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PRESS RELEASE. TALLINN, Estonia, November 10, 2020 – WhiteBIT, a leading cryptocurrency exchange, has launched WhiteSwap, a decentralized exchange (DEX) on Ethereum that gives community control. WhiteSwap aims to enhance Uniswap V2 by providing 87% of governance tokens to the community, publishing a public acquisition program for team and advisor tokens, and planning a cross-chain solution.
Log into WhiteSwap DEX here: https://ws.exchange/
“The DeFi (DEX) market has two weaknesses: the first is that the projects are not truly decentralized, and the second is that there are very few decent smart contract developers on this planet. WhiteSwap aims to solve this problem: we are completely decentralized. Our talents have proven their worth as developers in the cryptocurrency market over the past 5 years. “
– Vladimir Nosov, CEO of WhiteBIT
How is WhiteSwap different?
WhiteSwap is a decentralized (DEX) automated market-making (AMM) exchange currently on the Ethereum blockchain, forked from Uniswap V2. The decentralization of Uniswap V2 has been publicly questioned, especially since the Uniswap team and investor funds don’t have a lockup or vesting program. Unlike Uniswap, WhiteSwap (WSE) governance tokens are locked on smart contracts and will be released into circulation over time (see “WSE Token Details” section for allocation and vesting planning).
From the start, WhiteSwap’s smart contract code can be updated by a governance vote. To improve functionality, WhiteSwap is also planning to implement a cross-chain solution (likely via Polkadot) as soon as possible.
Governance
WSE holders will have immediate ownership of:
- WhiteSwap governance (implements updates for protocol functionality)
- WSE community treasury
- The rate change of the protocol
- List of WhiteSwap default tokens
The initial governance parameters are as follows:
- 0.5% of the total WSE supply (delegated) to present a governance proposal
- 4% of the WSE offer required to vote “yes” to reach the quorum
- 7 day voting period
- 2-day time block delay upon execution
WhiteSwap Governance Speech Portal: https://gov.ws.exchange/
WhiteSwap Governance Voting Portal: https://ws.exchange/vote
WSE Token Details
WSE Token Contract Address: 0x97a527283C6C6E6b9D82fdC720496B8873EC86a0
1 billion WSE has been minted at genesis and will become accessible over the course of four years. A perpetual inflation rate of 2% per year will begin after four years, ensuring continued participation and contribution to WhiteSwap.
The initial four-year allocation is as follows:
- 87% to members of the WhiteSwap community: 870,000,000 WSE
- 10% to team members with four-year accrual: 100,000,000 WSE
- 3% advisor with four-year vesting: 30,000,000 WSE
Token teams and advisors are subject to vesting, according to the following vesting schedule:
Allocation of team funds
(Year – Fund Allocation -% Distribution)
Year 1 – 50,000,000 WSE – 50%
Year 2 – 16,666,667 WSE – 16.67%
Year 3 – 16,666,667 WSE – 16.67%
Year 4 – 16,666,667 WSE – 16.67%
Allocation of the advisor’s funds
(Year – Fund Allocation -% Distribution)
Year 1 – 7,500,000 WSE – 25%
Year 2 – 7,500,000 WSE – 25%
Year 3 – 7,500,000 WSE – 25%
Year 4 – 7,500,000 WSE – 25%
WSE community treasure
WSE will move to the governance treasury on an ongoing basis according to the following schedule.
(Year – Community Treasury – Distribution%)
Year 1 – 348,000,000 WSE – 40%
Year 2 – 261,000,000 WSE – 30%
Year 3 – 174,000,000 WSE – 20%
Year 4 – 87,000,000 WSE – 10%
An initial liquidity extraction phase begins on November 10, 2020 at 10:00 UTC. The initial phase will run until January 10, 2020, 10:00 UTC, awarding 45,000,000 WSEs and targeting nine trading pools. The remainder of the community treasury tokens will be awarded based on governance proposals approved by vote.
About WhiteBIT
WhiteBIT is a centralized cryptocurrency exchange with a team of over 80 members. As of the date of this publication, WhiteBIT has over 300,000 users in Europe, Asia and CIS countries and partners such as Dash, Tron, Matic and others. WhiteBIT’s top priority is security. It supports over 160 cryptocurrency and fiat trading pairs with one of the lowest trading fees in the industry.
Social links:
WhiteSwap News
WhiteSwap Chat
WhiteBIT Facebook
Media contact: [email protected]
This is a press release. Readers should perform their own due diligence before taking any action related to the promoted company or its affiliates or services. Bitcoin.com is not liable, directly or indirectly, for any damage or loss caused or allegedly caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release.
Image credits: Shutterstock, Pixabay, Wiki Commons
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