Project W - Platform Introduction

in projectw •  4 years ago  (edited)

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The swapping mechanism is in the last testing phase and we are shortly before minting the first WST tokens. To give you a better feeling about the platform of Project W, this posting is going to show you how you can leverage your Steem on https://projectw.io

1. Home Screen

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Please be aware that the frontend design is still under development and that details can vary from the current Layout.
You will need to have both Keychain for Steem and Tronlink for Tron installed on your desktop browser to be able to use the platform of Project W.

If you have connected your Tron address to Tronlink and logged in, you will see the current total supply of PWT (Governance token for Project W) and WST (wrapped Steem token on TRC-20) Additionally, you will see your own balance of both tokens.

The overview of this page shows only the balance of TRC-20 based tokens.

2. Swap Page

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You will need to have your Steem account added to Keychain and your Tron account to Tronlink. The Steem account where your Steem will be converted to wrapped Steem -> WST needs to be additionally confirmed on the box below "STEEM ID".

Your swapped WST will be sent to the Tron address you are currently logged in Tron. There is a swapping fee of 0.3% and the system will charge a minimum of 0.1 Steem for every swap. The reason for a minimum fee from Steem to Tron is that we will need to cover the Tron blockchain transaction fees when swapping from Steem to Tron.

When swapping from WST to Steem you need only to log in to your Tronlink account. You can specify in the "STEEM ID" box which Steem account you want to send your swapped Steem. For swapping WST to Steem there is no minimum fee, but only a 0.3% fee. Please make sure that you have enough Tron or Energy for transactions on your Tron account.

Be careful when writing the Steem ID, because Project W will not be responsible nor can intervene in any wrong transaction due to the wrong spelling of a Steem address.

3. Providing liquidity to farm PWT

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You can farm the governance token from Project W, PWT when providing liquidity and staking it. The first pool is planned for WST-TRX and is going to open timely with the launch of the platform Project W.

Details about the pools (halving, size) are going to be released when launching https://projectw.io

Information about Project W - Steem DeFi on TRON

Channels

Main Blog: https://steemit.com/@projectw
Medium Blog: https://medium.com/@projectw
Twitter: https://twitter.com/Projectw_io
Homepage: https://projectw.io

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Interesting stuff. What do you think the impact of this will be on the price of steem?

In our view, it would be positive when enough Steem would be swapped into WST. Investors would be able to leverage the Steem Blockchain through Project W (staking PWT tokens) and still be able to invest their Steem on the Tron Blockchain. Due to the fact that (as many DeFi projects are) the wrapped Steem token WST is not an atomic swap, it would be able to make the overall Steem supply bigger without harming the Steem environment.

How would it make the overall STEEM supply bigger? Don't you swap STEEM for WST? So the supply stays the same?