Waves.Exchange kicks off an IDO race
The exchange’s token will offer its holders lucrative earning opportunities.
Waves.Exchange is launching a governance token, WX, in an initial DEX offering (IDO), which will run through November 25.
Prior to this outstanding launch, which seems to be the biggest event in Waves Ecosystem since Waves’ ICO back in 2016, Waves.Exchange kicked off a pre-IDO campaign, with an early bird program, community competitions and more investment opportunities for users.
Road to the token launch
Waves.Exchange has been in operation since 2017, offering users an easy way to access DeFi.
The exchange’s main advantages are low fees, a fast blockchain, full transparency and a user-friendly interface.
Currently, Waves.Exchange has 2.8M+ unique accounts, of which 28K+ users take advantage of the exchange’s investment products with a total investment of $800M+.
At this point, users’ total income stands at $36.8M+. The market cap of WAVES, the ecosystem’s native token is $3B+, and TVL of Wave’s Neutrino stablecoin protocol is $1.4B+.
Pre-IDO phase and early birds program
Waves.Exchange launched its liquidity pools which are aimed to bring liquidity to Waves.Exchange and give liquidity providers a wide range of earning opportunities. All pools now feature USDN, the Waves ecosystem’s flagship stablecoin. Providing liquidity from the start means not only receiving vAPY but also participating in the WX early bird program which lasts from October 21 to November 25. 1 mln WX tokens will be distributed among early birds. Your amount of WX in the entire 1,000,000 token pie will be calculated based on your share in a specific liquidity pool.
IDO and WX token launch
The IDO’s main phase starts on November 4 and will run through November 25. During that period, users are able to buy WX for USDN at a rate of 1 WX = 1 USDN. The IDO is projected to attract 50 mln USDN.
There are many reasons for WX’s exchange rate to increase following the IDO. However, if the token’s price doesn’t meet users’ expectations, they will be able to sell back their WX for the same amount of USDN they spent, which is unprecedented in the DeFi space.
WX holders will be able to get the most of their tokens by locking them for a specific period of time (at least two weeks) and receiving in exchange gWX, which will open up the following earning opportunities:
- boosting: the user’s income from providing liquidity to Waves.Exchange pools will increase
- governance: the user will be able to participate in voting on pool weights to increase the profitability of specific pools
- additional income: the user will receive weekly governance rewards. Governance rewards are made up by exchange fees paid on Waves.Exchange trades. Rewards will be divided between WX holders who locked their tokens.
Post-IDO period
WX tokens bought in the IDO will be gradually unlocked during the post-IDO period which will run through November 4, 2022, and users will be able to immediately use their unlocked tokens for collecting governance fees, voting on protocol parameters or boosting the profitability of pool staking. By locking their WX in exchange for gWX, users will get advantages described above.
In addition, gWX will be deeply integrated in most of Waves.Exchange’s investment products, which will create extra earning opportunities for WX holders.
Under the WX release schedule, the amount of WX in supply cannot exceed 1,000,000,000 over five years. However, the exact amount of tokens issued will be decided by community voting. This is what you will need gWX for! It will be up to you to finalize the distribution schedule.
Meanwhile, Waves.Exchange’s IDO is just the beginning. Apart from adding new liquidity pools, we’ll launch powerful governance tools for the entire ecosystem.
That will signify a transition towards a second stage in the development of what we believe is the best decentralized exchange.
