Annoucement: WandX DEX and Basket trading on the NEO Blockchain

The Blockchain space has been changing rapidly over the past 6 months, and we are seeing many newer, more promising blockchain platforms entering the market. One such platform is the NEO blockchain. We had been looking into NEO for over 5 months, more from a technical perspective where we could develop using more standard programming languages.

Encouraged by its potential, for the last 4 months we have been working on deploying the platform that we’ve built on Ethereum for NEO-based Tokens on the NEO blockchain, working on the smart contracts for NEO that would support trading of: NEP5-NEP5, NEP5-NEO/GAS, NEO/GAS-Basket of NEP5 Tokens. We have developed smart contracts that can handle all of these combinations, and deployed them to our private NEO network. We are now testing these smart contracts on the private network before a deployment to the test network.

WandX DEX on Ethereum

WandX Basket Protocol on Ethereum

What we also realized while developing our DEX on Ethereum is that using a DEX is not a seamless user experience for most people. The user needs to have an external wallet/software for storing his private keys, and for every trade there needs to be “signing” using that private key on the DEX. With the emergence of many blockchain platforms such as NEO, EOS, Wanchain, users would have to maintain various wallets, and use those wallets to sign transactions on all platforms/webpages for each DEX. We wanted to make this easier for users, hence we are developing our WandX Desktop Application that will have our DEX on Ethereum and NEO inside the desktop application.

Wallet for DEXs

Our application can be thought of as a “Wallet for DEXs” which houses DEXs across different blockchains and makes trading on a DEX a more seamless experience for users.

What’s unique:

• Users can trade using their Ledger wallets or create their wallet inside the application.
• With just a click of a button, users can switch between the ETH and NEO blockchain and trade using the DEX on that particular blockchain.
• Not only can users trade individual Tokens, but users can also trade Baskets of ERC20 Tokens using the WandX Basket Protocol and Baskets of NEP5 Tokens.

WAND and the new WANDNEO Tokens

The WAND Token on the Ethereum blockchain enables users to obtain discounts on transaction fees when trading on the platform. The WAND Token on the NEO platform, known as WANDNEO, will adopt a staking model for its Token. Users can stake the WANDNEO Token on our staking contract and obtain a percentage of our transaction fees every one month. The details of the WANDNEO Token is given below:

Total supply: 100 million

Total supply that goes into circulation: 25 million

Current circulating supply of the WAND Token on Ethereum: 16.2million

Note: WANDNEO Tokens will be distributed in a 1:1 ratio to all WAND Token holders.

The remaining 9 million Tokens will be airdropped to all those who download the WandX desktop application. More on this in the coming week on our Twitter feed and Telegram group.

Originally posted on WandX blog. Read more here - https://blog.wandx.co/annoucement-wandx-dex-and-basket-trading-on-the-neo-blockchain-2193e09f6f8f