PRESS RELEASE. TALLINN, Estonia, Nov. 10, 2020 – Leading cryptocurrency exchange WhiteBIT has launched WhiteSwap, a decentralized exchange (DEX) on Ethereum that gives control to the community. WhiteSwap aims to improve upon Uniswap V2 by giving 87% of governance tokens to the community, publishing a public vesting schedule for team and advisor tokens, and planning a cross-chain solution.
Access the WhiteSwap DEX here: https://ws.exchange/
“The DeFi (DEX) market has two weaknesses: the first one is that projects are not truly decentralized, and the second one is that there are very few decent smart contract developers on this planet. WhiteSwap aims to fix this: we’re completely decentralized. Our talents have proven their worth as developers in the cryptocurrency market for the last 5 years.”
– Vladimir Nosov, WhiteBIT CEO
How is WhiteSwap Different?
WhiteSwap is an automated market-making (AMM) decentralized exchange (DEX) currently on the Ethereum blockchain, forked from Uniswap V2. The decentralization of Uniswap V2 has been publicly called into question, especially since Uniswap’s team and investor funds have no lockup or vesting schedule. In contrast to Uniswap, WhiteSwap governance tokens (WSE) are locked on smart contracts and will be released into circulation over time (see the “WSE Token Details” section for allocation and vesting schedule).
From the start, WhiteSwap’s smart contract code may be upgraded by a governance vote. To enhance functionality, WhiteSwap is also planning to implement a cross-chain solution (likely via Polkadot) as soon as possible.
WSE holders will have immediate ownership of:
- WhiteSwap governance (implements updates for the protocol functionality)
- WSE community treasury
- The protocol fee switch
- WhiteSwap Default Tokens List
Initial governance parameters are as follows:
- 0.5% of WSE total supply (delegated) to submit a governance proposal
- 4% of WSE supply required to vote ’yes’ to reach quorum
- 7 day voting period
- 2 day timelock delay on execution
WhiteSwap Governance Discourse Portal: https://gov.ws.exchange/
WhiteSwap Governance Voting Portal: https://ws.exchange/vote
WSE Token Details
WSE token contract address: 0x97a527283C6C6E6b9D82fdC720496B8873EC86a0
1 billion WSE have been minted at genesis and will become accessible over the course of four years. A perpetual inflation rate of 2% per year will start after four years, ensuring continued participation and contribution to WhiteSwap.
The initial four-year allocation is as follows:
- 87% to WhiteSwap community members: 870,000,000 WSE
- 10% to team members with four-year vesting: 100,000,000 WSE
- 3% to advisors with four-year vesting: 30,000,000 WSE
Team and advisor tokens are subject to vesting, according to the following vesting schedule:
Team Funds Allocation
(Year – Funds Allocation – Distribution %)
Year 1 – 50,000,000 WSE – 50%
Year 2 – 16,666,667 WSE – 16.67%
Year 3 – 16,666,667 WSE – 16.67%
Year 4 – 16,666,667 WSE – 16.67%
Advisor Funds Allocation
(Year – Funds Allocation – Distribution %)
Year 1 – 7,500,000 WSE – 25%
Year 2 – 7,500,000 WSE – 25%
Year 3 – 7,500,000 WSE – 25%
Year 4 – 7,500,000 WSE – 25%
WSE Community Treasury
WSE will vest to the governance treasury on a continuous basis according to the following schedule.
(Year – Community Treasury – Distribution %)
Year 1 – 348,000,000 WSE – 40%
Year 2 – 261,000,000 WSE – 30%
Year 3 – 174,000,000 WSE – 20%
Year 4 – 87,000,000 WSE – 10%
An initial liquidity mining phase begins on November 10, 2020, 10:00am UTC. The initial phase will run until January 10, 2020, 10:00am UTC, allocating 45,000,000 WSE and targeting nine trading pools. The remainder of community treasury tokens will be allocated based on governance proposals approved by voting.
WhiteBIT is a centralized crypto-to-fiat exchange with a team of 80+ members. At the date of this publication, WhiteBIT has 300K+ users in Europe, Asia, and the CIS countries and such partners as Dash, Tron, Matic, and others. WhiteBIT’s top priority is safety. It supports 160+ trading pairs with crypto and fiat with one of the lowest trading fees in the industry.
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