WaykiChain has announced that its governance coin, WGRT, will launch its IEO on crypto exchange OKEx on June 17th.
Since the past two weeks, the WaykiChain team has been subtly promoting the listing of their governance coin, WGRT. After publishing the whitepaper on May 22, the excitement from the community escalated to unanticipated levels.
WGRT has been talked about in several forums and subreddits, with many hoping to participate in the upcoming IEO even before it was even confirmed by WaykiChain.
What is WaykiChain
WaykiChain is a tech company focused on developing blockchain services worldwide. Their most prominent project happens to be a decentralized collateral lending platform that consists of three main native currencies: WICC, WUSD, WGRT.
Compared with other DeFi ecosystems like MakerDao, which are developed on the smart contract layer of the public chain, WaykiChain’s 3-Token model is developed on the bottom layer of the public chain, and thus, helps increase the security of the ecosystem.
WICC is WaykiChain’s mainnet coin, and the asset to be used as collateral when creating CDPs. Basically, the lending process requires collateralizing WICC to generate WUSD.
WUSD is the stablecoin, which is used for sending and receiving payments like digital cash across the platform.
WGRT is the hottest coin in their platform right now since it is about to be listed in one of the most recognized crypto exchanges. Moreover, it is the governance coin of WaykiChain, used in regulating the entire system.
Compared to the MakerDao DeFi ecosystem, WaykiChain has created two more tools to help increase it security.
When the overall collateral rate of the system reaches 80%, the system will immediately turn on the automatic protection mechanism and suspend all CDP-related activities to avoid Black Swan events.
And after the market stabilizes, it’ll let the community initiate a restart proposal. WaykiChain also has the world’s first currency stabilization system: a risk reserve fund, which ensures that the bad CDPs can be closed and liquidated even if the debt is insolvent.
The high security of WaykiChain DeFi system allows it to have 0 bad debt during the 3/12 market collapse while MakerDao had 40k bad debt. And now WICC has already reached 36M in our lending system, which makes it a functional DeFi system.
Why WGRT will moon
As WGRT stands for WaykiChain, governance, rights, treasure, WGRT holders enjoy the authority and the right to speak in the community when voting for adjusting parameters and operation rules. The amount of WGRT the holders have directly decides the level of rights they have in the community.
Apart from giving its holders the right to submit proposals for the system’s development, it also allows them to enjoy bountiful perks.
The whole WaykiChain ecosystem maintenance requires CDP creators to pay a stable fee or penalty fee while using the platform. These fees will be used to buy back WGRT from the market and burn them.
As a result, WGRT has a diminishing supply. This will ensure the coin’s continued appreciation in value, which translates to unending profits for the holders. The more coins they own, the more they make.
Also, The total supply is 21 billion and the circulating supply remains lower than 10% this year. As all the token distribution and lockup duration clearly stated in the WGRT whitepaper, one of the characteristics of the governance coin is that it is a highly controlled token, which in turn means your chances of winning are high if you invest in WGRT.
And unlike MakerDAO’s MKR, the supply of WGRT is capped. This means that no more WGRT will ever be created, which makes it a deflationary cryptocurrency.
Past Successful Listings in OKEx
OKEx is one of the top exchanges in terms of trading volume and listings. But more importantly, it’s token launchpad OKEx Jumpstart has given some of the largest ROIs in the history of IEOs. According to the data of Cryptorank.io, OKEx’s Jumpstart platform is among the top 4, with an average return of 603 percent of the token sales ever made.
And when previous governance coins like MKR and HDAO were listed in the exchange, their market price surged. For example, on February 25, when HyperDAO went on IEO, its price pumped 3.7x compared to its initial face value.
Don’t forget that when WICC was opened to trade, its price sharply increased 5 times and gain $1 billion in revenue. WICC price has increased tenfold at its peak and the market value was up to about $600 million. From the previous achievement of the WICC IEO, you can only imagine how surprising WGRT’s launch would be.
All things considered, it’s hard to imagine WGRT not having a successful launch. Looking back at the past OKEx IEO project performance and WICC IEO performance, WGRT could possibly pump three times its opening price. Let us look forward and see what happens.