Wannaswap Decentralized Exchange Review

Wannaswap is a decentralized exchange built on the Aurora EVM of Near. It aims to provide various benefits and improved user experience with its Near-based ecosystem. Low transaction costs for users and the provision of the scalable, ETH-based, and future-safe platform are the main benefits of the exchange.

Wannaswap background

David and Robert are the founders of the platform. It was launched in June 2021 as a turn-key solution for developers that provides a scalable and ETH-compatible environment for operating their apps. The team of developers has created the DEX to serve as the main liquidity center on the Aurora EVM of NEAR.

Wannaswap overview

This DEX is one of the initial automated money maker systems based on the Aurora EVM. It combines conventional DEX features and other advanced aspects aimed at attracting users. The chief mission of the system is to improve the benefits and experience of users on the platform

Pros & cons

Pros

• User-friendly interface
• Low transaction fee
• Rewards feature

Cons

• No info on withdrawal and deposit fee
• Lack of info on security measures

Funding methods:	Cryptocurrencies
Cryptocurrencies supported:	WANNA, USDC, USDT, AURORA, wNEAR, WETH, and many more
Countries:	N/A

Interesting features of Wannaswap

Some of the significant features that the vendor focuses on for this DEX are:

• WANNA is the native token of the DEX. 
• The swap method allows users to exchange tokens in a simple, conventional way.
• Farm feature allows liquidity providers to deliver their LP tokens and earn more of the WANNA token.
• The referral is a special aspect that users can benefit from. You can refer other users and get 3% of the profits earned by your referral.
• Stake the WANNA token and receive WANNAx in return. You can get a 0.03% free form swap to buy back WANNA and deposit it in the staking pool. 

What wallets does it support?

The wallets supported by this platform are

• Metamask

It is available in the form of browser extension and mobile app.

• WalletConnect

A web3 standard you can use to connect blockchain wallets to dApps.

• Coin98 Wallet

This is a non-custodial wallet that supports multiple chains and a DeFi gateway.

• Math Wallet

This wallet works on the mobile, web, and extensions and supports more than 50 blockchains and more than 2000 dApps.

To connect your wallet to the DEX, you need to: 

• Visit the official site and click on the Connect Wallet feature.
• You will get a drop-down menu with the list of supported wallets.
• Choose a wallet from the list and connect it to the exchange.

Once the connection is confirmed you can start swapping, staking, and other features of the DEX.

How does Wannaswap work?

To use the swap, farm, staking, and other features of the system, you need to complete a few steps which are easy and quick. 

For swapping the rules are:

1. Connect your wallet on the DEX
2. Visit the swap page
3. Select the required token and its mount
4. Click on the Swap button 
5. Confirm the transaction

Similarly, you can use the Farm section, find the pool you want to farm, enter the needed LP tokens and click on the Stake option. Staking involves a similar method and is done on the Staking section where you input the tokens you want to trade and click on the Stake button.

What can you buy with Wannaswap?

Some of the popular assets you can amass with the platform are:

• WANNA
• USDC
• USDT 
• Aurora
• ETH
• AtLUNA
• and many more

Are there any risks with Wannaswap?

The DEX is audited by Certik and HashEx. The vendor does not provide further info on the safety measures used by the platform. 

Wannaswap fees

The DEX charges a 0.2% fee from traders which it uses for:

• 0.17% is given to LPs (Liquidity Providers)
• 0.03% is given to stakers who stake the WANNA token

There is no info provided on the withdrawal fees that the DEX charges.

Deposit methods

To use the features of the DEX, users have to provide tokens and in exchange,they will receive the native token WANNA as per the related market value. Compatible tokens include ETH, AAVE, AURORA, wNEAR,BAL, USDC, USDT, and more.

Should you use it?

As a newly formed DEX, the platform is still in the fledgling stage. Features like swap, farm, stake, and referral rewards make it an attractive environment for ETH-based transactions. 

Final word for Wannaswap

Wannaswap provides a decentralized finance environment that offers users the opportunity to benefit from the diverse features and the referral and team battle rewards. It also serves as a platform for incubating and encouraging future projects. The simple design and beneficial features make this a capable platform for crypto users.