Annoucement: WandX DEX and Basket trading on the NEO Blockchain
The Blockchain space has been changing rapidly over the past 6 months, and we are seeing many newer, more promising blockchain platforms entering the market. One such platform is the NEO blockchain. We had been looking into NEO for over 5 months, more from a technical perspective where we could develop using more standard programming languages.
Encouraged by its potential, for the last 4 months we have been working on deploying the platform that we’ve built on Ethereum for NEO-based Tokens on the NEO blockchain, working on the smart contracts for NEO that would support trading of: NEP5-NEP5, NEP5-NEO/GAS, NEO/GAS-Basket of NEP5 Tokens. We have developed smart contracts that can handle all of these combinations, and deployed them to our private NEO network. We are now testing these smart contracts on the private network before a deployment to the test network.
What we also realized while developing our DEX on Ethereum is that using a DEX is not a seamless user experience for most people. The user needs to have an external wallet/software for storing his private keys, and for every trade there needs to be “signing” using that private key on the DEX. With the emergence of many blockchain platforms such as NEO, EOS, Wanchain, users would have to maintain various wallets, and use those wallets to sign transactions on all platforms/webpages for each DEX. We wanted to make this easier for users, hence we are developing our WandX Desktop Application that will have our DEX on Ethereum and NEO inside the desktop application.
Wallet for DEXs
Our application can be thought of as a “Wallet for DEXs” which houses DEXs across different blockchains and makes trading on a DEX a more seamless experience for users.
What’s unique:
- Users can trade using their Ledger wallets or create their wallet inside the application.
- With just a click of a button, users can switch between the ETH and NEO blockchain and trade using the DEX on that particular blockchain.
- Not only can users trade individual Tokens, but users can also trade Baskets of ERC20 Tokens using the WandX Basket Protocol and Baskets of NEP5 Tokens.
WAND and the new WANDNEO Tokens
The WAND Token on the Ethereum blockchain enables users to obtain discounts on transaction fees when trading on the platform. The WAND Token on the NEO platform, known as WANDNEO, will adopt a staking model for its Token. Users can stake the WANDNEO Token on our staking contract and obtain a percentage of our transaction fees every one month. The details of the WANDNEO Token is given below:
Total supply of WANDNEO: 100 million
Max Circulating Supply of WANDNEO: 25 million
Tokens reserved for existing WAND Token holders: 16 million
Note: WANDNEO Tokens will be distributed in a 1:1 ratio to all WAND Token holders.
9 million Tokens will be reserved for new users who download the WandX desktop application. More on this in the coming week on our Twitter feed and Telegram group.
How do users get the WANDNEO Token?
All existing WandX Token holders will receive an airdrop of an equivalent number of WANDNEO Tokens only if they install the desktop application. Those who don’t hold WAND Tokens get an airdrop of 300 Tokens for installing the desktop application; joining our Telegram group, following us on Twitter/Facebook /Medium is optional.
What happens to the remaining Tokens? The remaining Tokens are with the team. The team will conduct regular bounties and other incentives on the desktop application. The team will also stake it’s Tokens to earn a percentage of the transaction fees on the platform.
What’s the utility of the WANDNEO Token?
The WANDNEO Token acts as a membership to the DEX on the NEO blockchain.
Those who stake WANDNEO Tokens on our staking contract will get the same ratio of the transaction fees that are collected on the platform. Hence if they stake 1 million Tokens, they get 1/100 of the total transaction fees. These fees are distributed every 45–60 days depending on the variability of Block time.
Development Timelines
Private Alpha for user testing: July 15th. (on our private NEO network)
Private Beta for user testing: July 31st.
Public Beta of the Desktop application: August 18th.
Start of Airdrop registration (Not Token Distribution): July 24th to August 10th.
Introduction of the WANDNEO Token: August 11th.
Distribution of the Airdrop Tokens: August 20th to September 5th.
Distribution of 1:1 WANDNEO Tokens to WAND Token holders (only on Desktop app installation): August 20th to September 5th.
These are our timelines, roadmap, strategy as of now. Depending on development progress as well as feedback from the private Alpha, this might change. Again, big thanks to everyone who’s been a part of the WandX journey so far and to those who will join us soon.
Our official channels of communication are as follows:
p.s. — Communication from any other channels or accounts is not from the WandX team. Do not consider that as the opinion or communication from the WandX team.
Twitter: @WandXDapp
Telegram: @wandxbeta
Facebook: @wandx.co
Email: marketing@wandx.co
The next Blog post will give out details on Private Alpha registrations as well as development updates. Stay tuned!
