Introduction to WanSwap V2

What is WanSwap V2

WanSwap V2 is a decentralized Automated Market Maker (AMM) developed & deployed on Wanchain’s interoperable EVM compatible blockchain. WanSwap V2 allows users decentralized, secure platform to swap, pool, & yield farm assets in Wanchain’s DeFi ecosystem.

WanSwap V2 is a continuation of the v1 protocol with extended community platform incentives, upgraded UI/UX for a better user experience, and the reliable decentralized exchange protocol at the core.

WanSwap V2
WanSwap V2

Key Information of WanSwap V2

(Original) WASP v1 Token

WASP distribution has NO team reserves, NO investors, and NO pre-mining at all. 95% is distributed as liquidity mining rewards with 5% goes to the community treasury.

WASP v1 Distribution Schedule:

The WASP v1 distribution has taken place over 24 months (since Dec. 2020 launch) as follows:

  • Phase 1: (~1st week, according to block height) 1X rewards (~12.5286 WASP / block)

  • Phase 2: (around 2 months) 5X rewards (~62.643 WASP / block)

  • Phase 3: ‘Gold Saints’ (around 22 months) 1X rewards (~12.5286 WASP / block)

The max supply of WASP v1 is approximately ~210 million. There has been ~7 million $WASP v1 burned during the v1 protocol, leaving ~203 million $WASP v1 in circulation at the WanSwap V2 protocol launch.

(New) WASP V2 Token

WanSwap V2 will release 200 million new WASP V2 tokens (fairly launched and distributed) in the next 8 years (2920 days), that is, ~68493 WASP will be released every day, 90% of which will be rewarded to liquidity providers in farming and WASP stakers and the Hive. The remaining 10% will be used for the protocol operation & maintenance.

Users’ original WASP v1 tokens can be converted into WASP V2 tokens at a ratio of 1:1. ~203 million circulating $WASP v1 can be exchanged 1:1 for WASP v2 tokens and available to be in circulation for WASP v2.

This will give WASP v2 an approximate maximum supply of 400 million WASP after 8 years of emissions to liquidity providers.

Convert WASP
Convert WASP

Migrate LP from V1 to V2 for New Farming

For users' LP (Liquidity Pool Tokens) in WanSwap v1, you can migrate your LP from WanSwap V1 to V2 for new farming. But it is not allowed to migrate if your LP tokens which are locked in ZooKeeper at present. In addition, for the pools with dual farming, ZOO rewards will be lost after the migration, such as WASP/ZOO, wanUSDT/wanUSDC.

Thanks for the ZooKeeper team. The WASP/ZOO pool will unlock before WanSwap v2 goes live. Please keep an eye on the WanSwap twitter channel for the updates.

For the pools of wanUSDT/wanUSDC, WASP/ZOO, ZOO/WAN, ZOO/wanUSDT, we suggest you stay in v1 to have the ZOO rewards. But for the rest pools, we suggest you migrate your funds from V1 to V2 as soon as possible to enjoy the new farming rewards.

The way of LP migration:

For the LP tokens without WASP related, such as WAN/wanETH, WAN/wanBTC, etc., we offers an easy way for you to migrate your LP tokens from V1 to V2 for new farming. You can also manually withdraw LP from V1 and then deposit LP to V2.

LP Migration (for non-WASP related LP tokens)
LP Migration (for non-WASP related LP tokens)

For the LP tokens with WASP related, such as WASP/WAN, WASP/WAND, etc., you should migrate those LP tokens manually, that is, withdraw & remove LP from V1, convert WASP V1 to WASP V2, add & deposit LP to V2.

The service of the WASP conversion and the LP migration are available for WASP v1 holders and v1 LP holders for a long time, and currently there is no plan for us to set the expiry date of this service. If it is necessary to stop the service one day, we will have a new announcement by then in advance.

Here is the guide of how to migrate V1 LP tokens to V2 and WASP Hive V1 to V2: https://mirror.xyz/0x8e6591E3278Ce4739954354D8BD9C140dd427525/GDTLzethlKhCl9rQZmEFwuHk1hHH2tZAlz37tKHgkUE

Pool Rewards Rate in WanSwap V2

In order to have a smooth transition from WanSwap V1 to V2, the rewards rates for all pools keep the same as the rates in WanSwap V1.

  • wanUSDT/WAN 20x

  • WAN/wanETH 15x

  • wanUSDT/wanUSDC 1x

  • WASP/WAN 75x

  • wanBTC/WAN 15x

  • WAN/wanXRP 15x

  • ZOO/WASP 6x

  • WASP/wanDOGE 0.25x

  • WASP/wanLTC 0.25x

  • WAND/WASP 6x

  • wanMOVR/WASP 0.25x

  • wanDOT/WASP 0.25x

  • WASP/wanBNB 0.25x

  • WASP/wanFTM 0.25x

  • WASP/wanAVAX 2x

The Auto WASP hive in V2 keeps the same as the rates in WanSwap V1.

  • Auto WASP 5x

Fees

In WanSwap V2 traders pay a 0.30% fee to use the market, where 0.25% of the fee always goes to the liquidity providers. The remaining 0.05%, sent to a specified protocol address, is used to buy back and burn WASP tokens.

Shared Pool Volume

The upgrade from WanSwap V1 to WanSwap V2 at this time doesn’t make any changes to the core codes. The change occurs on the farming contracts and the UI. Therefore, for the protocol as a whole, the same LP tokens are shared between WanSwap V1 and WanSwap V2. For example, when you migrate WAN/wanUSDT LP from V1 to V2, the farming rewards you get will be changed afterwards, while for the protocol itself, the total volume of the WAN/wanUSDT pool doesn’t have any change.

However, the volume of the LP pools related to WASP (such as WAN/WASP pool) will change before and after migration.

WanSwap V2 Timeline

The WASP V1 ended in WanSwap V1 at the block height 24,514,400 on January 3, 2023. In order to stabilize the farming pools from WanSwap V1 to WanSwap V2, the timelines are as follows:

  • January 3, 2023: WASP in WanSwap V1 ends emission (Completed)

  • January 3-January 9, 2023: Users decide whether to keep or leave the V1 LP tokens (Completed)

  • January 9, 2023: WanSwap V2 goes live (Completed)

  • January 9-10, 2023: Users could migrate V1 LP to V2 in advance

  • January 11, 2023: WanSwap V2 farming starts at the block height 24,640,153.

Future of WanSwap V2

Cross-chain DEX

On the premise that the cross-chain technology is further mature and improved, we will develop a truly cross-chain DEX that is deployed on multiple chains. For example, a trader can directly swap ETH on Ethereum for wanUSDT on Wanchain through WanSwap in the future.

Ecosystem Development

WanSwap users can benefit from using Wanchain Dapps such as Wanlend & Streamtrade for lending and borrowing of assets as well as benefiting from low slippage trades “streamed” over a set period of time.

ZooEcosystem is a blockchain gaming-oriented ecosystem with a multi-chain focus and multi community spirit. Among ZooEcosystem, ZooKeeper is an innovative multi-chain dApp, currently available on Avalanche and Wanchain, which uses ZooNFTs to boost liquidity mining. ZooKeeper was created in order to fuel the ZooEcosystem with liquidity using the WanSwap DEX on Wanchain.

To bring assets into the Wanchain ecosystem, the Wanchain bridge can be used to cross chain and wrap tokens in Wanchain ecosystem in a secure, permissionless, decentralized way.

For the Qatar 2022 World Cup, the WanSwap team launched the World Cup prediction dapp.

In the future, we will upgrade this prediction dapp to meet more events, and support more coins/tokens involved as well. We encourage all users to interact with the community in the WanSwap official telegram and on twitter as this is a community driven project. Ideas for the path of development and changes will be taken into account and implemented within reason and available resources.

We will also plan to launch other dapps to further enrich and improve the WanSwap ecosystem and create more usage scenarios for WASP.

As always we greatly appreciate the continued and future support from our Wanswap (Waspers) community and look forward to continuing the foundational DeFi hub within Wanchain and connecting blockchain ecosystems.

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