Announcing Wault Going Cross-chain! A new future — WEXpoly!
Wault is always evolving with the times. That’s why when we see new blockchains gain traction, we want to make sure yield farmers on those chains have access to our high APR farming pools and low WSwap fees. Now, we’re taking our first step in alignment with that strategy—by going cross-chain to Polygon!
Having grown significantly in user base over the past month, Polygon has succeeded in catching our attention, and with many users also asking us to make WSwap available there, we decided to make it a priority.
So soon, WSwap will be coming to Polygon, bringing with it the lowest DEX trading fees and the highest farming yields! Yet, this new opportunity isn’t only for Polygon users, because WEX and WAULTx holders will also get benefits!
Benefits for WEX and WAULTx holders
Since Polygon is a Level 2 on a different blockchain, that means it has its own system of token contracts. For that reason, to simplify the use of WSwap, we’ve decided to create a Polygon-native token mirroring WEX and its tokenomics. The name of this token will be WEXpoly, and it’s going to be Fair Launch, which means all our token holders will have the chance to claim it!
This token, like WEX was, will be airdropped to current WEX and WAULTx holders, rewarding our loyal user base. So here’s how it’ll work:
⦁ 30-day WEX Locked Staking pool: We’ll create a new lockup vault in the Locked Staking section. For every 1 WEX you lock up in this vault, you’ll receive .5 units of WEXpoly. If you assume the prices of WEX and WEXpoly will be similar, then that’s an APR of 600%.
⦁ 30-day WAULTx Locked Staking pool: Locked WAULTx tokens will also be eligible for this airdrop. We’ll use the same WAULTx Lockup vault that we already have for presales. In other words, all WAULTx holders that are staking in that vault during the snapshot, will be eligible for WEXpoly airdropped tokens. For each locked 1 WAULTx you stake in the vault, you’ll receive .25 units of WEXpoly. That’s on top of the standard LaunchPad presale access.
In addition, both staking pools will receive some APR in WEX and WAULTx rewards during the lockup period, because farming is forever.👨🌾
Tokenomics for WEXpoly
In terms of utility, WEXpoly will have a similar function to WEX. Holders will be able to use it for governance over WSwap on Polygon, able to influence things such as which pools to add, reward allocations, and mint rate.
The tokenomics for WEXpoly will mirror WEX as well. There will be a 33:33:33 ratio in minted tokens at listing, split between Airdrop, the Marketing Fund, and WSwap Liquidity. In other words, 1/3 of all initially minted tokens will be airdropped to WEX and WAULTx holders.
The total number of WEXPoly will depend on how many users lock up their tokens in WEX and WAULTx. That means if 250 000 000 WEXpoly are scheduled to be airdropped, the same amount of tokens will be reserved for Marketing and Liquidity, just like with WEX.
The mint rate for WEXpoly will be the same as WEX: 1500 WEXpoly/block. The emission rate and token limit will be decided in the future by governance.
We will also continue doing large buybacks & burns every day for WEXpoly, just like we do for WEX. 100% of protocol fees from WSwap will be used for buyback and burn of WEXpoly.
Regardless of the number of WEXpoly that will be airdropped, which depends on the number of WEX users lock up, the starting market cap will be set at 800k USD. (At the moment, the market cap of WEX is 68 million)
Airdrop Distribution Details
- On June 11th, 2021 at 3 PM GMT, deposits to the WEX 30-day Lockup Vault will close.
- An hour later at 4 PM, we’ll do a snapshot of everyone’s holdings in the WEX and WAULTx lockup vaults.
- On June 14th, we’ll launch WSwap and WFarms on Polygon, and we’ll list WEXpoly.
- Upon listing, 30% of the airdropped WEXpoly will be released to everyone’s identical wallet addresses on Polygon Mainnet. To see your tokens, all you have to do is change the network in your wallet from BSC to Polygon Mainnet). At that point, you’ll be able to stake them on Wault’s Polygon farms to earn the high initial APRs.
(To farm with Wault on Polygon, you’ll only have to change the network on our UI in a similar way. We’ll release more details on that soon) - 10% of the remaining airdrop amount will be released every following week until all tokens are airdropped.
WSwap on Polygon
Wswap on Polygon will follow the same successful formula as it has on BSC to quickly become the 3rd largest DEX behind only PancakeSwap and MDEX. To be specific, we’ll be bringing WSwap’s top-quality UI/UX, and the lowest trading fees on Polygon of .2%
No hidden fees. The lowest fees. 100% community owned. That’s how we’re going to run this.
Does the above formula look familiar? It should, because this is a mirror of WEX. We’re following the same golden formula that’s worked for us on BSC. In fact, we believe this will work even better cross-chain!
After all, Wault has the highest farming APRs on BSC, and it’ll be the same for Polygon.
So hold onto your WEX and WAULTx, and get ready to stake them, because they’re about to have babies! Except these babies won’t cry and keep you up at night. No, these babies will get you sky-high yields! For those who remember how high those APRs were in the initial weeks when WSwap launched, you know exactly what we’re talking about. 😉
What is Wault Finance?
Wault Finance is a cross-chain decentralized finance hub that connects all the primary DeFi use-cases within one simple platform. We make the benefits of DeFi accessible in an intuitive way; saving you from the confusing interfaces, expensive fees, and unknown risks of other projects. With these goals in mind, we’ve built a protocol with some unique features we believe will amplify the power of wealth-accumulation for our users.
In addition, we believe in open and decentralized governance. That’s why WAULTx token holders will be able to vote on and decide all aspects of the protocol’s future development path. Every developer is also welcome to work on and contribute to our open-source code. Come join the movement and help us bring DeFi to the masses!
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