Netswap: The new L2 DEX in town

Why yet another DEX? Why Netswap?

  • Leveraged swaps. Netswap will support up to 5x leverage swaps. With this, users will be able to leverage and short certain token pairs enabling more complex swaps and achieve additional profit. Netswap uses WOWswap to provide their users with leverage. Thus, a user can make a short swap. They can borrow X units of a token from the liquidity pool for an interest rate, trade with them, and return X plus the pool. Throughout the process, users can gain additional profit (or multiply their loss) as it happens with traditional shorts.
  • Liquidity pooling and staking. These are not just a tool to run an AMM, but also an opportunity for users to deposit their cryptocurrency and get an additional profit from their owned currencies. In the current fee model of Netswap, for every transaction a 0.3% transaction fee is charged, with 0.25% rewarded to liquidity providers, and 0.05% collected by the platform.
  • And launchpad their tokens: This is a feature that will be released by the end of January, and the idea of the Netswap team is to provide new projects with a launchpad to promote their tokens and make them accessible to their community.

NETT, a community-focused governance token

  • 1% of NETT through an airdrop. From this 1%: 10% of the supply is distributed to reward early members who participated in the project’s promotion plan. This can be seen as a reward for early contributors and adopters; the remaining 90% of the Airdrop supply is distributed to early traders and liquidity providers through a scoring system within the first 30 days after the launch of the scoring plan. There are two ways to improve your score by using Metis: one performing swaps, and the other one by contributing to the liquidity pool. The swap score is computed as the sum of the swap fees and the pair rate, so the more swaps you perform in the platform throughout the first month potentially more fees, and thus a higher score towards the airdrop. The goal of this part of the airdrop is to incentivize users to try and start swapping in the platform. In the case of the liquidity pool contribution score, this is computed according to the USD value in the moment you deposit your tokens to the pool, the pool rate, and the duration of your deposit. The platform wants to incentivize the inflow of money into the platform, and to increase the contribution of liquidity into the most demanded pool (the ones with the higher volume and needs for liquidity).
  • The remaining 99% of the supply after the airdrop is for the liquidity mining allocation. This supply has a vesting period of 5 years, with the first 30% of the tokens being distributed to liquidity providers throughout the first and the rest being gradually vested for the remaining years.

NETT as a tool to influence the protocol

  • Modification to the liquidity pools: Initially, the distribution of tokens will be entirely through the liquidity mining pools initially listed in the platform (m.USDT, m.USDC, METIS, etc.). Any community member can propose the inclusion of new liquidity pools in the platform (like for instance a bridged ETH, m.ETH?). NETT holders can vote on the proposal of adding this additional pool, and the rewards allocated to it. In the same way, NETT holders and the community can prioritize adding an additional liquidity reward allocation to token swaps that they feel deserve it to incentivize depositing the asset in the platform. You see? By using their NETTs users of the platforms are able to adapt the platform to their needs.
  • Activating swap mining programs: What if users want to improve the circulating supply of NETT after the 5th year? You have NETT, you can also propose the platform to mint new tokens.
  • Stake to participate in the launchpad (a feature coming soon), and proposals for more use cases or features the platform should be invested in.



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