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Wanchain’s Wanswap DEX: 10 Things You Need to Know About the WASP Token

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1. WanSwap is the world’s first crosschain AMM Dex built on Wanchain

2. WanSwap is a 100% community driven project built with the passion and dedication of Wanchain community members

3. WanSwap draws heavily from the Uniswap codebase for the general trading functionality, a big thank you to the Uniswap devs!

4. The liquidity mining and rewards distribution mechanisms have been drawn largely from SushiSwap

5. WanSwap supports cross-chain multi-asset trading leveraging Wanchain’s technology and can be accessed through Wanchain’s WanMask browser extension wallet

6. WASP is the Wanchain based WRC20 token which will be generated for WanSwap and used for liquidity mining, governance, and other purposes. (The token has not yet been issued, please watch this Medium account and our official Twitter for news.)

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7. WASP distribution will have NO team reserves, NO investors, and NO pre-mining at all. 95% is distributed as liquidity mining rewards with 5% goesto the community treasury.

8. Total supply approximately 210 million WASP.

WASP Distribution Schedule:

The WASP distribution takes place over 24 months as follows:

Phase 1: (~1st week, according to block height) 1X rewards (~12.5286 WASP / block)

Phase 2: (around 2 months) 5X

Phase 3: ‘Gold Saints’ (around 21 months + 3 weeks) 1X

9. WASP Distribution Formula:

Approximately 12.5286 WASP per block, calculated based on the following formula:

Average rewards per block = 210 million (total supply) / phase1 rewards + phase2 rewards + phase3 rewards for a whole duration of 730 days

Phase 1: 1X for 7 days

Phase 2: 5X for 60 days

Phase 3: 1X for the rest 663 days (730–7–60)

Average rewards per block = 210 million / ((7 + 5 * 60 + 2 * 365–7–60) * 24 * 60 * 60 / 5) = 210 million / 16761600 = 12.5286

10. Initial trading pairs are as following with different WASP reward weights:

  • WAN — wanBTC weight: 15%
  • WAN — wanEOS weight: 3%
  • WAN — wanETH weight: 40%
  • WAN — wanUSDT weight: 40%
  • WAN — FNX weight: 2%

WASP holders will soon be able to vote modify the weights through the voting portal (currently under construction).

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And the trading fee: 0.3% , among which 0.25% will be shared corresponding pools; and the rest 0.05% fees will be used to buy back $WASP token through WanSwap when the $WASP pair is live.

11. (We know we said 10, but we just can’t help ourselves!) WASP is a community governance token to be used for many purposes such as voting for important decisions, accessing services, and potentially other uses such as fee sharing and more.

Please NOTE WASP token will not be listed officially ANYWHERE for the first several months, at least not by any of the WanSwap contributors.

This is to protect WASP as real governance token and to guard against speculators

So, let’s have fun with WanSwap and go go Waspers!

About WanSwap

Wanswap is a decentralized exchange with automated market making (AMM) modeled after Uniswap & Sushiswap. WanSwap is built on the Wanchain blockchain and takes advantage of its cross-chain features to enable multi-chain asset trading with trustless native chain withdrawal.

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