WanSwap is a pure community driven Defi project built on wanchain, and i shall say it is also the first crosschain swap application with crosschain assets are supported on it.
Speak of crosschain Defi, here’re some thoughts: With the upcoming launch of wanTokens on Ethereum (Wanchain 5.0’s Storeman Node Bridge powered cross-chain assets), you may be wondering why and how we are bringing wanTokens to Ethereum, and how they fit into the current landscape of cross-chain assets.
We have all been witness to the recent DeFi explosion, however that rapid growth has begun to hit some speed bumps. There are many reasons behind this decline, but one very important one is a lack of high quality assets on Ethereum itself. On Compound.Finance, there are only seven supported assets: BAT, DAI, ETH, USDC, USDT, wBTC and 0X. Among them, three of them are stable coins, and one is from another blockchain. This is despite the fact that there are over 10,000 other ERC20 tokens on Ethereum.
This clearly illustrates the problem that Ethereum assets alone cannot sustain the DeFi ecosystem. Here at Wanchain we have anticipated this issue, and it is why we have spent the last 3 years developing a decentralized crosschain mechanism which enables native tokens on other public chains to swim into Ethereum DeFi in the form of wanTokens. The first wanTokens to launch on Ethereum will be wanBTC and wanEOS, and will soon be followed by wanXRP, wanDOT, and many more.
Given the demand for more high quality assets from other chains on Ethereum, we expect that quite a few DeFi protocols will be eager to include wanTokens into their system. We envision wanBTC and wanEOS being used as collateral on protocols such as Compound or Cream for lending and borrowing, and in asset pools on Curve or Swerve and many others. The inclusion of a diverse array of high quality assets from other chains would give any DeFi protocol a big competitive advantage.
What WAN networks did for data and knowledge, Wanchain predicts their cross-chain infrastructure will do for decentralized financial applications (DeFi)
wanBTC and other wanTokens like wanEOS, wanXRP or wanDOT are all completely decentralized crosschain assets secured by the Storeman mechanism.