WOWswap Leveraged Trading is currently Live on Polygon
WOWswap is bringing leverage to the people with expansion to Polygon Network (formerly Matic)🚀. At launch, 🔟tokens are available to trade with up to 3️⃣x leverage (5️⃣x enabled soon), with more tokens added in the future.
Expansion to Polygon Network allows to trade tokens currently not available on the Binance Smart Chain, including opening a long position on ETH with USDC used as collateral. In total 🔟tokens are available to trade:
- ETH (Ethereum)
- wBTC (Bitcoin)
- CEL (Celsius)
- MATIC (Polygon)
- GHST (Aavegotchi)
- LINK (Chainlink)
- QUICK (Quickexchange)
- SX (SportX)
- DEFI5(DeFi Top 5 Index by indexed.finance)
- DEGEN (Degen INDEX by indexed.finance)
ETH, GHST and QUICK are available to trade against USDC and the other 7 tokens are traded against ETH.
When you buy a token with leverage on WOWSwap, you finance only a portion of the purchase with your own capital 💵 — the rest of the funds you borrow from a liquidity pool🏊♂️. Anyone can deposit ETH and USDC to the liquidity pools on Polygon and earn interest on it.
After you complete a swap you will get “proxy-tokens”, which are pegged 1:1 to real tokens held by WOW smart contract 🤓on your behalf. Proxy-tokens are needed for the protocol to guarantee the repayment of your loan once you sell proxy-tokens back for ETH or USDC: the protocol will change proxy-tokens to real tokens, exchange real tokens for ETH/USDC on Quickswap, repay the loan to the liquidity pool and transfer the rest of the funds to you 🎉
For a detailed explanation how to use WOWswap, please check the article below:
WOWswap launched the first leveraged trading protocol on Binance Smart Chain 🚀
Today, on the 12th of April 2021, WOW protocol has expanded into the DeFi industry with a new use-case — decentralized…
wowswap-io.medium.com
How to use deposit assets to Polygon and connect to WOWswap.
Users can deposit Ethereum tokens to the Polygon Network via Matic Bridge using Metamask and then, if needed, withdraw them back to the Ethereum mainnet. You will need some MATIC tokens, because the MATIC token is used to pay transaction fees. You can purchase MATIC on Uniswap.
Before you start, make sure you have added Polygon Network to Metamask.
📰 INFO
https://wowswap-io.medium.com/wowswap-leveraged-trading-launched-on-polygon-network-e5b7e61e85db
