HOME CATEGORIES WRITE AND EARN 🔍
CATEGORIES WRITE AND EARN MORE

CRYPTO NEWS

Your favorite crypto news blog

WaykiChain Launches Phoenix Yield Farming with WICC & WGRT Dual-pool

Other 2020/09/24 16:28 by Guest Author
WaykiChain Launches Phoenix Yield Farming with WICC & WGRT Dual-pool on Sept 25

Since March 2019, WaykiChain has launched a number of DeFi products, including the collateral lending system Wayki-CDP, Wayki-DEX, and WICC Collateral Insurance. It is constantly expanding the DeFi ecology. WICC collateral is inching close to 45 million tokens, while WUSD stablecoin loans amount for over USD 2.7 million. The assets circulate in trading, payments, and Hong Kong stock pre-IPO.

To get closer to its aim of an “integrated DeFi public chain”, WaykiChain developed and launched the decentralized synthetic asset issuance protocol Wayki-X. It has passed public testing and launches on September 25. Meanwhile, WaykiChain also launches Phoenix Yield Farming for ROG, the core token of Wayki-X

What is Wayki-X?

Wayki-X is a decentralized synthetic asset issuance protocol based on WaykiChain. “Synths” are on-chain images of off-chain, external assets. In Wayki-X, issuance of synths is possible for cryptocurrencies (BTC, ETH), HK and US stocks, Forex, precious metals, etc. Investors in these assets can get real profit

图片 15 IMG_256

The collateral pool model of Wayki-X does not need any real-time counterparties and can perfectly solve the liquidity and gapping problems naturally to DEX. The decentralized synthetic asset issuance protocol Wayki-X breaks the barriers between various markets of traditional finance and provides users with one-stop investment services.

What is ROG?

ROG (Rods of God) is the native token of Wayki-X. ROG is the vital support and value endorsement for all synths. ROG generates through WICC and WGRT staking. There is no pre-mining, no ICO, no reserve for the founding team

In Wayki-X, pledgers just need to lock ROG in a smart contract to be able to synthesize xUSD. When a user has xUSD, it can synthesize any available asset. It can also give xUSD to synth traders to get ROG rewards by inflation and share a part of Wayki-X trading fees.

ROG Allocation

Genesis supply of ROG is 21 million. (Note: 21 million is not the total supply because Wayki-X uses ROG in the Rewards by Inflation mechanism. These rewards release after a one-year lock-up). Of the 21 million, 60% is generated through Phoenix Yield Farming and 40% is generated through ecosystem staking. There is no pre-mining, no ICO, no reserve for the founding team

图片 18

Genesis Staking Rules

The 12.6 million ROG for genesis staking form the WICC and WGRT pool where:
– 10.08 million ROG of the WICC pool will be released in 300 days, 33,600 ROG daily
– 2.52 million ROG of the WGRT pool will be released in 150 days, 16,800 ROG daily.
ROG will be distributed among the stakers as per their stake in the respective pool at 20:00 (HKT) daily.
Genesis staking will have 3 subscription rounds. Each round has a cap of 5 million WICC and 25 million WGRT.

图片 19 图片 20

Note: the above time is HKT.

Ecosystem Staking

40% of the tokens for staking will be used for ecosystem cooperation and marketing, e.g. staking on exchanges, staking by partners, or staking by the WaykiChain ecosystem operations. There is no reserve for the team. The release speed and amount will not exceed those of the WGRT staking pool

Staking Release Mechanism

Release at expiration: regardless of the staking start day, the release date is fixed. WICC pool expires on July 22, 2021. WGRT pool expires on February 22, 2021.
Early release: if a user decides to release prematurely, it will lose 50% of its stake. This part will be distributed to the remaining stakers in the pool who continue staking until the expiration. Addresses that release early will no longer get ROG rewards.

For example:
Assume that there are users A, B, and C in the staking pool each with a 100 WICC stake
If A releases early, A takes 50 WICC. The remaining 50 WICC will be divided between B and C proportionally. Then, the actual stake of B and C each is 100 WICC + 25 WICC.
If B releases early, B takes 50% of the original stake principal or 50 WICC. B cannot take the additional reward and it is left to C.
The actual stake of C is 100 (principal) + 25 (distributed after A released) + 25 (distributed to B after A released) + 50 (distributed after B released) = 200 WICC.
A new user D joins staking with 100 WICC. When the pool expires, D does not share A and B’s penalty because A and B withdrew before D joined staking.
No more users joined or exited. After the pool expires, C takes 200 WICC and D takes 100 WICC.

How to Join?
If you hold WICC or WGRT, transfer it to your wallet in the WaykiTimes app and start staking.
If you have no WICC or WGRT, you can buy it on centralized exchanges or Wayki-DEX, transfer to WaykiTimes, and start staking.
Exchanges that listed WICC: Huobi, Bithumb, Bittrex, Gate.io, AEX, CoinTiger, Coinw, BKEX.
Exchanges that listed WGRT: OKEx, Gate.io, AEX, MXC, CoinTiger.


Disclosure/Disclaimer: This article is sponsored and provided by a third-party source and should not be viewed as an endorsement by ZyCrypto. Readers should do their own research before having anything to do with the company, goods, and/or services mentioned in the above article.

0 Like(s)



You should also read...

Crypto 29/09/20 18:07 by Bernice Nyambura
Binance Launches Venus – A Decentralized Stablecoin And Digital Assets Lending System
Binance has unveiled a new DeFi protocol Venus on its rapidly growing blockchain ecosystem Binance Smart Chain to generate decentralized stablecoin assets and allow digital assets lending. Venus (...
Read More
Other 16/12/20 20:31 by Guest Author
YfDFI Finance: How One Telegram Group Grew to a DeFi Ecosystem Powerhouse
In the past couple of months, we’ve seen the DeFi space reach enormous highs. Within months, we’ve seen billions of dollars passing through various protocols, creating a ton of opportuniti...
Read More
Altcoins 17/01/21 07:48 by Thomas Delahunty
RAMP DeFi Leads The Liquid Staking Race, Opening Ethereum-Based DeFi to Staked Liquidity From Other Blockchains
Participation in the DeFi and staking ecosystems has seen explosive growth over the last year, with the combined sectors currently accounting for over $50 billion in value. DeFi growth was predominant...
Read More
Other 01/06/21 17:00 by NewsBTC
Marsis: Creating New Frontiers in NFTs Space
Blockchain technology, the underlying infrastructure enabling crypto transactions is constantly evolving. Form being a simple ledger recording all transactions, it has grown to create alternatives to ...
Read More
Crypto 14/06/21 18:52 by NewsBTC
Persistence Launches pSTAKE, Offering Liquidity for Billions of Staked Cryptoassets
Staking cryptocurrencies on proof-of-stake blockchain networks has become one of the popular methods to generate consistent returns on crypto. Whereas DeFi offers the potential for spectacular yields ...
Read More