WaultSwap is a decentralized finance platform that aims to make the advantages of DeFi accessible to the common people. According to the developer, this exchange is intuitive and secure and it does not have the expensive trading fees and complex interfaces seen in other platforms. It was launched in the first quarter of 2021.
Let’s look at the key features of this DEX:
- Cryptocurrencies supported
This platform supports popular as well as lesser-known tokens when it comes to conducting swaps. Some of the supported tokens include BNB, AUTO, BEL, BUSD, CAKE, DOGE, and DOT.
- Native token
There are two native tokens for this exchange. The WEX token is the farming token and users can stake it or earn it through farming pools. On the other hand, the WAULTx token is used for governance purposes. For the Polygon network, the foundational token is called WEXpoly, which is similar to WEX.
- Funding methods
For conducting swaps or providing liquidity, you must have enough coins in your wallet. Make sure to buy coins from other exchanges accepting fiat currency, if you don’t have enough.
- Wallets supported
You must connect your wallet to the DEX before you can take part in any activity. The wallets supported by the exchange include ONTO Wallet, Binance Chain Wallet, WalletConnect, and Metamask.
How does WaultSwap work?
This exchange allows for the following:
- Swap tokens
You can effortlessly swap one coin for another in exchange for a small fee. If you wish, you can adjust the slippage tolerance and the transaction deadline.
- Mine liquidity
You can add liquidity to several pairs on this platform. This gives you a lucrative APR as well as WEX tokens. Each project launched through the Wault Launchpad has its own LP.
- Staking pools
By staking WEX and WAULTx, you can get attractive rewards from the WaultSwap contract.
- Lock liquidity
This platform has a decentralized app known as Wault Locker. Here, you can lock liquidity for a fixed time period. For each liquidity lock, there is a service fee equal to 0.20% of the total tokens locked. The liquidated tokens are used for buying back WAULTx, ensuring its price value is maintained.
- Yield optimization platform
These are vaults where anyone can deposit funds. They currently work on fixed strategies, however, in the future, they will function as automated yield generators. Once the strategy is approved by the admins, you will get a wallet receiving a portion of the vault’s income.
What can you buy on WaultSwap?
This DEX operates on the Polygon and the Binance Smart Chain network. The most popular tokens on this exchange are BNB, ADA, BUSD, CAKE, DAI, DOGE, DOT, ETH, MATIC, TUSD, USDT, and WUSD.
Is WaultSwap safe?
The smart contract of this platform has been audited by several security agencies like RD Auditors, Certik, Slowmist, Hacken, and Inspex. They did not find any critical or severe issues during the audit. There is the risk of impermanent loss for yield farmers. This platform has a bug bounty program where individuals can report bugs to the dev team in return for compensation.
Since this is a newly-launched exchange, there are no customer reviews on third-party websites. It is clear that not many crypto traders are currently conducting trades through this platform.
WaultSwap fees, compatible wallets, and transactions
The trading fee for this platform is fixed at 0.20%. You can connect wallets like Metamask, Binance Chain Wallet, ONTO Wallet, and those that are compatible with the WalletConnect software.
What are the ways to trade on WaultSwap?
To trade tokens on this platform, you need to navigate to the Swap section. Here, you can connect your wallet and start trading. First, you need to select the token you wish to swap and the one you wish to receive. After selecting the swap pair, you will be able to see the minimum received amount, the price impact, as well as the liquidity provider fee.
At this moment, there is no dedicated customer support team for this platform. If you require help, you can check the docs shared on the website. Alternatively, you can join the Telegram and Discord channels to seek help from the community.
Should you trade with WaultSwap?
WaultSwap summaryWaultSwap summary
- Low trading fees
- Earning opportunities in vaults
- Community-driven protocol
- No dedicated support team