WEXpoly, or Wault EXchange Token, is the foundational token of WaultSwap, on the Polygon network.
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 rewards during the lockup period, because farming is forever.👨🌾
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 WEX are scheduled to be airdropped, the same amount of tokens will be reserved for Marketing and Liquidity, just like with WEX.
The original mint rate for WEXpoly was the same as WEX started with: 1500 WEXpoly/block. Like with WEX, we have started WEXpoly emissions reductions of 2.5% per week. The current emission rate is 1,256 WEXpoly per block.
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)
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 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.