO, after the first month
  • They also released their smart contract that hired users and paid up to $100,000 in reward and introduced leverageable short swaps on the Binance Smart Chain

It is worth mentioning that within 365 days, WOWswap has listed over 100 tokens for up to 5X leveraged trading.

All these, coupled with the addition of more tokens, the launch on Solana and other blockchains, the introduction of leverage trading for NFTs on the Ethereum blockchain, as well as the provision of support for liquidity mining on Pancake swap, reflect the good job the WOWswap team has done.

Putting these achievements behind them, WOWswap is set to improve on its already booming infrastructure.

They have already introduced more servers to run their blockchain nodes on the various blockchains and want to add more upgrades to their trading protocol in anticipation of the new year. These upgrades include:

WOWswap PRO

The WOWswap interface is user-friendly and most actions require just a click to process, but WOWswap is set to make it even better with the PRO version.

WOWswap PRO will include more trading data, an always on-chart feature, and even a probable addition that will enable users to open a position while monitoring the portfolio on the same page.

It will also feature a different UI/UX design and will show the liquidation price before opening a position, all in a bid to ensure the much craved professional experience users desire.

Stop Loss and Take Profit with Limit Orders

The Limit Order function has been enabled in both versions: WOWswap and WOWswap PRO, and can be enabled by toggling the Limit Order button, and setting the Stop Loss and Take Profit parameters.

These orders help leverage traders so that they do not have to monitor their trades every 5 minutes against liquidation or for profits. The set orders are executed by the liquidation bots and are also applicable to spot trades. 

WOWswap Alerts

The WOWswap community has clamored for notification alerts on trades and various events. To that end, WOWswap has introduced Notification Alerts. These Notification Alerts are in three categories.

  1. Liquidation Alerts, which will notify traders when their position is in 10% of its health, and when it is liquidated
  2. Profit Alerts, will alert traders when their open trades have amassed 20, 50, or 100% profit.
  3. High APY Alerts, that alert WOWswap users when any of the tokens in the lending pool accumulates 20, 50, or 100% profits. This helps get insights on the most profitable pools to lend to.

The alerts can be delivered via Telegram: from the @wownotify_bot to your name and Inbox ID; Browser, or Email.

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Mustafa Mulla

Mustafa has been writing about Blockchain and crypto since many years. He has previous trading experience and has been working in the Fintech industry since 2017.

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