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WandX, a decentralized exchange (DEX) currently operating on the Ethereum blockchain, has announced the upcoming launch of a NEO counterpart. The NEO DEX began development in February, and the WandX team aims to have a functional beta on the NEO TestNet by August 26th.

The Basket Protocol

The WandX exchange on Ethereum initially began development in September 2017. The team launched the beta version in March, and the fully fledged ERC-20 token decentralized exchange in May.

The core goal of the WandX team is to provide a trading experience similar to that of a centralized exchange, whilst leveraging the security benefits offered by a decentralized platform. One tool they are using in an attempt to achieve this is a unique feature they refer to as the Basket Protocol.

The Basket Protocol allows users to create baskets of ERC-20 tokens, which can then be traded with a single click. Users can select their own tokens and specific quantities of each, and then store them within a smart contract ready for sale. Other users may then track the performance of that basket, or purchase it with a single click.

This is designed to allow users to buy multiple tokens in a single transaction, providing a smooth and simple buying experience. Baskets can currently be created from any ERC-20 tokens, which, for example, could be based on a specific theme, or used to produce a recommended portfolio. The basket creator can define their own price for the basket, allowing them to potentially add a markup for a portfolio that is performing well.

WandX Founder & CEO Abhinav Ramesh commented: “The original idea for creating a decentralized exchange with a protocol for trading baskets of tokens started last year when I attended a Hackathon. Me and a couple of people teamed up there, and there we saw a potential to create a layer on top of these assets that enables you to create an equivalent of a derivative in the financial world.”

Desktop Wallet & NEO DEX

The release of the NEO DEX beta coincides with the release of the WandX desktop wallet, which will support both the ETH and NEO DEX versions. The desktop wallet will allow users to import existing wallets, create new wallets or log in using a Ledger device.

The WandX team opted to launch on NEO due to its goal of supporting interoperability between blockchains, and also due to the large number of projects launching on NEO. CEO Abhinav Ramesh noted: “We saw there was a potential to create a single platform that enables users to trade on a decentralized exchange across blockchains.”

Unlike the ERC-20 WAND token, which only provides trading fee discounts, the NEP-5 counterpart will have an additional staking feature. Users will be able to stake WANDNEO tokens to gain a percentage of all fees generated by the platform, paid out every 2 months.

All existing WAND token holders will receive WANDNEO in a 1:1 ratio having signed up for and installed the WandX desktop application, and newer users will be given 300 WANDNEO tokens. This sign up period has now been completed.

WandX are aiming to launch the MainNet version of its NEO DEX on September 6th.

More information on WandX can be found at the links below.