WagyuSwap Decentralized Exchange Review

WagyuSwap is a decentralized exchange that was launched in 2021. It runs on the fastest blockchain in the world, Velas Chain. This, according to the vendor, automatically makes WagyuSwap the quickest DEX in the market. The platform also utilizes the power of the Solana codebase and EVM compatibility to convey an excellent DeFi experience. 

WagyuSwap overview

The exchange includes some interesting features, which we have summed up below: 

• Offers instantaneous cross-chain transfers

This feature enables users to bridge tokens to all EVM compatible chains effortlessly in the fastest way possible. 

• Low transaction costs

WagyuSwap claims to charge the lowest trading fees in the entire DEX ecosystem. 

• High staking and farming yields

The platform guarantees appealing staking APYs and juicy farming rates to all DeFi users.  

How does WagyuSwap work?

The DEX supports the following activities:

• Creation of liquidity pools
• Farming
• Trading
• Swapping
• Buying lottery tickets to earn rewards

What can you buy on WagyuSwap?

Here is a list of the tokens you can transact with on the exchange:

• VLX
• ASTRO
• BITORB
• BUSD
• DAI
• ETH
• SCAR
• SWAPZ
• USDC
• USDT
• USDV
• VDGT
• VLXPAD
• WAG
• WBTC
• WVLX

Is WagyuSwap safe?

The devs assure us that the platform is safe, thanks to the audit Solidity Finance conducted on it. They point out that no security issues from outside attackers were identified. A detailed report of the audit is available on the DEX’s documentation for your consumption. Besides, all trades occur via interactions between WagyuSwap and your own wallet, so there’s no KYC or infringement of your privacy. In effect, your funds are only accessible to you and no one else, minimizing any chances of losing them through hackers. 

WagyuSwap fees, compatible wallets, and transactions

The devs have only integrated a single wallet into this exchange—MetaMask. This wallet plays a key role in helping users interact with the Ethereum blockchain. You will incur transaction fees for performing some activities on the exchange. For instance, when you swap a token, you will be required to pay a 0.25% trading fee.  Part of this fee (0.17%) will be sent to liquidity providers, another 0.03% will be sent to the WagyuSwap treasure, while the rest will go into purchasing WagyuSwap to burn.

 If you participate in the lottery, then be prepared to pay fees for tickets purchased. The cost of buying a single ticket is equivalent to the normal fees charged for a transaction. Nevertheless, purchasing more tickets increases the fees. 

What are the ways to trade on WagyuSwap?

There are numerous trading activities you can engage in on the platform to increase your income. We explain them below: 

• Create and provide liquidity

When you add tokens to your liquidity pool, you will get LP tokens, which will yield you a share of the trading fees when other traders use your pool. 

• Stake tokens

The DEX provides a mechanism for users to trade one VEP20 token for another through the use of its automated liquidity pool. Amazingly, holders of the platform’s native token ($WAG) can stake it for free and increase their chance of earning tokens worth millions of dollars weekly from top projects on the Velas chain. 

• Farm

WagyuSwap makes it possible for you to take your LP tokens in order to stake them and earn an additional $WAG as a result. You may lock your tokens into a smart contract so as to reduce your risk of impermanent loss. 

Customer support

You can contact the support team directly with your enquiries through email. For more info about the features of the exchanges, it is advisable that you take a look at its documentation. Here, you will also find several blogs that cover an array of topics about this DEX. Following the platform’s official channels like Twitter, Telegram, and Medium can help you keep tabs on what the vendor is doing on the ecosystem. 

Should you trade with WagyuSwap?