With an excess of $80 billion in TVL (Total Locked Value) DeFi is a booming sector that has captured the attention of the masses, thanks to the removal of any single authority that can control its operations. Decentralized Exchanges (DEXs), are a major player in the DeFi market that offers the security and speed that blockchain is famous for, but without any intermediary.
WOWswap is one such DEX platform and with only a year in business, it has captivated traders due to its unique implementation of leveraged trading, something that many other competitors lack.
One Year, Multiple Achievements
With more than 200 tokens listed that traders can play with up to 5x leverage, WOWswap is not that old, starting its operations in April 2021. However, in the 12 months of its existence so far, it has made significant strides that sets it apart from all other DEXs.
When launched, WOWswap was available only for Binance Smart Chain users, but the leverage trading platform has gone multichain since then, now letting users of Ethereum, Polygon, Solana, Avalanche, HECO, IoTEX, and Metis also take advantage of its derivative crypto financial products. More than 1200 traders use its unique decentralized leveraged trading service, generating roughly $1 million in trading volume per month.
The developers of WOWswap ensured that even before the platform was launched, its security was top-notch, as evident from their code audit results from the reputable Hacken firm. This later translated extreme confidence of early backers, with the native WOW token sale breaking all token launch records and hitting its $700,000 hard cap in an astounding 9 seconds.
With its first anniversary, WOWswap continues its tradition of offering unique features and this time, there are three major upgrades that traders can take advantage of.
The first is WOWswap Pro, a more in-depth and advanced trading interface that allows traders to manage all of their open positions, debt level and liquidation prices with a single click. The charts offer deeper analysis for better trading.
Second is the introduction of Limit Orders, both Stop Losses and Take Profit. These conditional orders allow traders to protect their positions and close them in a timely manner to either gain profits or mitigate any losses that might occur.
Last is the ability to set alerts to know when certain positions are generating a higher than normal profit, or when the position is starting to run a loss. Alerts can also be set up to inform of any high yield pools allowing users to fund these pools and gain higher rewards for liquidity provision.
Derivative trading products like leverages have enabled millions of people to potentially multiply their profits many folds. When it comes to DEXs, most platforms offer a simple token to token swap, powered by a smart contract. WOWswap takes token trading to another level by offering leveraged trading, allowing people to trade as high as 5 times their invested amount.
Taking another page out of derivative trading, WOWswap also offers people to invest in their favorite NFTs without actually buying them. Using the preferred NFT’s price to power the trade, it also allows users to partially invest and not need to put up the complete price of the unique token.
Another unique feature of WOWswap is the use of liquidation bots, where users can identify undercollateralized positions and help liquidate these, earning rewards for doing so.
WOWswap continues its tradition of offering unique features that are not common to the DEX arena and with its on-chain governance, the WOW stakers can define the exact parameters, putting them in the driving seat.