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WarpFi focuses on solving the trading dilemma of IBTs (Interest-Bearing Tokens) in DEXes. And WrapFi is the first and best DEX that focuses on providing better decentralized trading services for IBT assets. The goal of WrapFi products is to provide a DEX with a more customized Price Oracle service, a more stable price mechanism, and better liquidity for all IBT assets.
The total amount of WRA tokens is capped at 100 million，without any additional issuance. Except for the Genesis Tokens(10%), other parts of the tokens will be gradually unlocked in 4 years from the fourth month of Genesis. The details are in this table:
As with any DeFi protocol, there is smart contract risk and other risks to consider. On the other hand, it’s worth to keep in mind: 1) The smart contracts were developed and audited by the WrapFi / StaFi team. 2) The smart contracts are based on battle-tested staking and farming contracts used widely in DeFi projects. 3) Ecosystem and Development tokens vest linearly over time by smart contract, and the team gets no tokens for the duration of the seed pools (the first 4 months).
2）Buy it from Uniswap: Coming Soon
1) Customized and decentralized Oracle
2) A more stable pricing mechanism
3) Better liquidity for IBTs
Interest-bearing tokens, abbreviated as IBT, can be literally understood as assets that can earn interest.
Here are the main categories of IBTs and their representatives.
1) Staking Derivatives Voucher
a.rToken b.crETH c.stETH
2) Lending Voucher
3) Vault Voucher
a.yToken b.crToken c.ibETH
a.the dividend voucher for DeFi governance protocols, such as veCRV, xSushi.
b.DEX LP Token assets, such as Uniswap LP, Sushi SLP
It is mainly because:
1) The AMM DEXes like Uniswap
The trading price between IBT and DT is determined by the constant product formula of XY=K. So the IBT/DT trading pair price will be still if there is no transaction given a period of time. However, the primary market exchange rate of IBT/DT has been constantly changing, so there will still be a gap between the IBT/DT price on DEXes and the real exchange rate in the primary market. This gap will rapidly expand if the liquidity of IBT lacks in the AMM DEX.
2) The PMM DEXes like DODO
This, in theory, can track the exchange rate of IBT/DT in the primary market. But as a universal solution, DODO cannot adjust oracles for each and every IBT token, which is often not issued on Ethereum. So the problems that are happening in Uniswap also can be seen in DODO-like DEXes.
3) In addition to the DEX transaction price algorithm, the size of the liquidity pool is another important contributing factor to the secondary market price of IBT. But now, it takes rather a high cost to encourage users to provide liquidity for IBTs. So the trading volume for those assets, especially issued by medium and small DeFi protocols , are nearly stagnant. And the DEX trading price faces a huge gap compared with the real exchange price in the primary market.
4)There's another problem
trading IBTs of different types requires the interactions between multiple assets and multiple public chains, which is quite complicated and specific work. Therefore, the IBT trading market needs a dedicated DEX solution.
TMM has three unique strengths:
1) Exchange Rate Tracking
When IBTs are traded on WrapFi, the price of the oracle will track the exchange rate of IBT in the primary market in real-time, and write it into the price discovery mechanism;
2) Customized VRF Oracles
Since some IBT assets are issued on different public chains, and the primary market prices of different tokens are displayed on various IBT issuers' Dashboards, WrapFi will customize cross-chain price oracle quotation mechanism for each IBT trading pair. WrapFi will adopt the VRF algorithm to implement a license-free decentralized oracle quotation mechanism to ensure Oracle’s security;
3) Dynamic LP Fees
WrapFi will dynamically adjust the LP commission fee based on the liquidity of each IBT pair, attracting more LPs.
WRA is the governance token of the WrapFi protocol, and its main functions are:
1) To encourage WrapFi users, especially Liquidity Providers, to build the WrapFi ecosystem with the team together;
2) Governance of WrapFi’s ecosystem. It is required when adjusting business parameters, submitting token-listing proposals, etc.;
3) WRA can also be staked to share the WrapFi protocol’s income;
4) Trading fee discount.