WandX Decentralized Exchange and basket protocol release 1.0
Development on the WandX roadmap as given on wandx.co has been going well and we’re on track to meet our goals. We’ve released the first version of our decentralized exchange at exchange.wandx.co. This application not only allows users to trade in ERC20 Tokens in a fully decentralized manner, but it also enables users to create and trade in ERC20 Token baskets. This means that users can create Token baskets such as “Decentralized Identity Tokens” or “Decentralized Exchange Tokens” and trade these themed baskets rather than trading in individual Tokens.
The current application requires Metamask to be installed to access the application. Going forward, login through any JSON file will be incorporated.
ERC20 Token baskets: Users can create and trade in ERC20 Token baskets through our Basket Protocol.
Creating and selling an ERC20 Token basket: Prerequisite is that the user should have the Tokens in his/her Metamask account. Users can then create Themed baskets or any basket that the user wishes to create on the platform. Users have to define the sell price for such a basket before displaying it on the platform. Buyers would be quoting their prices, and the final sell price would be decided by the creator of the basket.
Buying an ERC20 Token basket: Requires depositing WXETH into our smart contract. WXETH is the ERC20 Token equivalent of Ether, which is required to enable a decentralized swap of Basket for Ether.
ERC20 Token trading: Users can trade ERC20 Tokens in a fully decentralized manner in the Trade ERC20 Tokens tab.
Selling ERC20 Tokens: Users will have to authorize the Token for selling it under the sell tab, and will have to deposit the Token under the Funds tab. Once the user has deposited the Token and authorized it for sale, the user can place a sell order for the Token.
If the user sees a sell order that he likes, he can execute that sell order and sell his Tokens rather than placing an order.
Buying ERC20 Tokens: Users can either place a buy order for an ERC20 Token. A prerequisite for buying an ERC20 Token is that the user must deposit ETH into the smart contract on the Funds tab, and must deposit enough ETH to cover the buying cost as well as the exchange fee cost. If exchange fee is paid in WAND, users get a 75% discount on the exchange fee. Authorization of WAND is required for this. Authorization is a one time activity. Once authorized, users don’t need to authorize again while trading with the same Metamask account.
