WandX : The Multi-Blockchain DEX and Basket protocol
When we started building our Basket protocol in September 2017, we had an eye out for new Blockchain platforms, and were especially tethered to developments surrounding the rise and growth of NEO. Earlier this February, we started looking into the NEO Blockchain in much greater detail and found a lot of high-quality projects building on NEO on the back of strong platform potentials. Hence, from being a purely Ethereum-based project, we decided to pivot to a multi blockchain project on Ethereum as well as NEO — a radically new way to trade on a DEX.
Soon, you will be able to download and install a new WandX Desktop Application in line with the new way of the project. And in this post, I would like to highlight not just the features of our new desktop app but also elaborate on what our vision is, for WandX, in the coming year.
Our reasons to exist
- Make crypto investments market accessible. For a new user looking to enter the crypto market, there’s fear and feelings of uncertainty around how to enter the market and how to work the market sentiments to buy and sell ‘tokens’ or digital assets meaningfully and in a risk-balanced way.
- Make DEX trading easy. For a new entrant in the crypto space, a centralized exchange, today, offers a far better user experience than a DEX, though a Decentralized Exchange (DEX) has proven advantages of security, non-centralized custody, and finality of the trade over a centralized exchange (CEX).
- Low liquidity, high price volatility. Due to low liquidity and high price volatility of most crypto assets, there’s uncertainty as to which Tokens to gain exposure to.
How we are solving for these
- We have created what we call the ‘Basket protocol’.
The basket protocol enables users to buy, at one go, a bundle or a ‘Basket of Tokens’ on either NEO or ETH blockchains.
This helps users in building token portfolios easily and in a cost-effective manner, while potentially reducing volatility and balancing out many of the risks associated with individual token purchase. To add to that, this protocol is fully decentralized, meaning that custody of the Tokens is transferred directly from the creator of the Basket to the buyer, with no other central authority maintaining custody.
2. We have now created a one-stop, multi-blockchain decentralized exchange (DEX) on NEO and Ethereum, as a Desktop application, one that supports existing ledger wallets as well as allows creation of new wallets/importing of existing wallets within the app.
With this way of managing trading wallets, not only do users sign transactions to execute trades far more easily, they trade seamlessly on the various tokens issued on Ethereum as well as NEO without having to jump from platform to platform.
Key Benefits of the WandX Desktop app
- It is a single platform for trading both NEO and Ethereum assets and saves you from maintaining various wallets and then signing transactions on a different wallet from the custody wallet.
- It provides a low friction trading experience on a decentralized exchange.
- You are in control of your funds as wallets are created locally on a users’ machine, and the trades happen through our smart contracts.
- You can manage your portfolio of assets on NEO or Ethereum using our Basket protocol, hence enabling others to buy or copy your portfolio.
Features of the WandX Desktop app
Wallets
A wallet is a combination of a private/public key pair.
On the WandX Desktop app, users can create new Wallets for NEO and Ethereum, import existing wallets using private keys or JSON files, or use Ledger wallet to make trades.
The private-public key pair is generated locally on the users’ machine, and users can use the wallet to easily sign transactions for placing orders, execute orders, create Token Baskets, trade Token Baskets and more. All of this can be done on either NEO or Ethereum as both kinds of wallets can be created on the platform. Also, any number of wallets can be created on NEO or Ethereum on the WandX Desktop App.
DEX on NEO
The WandX Desktop app has a decentralized exchange on both NEO and Ethereum. On the NEO DEX, it enables users to trade NEP-5 Tokens for NEOGAS or NEO. The smart contracts support trade of NEP5 for NEP5 as well, and this will be available on the desktop app as soon as we integrate support for a stable coin on NEO. The smart contracts on NEO follow an escrow model, where users have to deposit Tokens/NEO/NEOGAS into our smart contract, and then the trade happens on the smart contract.
DEX on Ethereum
On the Ethereum DEX, the smart contracts enable trade of ETH for ERC20 Tokens and ERC20 for ERC20, which will be enabled using DAI by the end of September ‘18. On both the NEO and ETH DEX, support for the ledger wallet will be enabled by the end of September, hence users can directly trade from their hardware wallets.
Basket Protocol on NEO
To enable users to trade Token Baskets, which makes it easy for users to get exposure to multiple Tokens through a single transaction, we have created this protocol on NEO and ETH but with differences in terms of the contract structure. On NEO, if a user wants to create a Basket of say 4 NEP5 Tokens, he assigns these 4 Tokens in a particular ratio into the Token Basket, after which the Basket is created. The creator of the Basket assigns an “Ask Price” for the Basket. When another user purchases a Basket, he pays the ask price + the platform fee of 0.1% of the total Ask Price. He then receives ownership of the Token basket that contains all the underlying Tokens. In the next couple of updated releases of the desktop app, we’ll be adding profile pages for users, and themed Token baskets, hence users will be able to request for Token Baskets that they want to purchase, even though it’s not been created yet on the platform.
Basket protocol on Ethereum
On Ethereum, the basket protocol that we’ve developed and released onto the main network enables users to create, trade, and liquidate Token Baskets. This structure is different from the NEO Baskets, in that every Token Basket created on Ethereum is a smart contract that holds the underlying Tokens, and the owner of the smart contract is the creator of the Token Basket. When another user transfers the ask price worth of ETH to the Token Basket smart contract, the ownership of the Token Basket is automatically changed to the new user. Hence, this is a fully decentralized protocol, that can enable any user to create or trade in Token Baskets. This protocol is also compatible with 0x V2.
Token model for WAND
The WAND Token enables user to obtain a discount of 75% on transactions made on the Ethereum DEX and the Ethereum Basket protocol.
Token model for WANDNEO
The WANDNEO Token will be released early this September. It’s utility is that it has a staking model that enables users to stake the WANDNEO in return for the fees made by the platform in NEOGAS. This fee will be distributed every 45–70 days, depending on the block number and time for new blocks to be created. The WANDNEO Token will also be tradable on the WandX Desktop app. The WANDNEO Token will have the following characteristics:
Type of token: NEP-5
Total supply: 100 million WANDNEO
Circulating supply: 25 million WANDNEO
This is the total amount that is being airdropped to all those who download and Register for the WandX Desktop app, and for all WAND Token holders on a 1:1 ratio.
Airdropped to users who don’t hold WAND but download the desktop app = 300WANDNEO.
Airdropped to users who hold WAND and download the desktop app = 300WANDNEO + 1:1 ratio of WAND to WANDNEO.
The remaining 75 million tokens will be staked on the staking contract and will remain with the team for future partnerships or investments, if needed.
Note: The WandX platform will be available only as a Desktop app, and the web version will still remain, but won’t be actively worked on. The Desktop app has all the features described above, hence providing a seamless experience for users. The Desktop app will be released on Mac, Windows, and Linux operating systems, with the Beta already out on all three.
Key links:
Website — https://wandx.co
Community — https://t.me/wandxapp
Facebook — https://www.facebook.com/wandx.co/
Twitter — https://twitter.com/WandXDapp
Desktop App Beta — https://www.wandx.co/downloads.html
