- You lock WSF (any period from 1 day to 4 years) in the WSF Bank to receive xWSF token as a receipt. (Proportionally, the longer you lock, the more xWSF you will receive. A 4-year lock will give a 1:1 ratio of WSF to xWSF conversion.)
- By just holding xWSF, everyday you get BUSD reward from 4% WSF trading volume, plus 1.16% WSF interest (auto-compound to 6,633.17% APY for you). You will get back your locked amount after 60 days if you lock for 4 years.
- BUSD rewards are calculated based on your proportion percentage of the overall xWSF in circulation, this percentage gives you a proportional access to the funds accumulated from the pool collected from the 4% WSF trading volume, accumulated from the buy & sell tax.
- xWSF holders can vote in WSF DAO governance for important factors such as transaction tax change...
- You can unlock xWSF before time but 80% of your locked WSF will be burnt.
How does WSF Bank play a crucial part in keeping WSF value sustainable long term?
- The more people that lock their WSF to xWSF, (usually from 2 weeks to 4 years), the fewer WSF tokens are in circulation. The price of a token is based on supply/demand. So xWSF will help reduce the supply and increased the demand of WSF as new investors will have to purchase from the limited supply in circulation, this will support the WSF price, long term.
- The more WSF that is locked, the less new WSF is printed. This is due to the fact that when you lock your WSF to xWSF you receive the BUSD from the 4% of WSF transaction volume and about 1.16% WSF rewards everyday compounded to 6,633.17% a year. If you don't lock your WSF you will receive 2.5% rewards everyday. So 50% less WSF is printed for all locked xWSF which means less inflation.
- xWSF is a way for WSF holders to receive BUSD rewards, this means that holders don't need to sell their WSF to take profits or, if they do sell to take profits, they will sell less to realize their profit when added to the accumulated BUSD. So less selling pressure means better support price.
- Many people will appreciate their income in BUSD because it feels safe being pegged to the USD. Rewarding BUSD in this market makes WSF more attractive in the eyes of potential buyers, raising buying pressure and lowering selling pressure is achieved and this is very important for the project long term.
- New users will be comforted to see the diamond handed mentality of the WSF userbase, knowing that so many users have put such trust into a project, for such an extended period, in a climate where projects are failing after a few weeks, knowing that there is a strong core base of long term investors, who have locked their $WSF for years, guaranteeing the foundation of the project, will help to stabilize and grow the value of the token over time.
Summary: As you can see by locking you WSF in the WSF bank, not only benefits you (return within 60 days) but also benefits all WSF holders and provides a great sense of community and longevity for new people entering into the system.
The locking period will range from 1 week to 4 years, the basic idea is the longer the time you lock, the higher the number of xWSF you will have. You can only keep or increase the lock time, you cannot lower your lock time.
So before you lock your WSF you should consider how long you will commit your WSF to this function.
You can unlock your xWSF to WSF before the time ends but you can only receive 20% of what you locked, the rest, the remaining 80% will be burnt.
Therefore before locking your $WSF you should also decide how many percent of your WSF will be used to lock for xWSF to receive passive income in WSF and BUSD.
When you calculated the percentage, let's say for example that we will lock 30% of our total WSF, you should then decide how long you will lock your 30% WSF for xWSF.
If you lock the WSF for 4 years, your exchange of WSF for xWSF will be 1 WSF is equal to 1 xWSF
if you lock your WSF for 1 year which is equal to 365 days, 1 WSF = 365 / (365*4) = 0.25 xWSF
Of course if you are not satisfied, you can increase your lock at anytime to receive more xWSF.
The rewards depend on 2 factors.
The first is daily volume.
The second is your share percentage of the total locked xWSF
If the daily volume is high but the number of locked xWSF is also high your rewards might be lower than on other days, but during this time you will still be getting your daily rewards paid out in WSF equal to 1.16%.
If the daily volume is high and the number of locked xWSF is low meaning you can have a larger percentage of the total xWSF you will receive a larger share of the rewards, and will also continue to receive your daily payout of 1.16% WSF also.
As you can see your daily takings in BUSD depend a lot on daily volume and how others are engaging with the WSF bank on a daily basis.
The beauty of WSF Bank is there will be a period of fluctuation in the early days as things settle down, but as the nature of the token will push people to lock their tokens for the maximum amount of time, this will mean a large percentage of all tokens will be locked, so will not fluctuate daily, this means that over time the amount of BUSD received by a user will also level off over time, as people find a spot where their BUSD rewards satisfies their requirements.
WSF Bank Wallet Address: 0xEF0935155365db7496304bedc964470C589b9916
xWSF Token Address: 0x9B0A47317c43A507D6614202F03Eb0C533FE85b4