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…