Wagyuswap: Basic concept of incubation
The story of decentralized finance and a fully decentralized ecosystem
The story of decentralized finance and a fully decentralized ecosystem started with Ethereum smart contracts, this was because bitcoin wasn’t really decentralized in all its sense. Bitcoin was just a protocol that allowed the transfer of data and storage of data and had its flaws as the limited supply meant whales could control the market hence making it relatively centralized. This resulted in the need for a marketplace that was fully decentralized and provided the level of anonymity centralized exchanges could not offer. As bitcoin was seeing more adoption and more institutionalization in recent years, institutions wanted to be safe and know who they interacted with or were interacting with. More so governments placing bans and restrictions on blockchain-based projects and cryptocurrency warranted that individuals trading on centralized exchanges provided a form of identification and verification to trade freely or face certain limitations. This defeated the idea of “Satoshi Nakamoto” when he designed and launched Bitcoin in 2009. To ensure the decentralized nature of Blockchain in 2019 to 2020 we saw a surge in Decentralized finance protocols, Defi loans, smart contracts, and launchpads which were all in a bid to remain on a certain level of decentralization.
The most notable protocols to push these were Ethereum with Uniswap taking the lead as the largest decentralized exchange on the Ether chain and Binance Smart Chain with pancakeswap with the largest volume on the BSC. This brought a revolution in the financial sector with humongous profits being realized by early adopters. Also, this brought a need for more protocols that could solve the myriad of problems these earlier two were facing. While Ether was relative very costly for average earning people with gas fees that were averagely high and relatively not affordable to a major percentage of the world’s population. Binance Smart chain was relatively cheaper but was considerably slower and was easily congested. The transaction throughput was too slow or too costly to serve the demand of the few millions of the world’s population utilizing this technology. Then the Solana chain comes in with a transaction throughput of up to 40000–60000 transactions per second and is well even considerably cheaper than the BSC.
VELAS blockchain leverages Solona’s codebase but works on its custom-built AI-powered proof-of-stake (AIDPOS) consensus system. Velas is a Swiss headquartered technology company led by a diverse team of engineers, cryptographers, researchers, mathematicians and results-driven business leaders.
INCUBATION OF WAGYUSWAP
Wagyuswap is the first decentralized finance program on Velas.
It is the first place where all projects looking to launch on Velas can initially add their liquidity to start trading. It also provides its users a technically superior platform to bridge tokens across multiple networks at fast speed and almost zero fees.
Wagyuswap is incubated by Bluezilla, a crypto-focused VC conglomerate for early-stage blockchain supporters. It is an automated market maker (AMM) being the very first one on Velas chain.
Wagyuswap was launched in partnership with ETHPAD, BSCPAD, and VELAS. It acts as the incipient ecosystem and the most delicate cut of decentralized trading platforms loaded with many new projects. Its launch saw a more than 85x growth in a few weeks from the initial launch.
Velas is 100% compatible with ethereum virtual machine (EVM) users can deposit and stake assets with their ethereum-native wallets like Trustwallet, Metamask, and so on.
Trading in the leading decentralized exchange of the velas ecosystem allows you to do several things.
$SCAR, the native token of the Velhalla ecosystem, is the first coin to be earned on the Great Steak, and the market is buzzing about being able to earn it just by staking $WAG. Following the launch of $SCAR on the big steak, users can look forward to earning coins like BitOrbit, Valhalla, VelasPad, TRONPad, and BSCPad. The Velas ecosystem is promising, given its high returns on virtual currencies, which makes it an investment option with higher potential.
Speaking of broader recognition for WagyuSwap and SWAG, partnerships with other projects are the way to go and will generate even more hype for this project. The recent Brokoli partnership is just one strategic example of how much hype this project can generate. In addition, the shared mission of offsetting the carbon footprint of decentralized finance is an important topic that many people overlook in search of [quick] profits.
SWAP AND TRADE TOKENS
Wagyuswap tokens are simply a mechanism to trade one VEP20 token for another by using automated liquidity pools. When a token is swapped on the exchange, a trading fee of 0.25% is paid. Here is how those fees are utilized:
0.17% — sent to liquidity providers.
0.02% — sent to the wagyuswap Treasury.
0.05% — used by wagyuswap to burn.
During staking incentive, wagyuswap customers will be able to stake WAG, a core native utility and governance asset of the protocol. Rewards for stakes will be repaid in multiple “earn” coins from velas token.
Annualized percentage profit rates vary between 136.2% in the VLX/ETH pool and 394.89% in the VLX/WAG pool.
In the “sizzle pools” module, users can stake WAG tokens in single-asset pools with ultra-high APY rates. In the auto WAG pool, for instance, 1624% APY is offered, while the manual WAG pool works with 286.45% APY.
By depositing VLX and WAG tokens, you will receive VLX-WAG LP tokens which will represent your portion of the VLX-WAG Liquidity Pool.
The funds deposited will be redeemable at any time. All you are required to do is remove your liquidity.
When traders use your liquidity pool, you gain a share of the fees.
If your pair is traded on WagyuSwap, the trader pays a 0.25% fee, of which 0.17% is subsequently added to the respective Liquidity Pool.
For added gains, you can also farm your LP tokens for some sizzling yield on our Farms all while still earning your 0.17% trading fee.
Liquidity Providers can earn $WAG by locking their LP tokens into a smart contract. This added incentive means to address the risk of impermanent loss that is part and parcel of providing liquidity in a DEX. (Please remember to always do your own research.)
Also there are a lot of opportunities staking the $WAG token. Holders of $WAG tokens can earn different types of rewards through “The Great Steak” — an industry first. This was officially announced by the WagyuSwap team with t.he first being rewarded in $SCAR tokens which is the native token of the Metaverse, Velhalla. More rewards to come in the future will include projects incubated by the likes of BitOrbit, VelasPad, TRONpad, BSCPad, and many more others. This reward structure will be rotating making it seamless for investors without having to keep staking and unstacking in pools for different rewards. ‘The Great Steak’ is truly here to stay and Wagyuswap is just beginning its journey to greatness.