How I doubled my deposit using the WOWswap protocol


Profile picture of Andrey Chekanov HackerNoon

Andrei Chekanov

DeFi degen and enthusiast

👋 Hello, young people!

🥵 What do you think of the events of the past few days? Many of my friends have lost a huge amount of money. Especially those who were heavily subscribed to the Terra ecosystem feel sorry.

I never liked the idea of ​​algorithmic stablecoins and huge profits in the Anchor protocol. To me, it seems obvious that when the protocol needed to recruit new users, a return of 20% per year would bring in about $100-200 million per year for early risers. However, when the amount of funds locked on the platform reached $14 billion, dragging the unbearable burden of $3 billion a year became an impossible task for the Terra ecosystem. We have seen where this is taking us.

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Fortunately, I was spared from all this unpleasant situation. I withdrew my funds from Anchor immediately after the first alarm bell. lose a few percent of my deposit. Also, over the past year, the most interesting things have happened to my depot not in Anchor, but in a completely different place. Where?

In the WOWswap DeFi protocol. Now, without going into the details of the functionality of the protocol, I will tell you how the (almost) passive earnings system of WOWswap works.

The essence of the WOWswap earning method is as follows – this protocol allows traders to trade with leverage. Accordingly, some users can transact by borrowing money from the pool at a certain percentage, while other users can lend their money to the pool and earn on it.

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The calculation is based on the hourly rate. The size of the fare is determined by the $WOW token holders.

Example: The hourly rate is 0.1%. It turns out that if a trader takes funds from the pool for 24 hours, he will have to return 2.4% of the amount taken. In this case, the members of the pool receive a daily return of 2.4%, divided among the participants.

The most popular is the pool with $BUSD – on average, the return there reaches 40-80% per year. However, in WOWswap there are often opportunities to place the best altcoins with an annual return of more than 1000%!

Most of the time I keep my money in the pool of $BUSD (40%-80% APY). At the same time, thanks to the low commissions within the Binance Smart Chain network, in the event of a high APY on any asset, I instantly transfer my $BUSD to that asset without big losses. The exchange can be made within the WOWswap platform.

So I started this year by investing a $10,000 test in WOWswap. Let me remind you that if there are no super profitable deals, I held them in $BUSD at 40%-80% APY.

💰A total of 13 days WOWswap gave over 1000% APY on $BTCB – a total of 42% deposit increase

💰A total of 11 days WOWswap gave over 500% APY on $ADA – it brought 16% to the deposit

💰A total of 16 days WOWswap gave over 250% APY on DOGE – it brought 11% to the deposit

💰A total of 15 days WOWswap gave over 220% APY on $AXS – it brought 9% to the deposit

💰A total of 14 days WOWswap gave over 280% APY on $XRP – it brought 11% to deposit

💰A total of 8 days of WOWswap giving over 600% APY on $ETH – this brought 13% to the deposit

😮In the end, my $10,000 turned into… $22,000. On one platform. The amount turned out to be slightly less than if you could simply multiply the values ​​above – this turns out due to the transfer fee accounting, as well as the nuances of the protocol scheme and the volatility of the token native $WOW in which the rewards are paid. But I think the result is awesome.

Will this attraction of incredible generosity on WOWswap continue? Maybe until the project doesn’t reach critical TVL mass, like it did with Anchor. So if you like this kind of income, welcome. then share the results after one year.

Important – APY percentages in pools are highly variable. To keep users informed, WOWswap developers have created a convenient notification system via Telegram or email. Be sure to set it up and then you won’t miss any profitable deals.

As always, the above is not a financial recommendation, but my personal experience. Where and how to invest your funds is up to you!

💪 Enjoy everyone!

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