WigoSwap’s 1st AMA: A brief on GBM, Team, Security, and much more

Good day everyone! Hope everything is fine.

We announced our 1st AMA yesterday, received +50 questions, and selected the most repeated ones to answer. This AMA is really important to us, we tried to cover the most important subjects that lead everyone to know WigoSwap better.

We invite our investors to read all answers.

Q1: What makes WigoSwap different from other solutions? How will GBM help WigoSwap to compete in this market? Why do you use “Gamified” in this definition?

A: WigoSwap started with a problem: A DeFi protocol is completely dependent on liquidity providers who need the motivation to stay. Motivation and incentives are almost dependent on protocol governance token and its value. To be able to keep everyone motivated we need to:

1- Benefit from a hard-cap, so that the WIGO token can remain valuable forever

2- Avoid running out of rewards and reaching 2B hard-cap

We have implemented a completely different burning mechanism in which tokens do not just transfer to a dead address, but a real de-mint process happens and results in reducing total supply. It means that WigoSwap can continue minting tokens by constantly and automatically de-minting them. With the help of this mechanism, we will never reach the 2B hard-cap.

So, what is GBM and how does it help? Gamified Burning Mechanism comes in by utilizing the burning function through increasing activities on the platform and boosting the burning process. GBM has multiple phases on our roadmap starting with simple functions like un-staking and swapping fees. As we move forward, you will see more sections on WigoSwap using GBM to speed up WIGO burning.

The interesting part begins when we start implementing games on WigoSwap that use GBM in their core. These games might be developed by WigoSwap or other teams that are interested in launching games through WigoSwap IDO launchpad on the Fantom blockchain. Also, we will have incentive programs shortly for developers to motivate them to create new games on Fantom. That’s the real point where we create a massive connection between DeFi and the game and they will benefit each other.

But, GBM is not the ultimate purpose of WigoSwap. We use this mechanism for creating a sustainable DeFi hub with 1M WIGO burning per day to start the second and main part of the show: Turning into the pioneer launchpad and audit platform for real-world applications running on Fantom. Blockchain startups worldwide would be able to apply for an IDO and fundraise on WigoSwap if they meet our criteria. We will implement an accurate, business-experienced-based, and challenging process for teams who want to have IDO on WigoSwap, so the investors can make sure they are putting money into something which will most likely succeed.

To make a long story short, WigoSwap is far beyond a DEX or simple DeFi protocol. We are designing an ecosystem that can make the world a better place, with the help of blockchain and Fantom’s incredible performance.

Q2: Who is the team behind WigoSwap?

A: We have a short and a long answer to this question.

1- Short answer: We are anonymous, and we will remain.

2- Long answer for those who need more explanation:

Let’s start with the definition of Decentralization on Wikipedia:

“Decentralization or decentralization is the process by which the activities of an organization, particularly those regarding planning and decision making, are distributed or delegated away from a central, authoritative location or group.”

Decentralized Finance (DeFi) inherits this definition too. When a DeFi protocol is affected by a central, authoritative location or group, it’s not decentralized anymore. We, all blockchain enthusiasts, know Bitcoin as a decentralized currency and support its philosophy. Bitcoin is not affected by a central, authoritative location and group. If it wasn’t decentralized, won’t have existed today.

We at WigoSwap believe that pure decentralization is crucial for a DeFi protocol where people’s assets are included. We are trying to create a product that would be completely decentralized and sustainable LIFETIME. WigoSwap has considered everything to gradually devolve protocol to community and users in long term.

We believe in one thing: It’s the product and strategy that should talk, not the team.

If you want to trust in WigoSwap, do your research, and check out the quality of operations, product, perspective, and security measures that we have considered. If you are convinced, invest in WigoSwap. If not, we are completely sure that you will trust us over time because we deeply believe in what we are doing.

After all, we would like to give a brief explanation about the team. Knowing about the structure and people working on the product (not necessarily the identity of the individuals) makes investors more optimistic about the future of WigoSwap.

At the time of writing, we have 12 people all over the world (Europe, Asia, and America) on the team, and growing fast. Including these roles: Engineers, Product Manager, UI/UX Designer, Marketing Manager, Branding Strategist, Social Media specialist, Blockchain Researchers, Fintech expert, Data scientist, Business Development, and Legal Counsel.

All team members have deep experience in startups, blockchain, and entrepreneurship. As we claim to be decentralized, we have no first person on our team and weighted votes make all decisions.

Q3: Without KYC, how should we trust in WigoSwap? What have you done to ensure security?

A: First of all, KYC does not mean security in a decentralized environment. With a little research, you can find many examples of unfortunate events in projects that had KYC too. Security is far beyond names. We have considered many standard factors which guarantee the security of a DeFi protocol and course, we will do anything more than that to prevent any unwanted event. In the following, we will refer to the cases in which we acted strictly:

1- WigoSwap has been under a security audit by CertiK, a pioneer in blockchain security. You seldom see a blockchain project audited by a credible organization before the official launch. WigoSwap is also under CertiK’s 24/7 security intelligence engine (Skynet):

https://www.certik.com/projects/wigoswap

2- To achieve maximum transparency, we have published all our smart contracts on GitHub. Contracts are verified on FTMScan so that all of the operations are crystal clear.

3- Locking initial liquidity LP tokens is an important factor to make a DeFi protocol safer. This has been one of the most threatening rug pull methods in DeFi. We have locked 100% of initial liquidity LP tokens for 365 days:

Link on FTMscan: https://ftmscan.com/tx/0x47e0c57c360b64a1e0be3696623bb8144ace737d433e6d83f9796e05007c7c41

4- All WigoSwap contracts are non-upgradeable.

5- All WigoSwap contracts have zero pausing functionality of any kind.

6- Prices of tokens are based on the state of their respective pairs only. No outside Oracles are used for any aspect of the WigoSwap.

7- ZERO admin privileges to affect user funds. Admin privileges consist only of administrative things such as changing farm weights or adding new farms.

8- We will announce bug bounty programs shortly.

9- We invite all blockchain experts to challenge us, it will make us better and safer.

Q4: What are those non-resolved issues on CertiK’s report?

A: Please download and read the complete PDF audit report on Certik’s website: https://www.certik.com/projects/wigoswap

Our explanation on every issue addressed by Certik’s exist in the file by details.

Q5: Do you have any plans for burning tokens?

A: Our most important target is to reach 1M token burning per day by GBM. Any other burning plan would be considered based on the situation.

Q6: Do you have any plans for listing on big CEXs like Binance?

A: As you know, we are in the early days. WigoSwap has been launched just a few days ago and it’s a little soon to talk about listing on Binance. But when a project grows, it will get listed on every available market. Currently, we have proposals from some CEXs and we are reviewing their requests.

Q7: Will you have NFT or NFT marketplace:

A: Every new tool on WigoSwap is aligned to help GBM. We will have an NFT marketplace but not like what you can find these days. We do not enter new fields immediately, but when the decision is made you can expect something different from us.

Q8: What is your plan to prevent a price dump when distributing airdrop tokens?

A: As we have announced lately, airdrop tokens are locked and will be distributed in 5 months. It would not have a big impact on the price at that time due to our total supply.

Q9: What is your plan to control inflation?

A:

1- We have a marketing plan to make wide awareness about WigoSwap even on other blockchains. When more people know about WigoSwap, normally demand arises.

2- We will keep on building to boost GBM and reduce total supply.

Q10: What is your plan for using Fantom incentive?

A: We have applied for Fantom incentive program and in case of approval by Fantom, it takes at least 2 months to receive the fund.

At that time, we will use the fund to develop our team, speed up our development, and use it as incentives for game developers to come and build on Fantom using GBM.

Q11: Would you have partnerships?

A: Our business development experts on our team are evaluating any partnership opportunity. We will do anything to make WigoSwap a better player in the market, with or without partnerships.

Q12: Why didn’t you do the AMA live on Discord to Twitter Space?

A: We believe this AMA is the most important one that we will have on our way. We preferred to answer all questions with accuracy and be comprehensive. Answer to some questions is so important that should be clear and referable. So, what’s better than text?

As soon as we add our qualified community manager and spokesman to the team, we will participate in non-text programs too.

A great thanks from WigoSwap’s team to everyone who submitted questions in our 1st AMA.