WandX this past week made significant news towards the full launch of its unique decentralized exchange. WandX was established as a platform that seeks to provide a decentralized exchange where baskets of ERC20 tokens can be created and traded through the use of smart contracts.
The platform seems to now be well on track to meet its goals as envisioned in their whitepaper. As of writing, the first version of the decentralized exchange has been released.
Salient Features of the First Version
On this first version, users have the ability to create baskets of tokens that they can trade on the exchange, they can accomplish the following:
• Users can create and trade in token baskets such as “Decentralized Identity Tokens” and ’”Decentralized Exchange Tokens”
• Users can trade in ERC20 tokens
• The platform enables users to trade, view and settle their smart contracts
At the moment, to access the platform, you have to install Metamask. Plans are underway to allow for logins using JSON files.
ERC20 Token Baskets
These are multiple ERC20 tokens that have been lumped together and can be traded as one in a basket using an agreed price that has been derived from the individual tokens making up the basket.
To buy or sell, you need to have the basket of tokens on your Metamask account. Once you have them on Metasmask, you then go ahead and decide on the price you would like to sell the basket at.
Once you do this, you can then list it on the exchange. As a buyer, you can then go ahead and state your price for a given basket. The seller can view the different rates offered and decide on the best price to take. To purchase the token baskets, the buyers will be required to purchase WXETH and deposit this on a smart contract.
ERC 20 Tokens
Users can either buy or sell ERC20 tokens on the platform under the Trade ERC20 tokens tab. To buy these tokens, users can purchase them using ETH or native platform token WANS. There is an exchange fee discount if you opt to purchase the tokens using WAND.