Full description of WYZTH
WYZth is a utility
Token (?) released by the platform with the same name. It is a TRC-20 token created on the basis of the TRON blockchain. WYZth serves as traditional currency and can be used to pay for transactions and get access to a range of services on the platform. The token supports the protocol of the ecosystem. The company behind the platform is based in Haverhill, Suffolk, as mentioned in the official WYZth LinkedIn account.
With the help of the token, users can cover the costs of services on the eCommerce marketplace, e-sports, sports betting, casino games, and an extensive number of applications in the
Decentralized (?) finance sector (swapping, yield farming, lending, and borrowing, etc.).
The main goal of the WYZth platform is to create one
DeFi (Decentralized Finance) (?) ecosystem to increase profit and achieve the goals easier, without a time-consuming process. The developers try to create easy transaction options in the ecommerce and e-sport segments.
WYZth token
Using the WYZth token, members of the ecosystem can optimize their idle
Cryptocurrency (?) assets and earn interest by participating in investing and buying different products developed by the platform. Using the utility benefits of the token, the holders can get seamless access to the programs and activities within the community. The storage and transfer of tokens become easy with numerous products built into the system. Developers integrate the token in top e-commerce marketplaces where the members of the community can purchase and sell products using WYZth tokens for deals.
WYZth platform
In July 2021, the WYswap service was launched to alleviate crypto-to-crypto exchange. The members of the community have full control over their funds and data. WYZth features a constant and transparent system without centralized authority, hidden discrepancies, and charges.
Also, in July 2021, the platform integrated the best grocery shopping platforms such as Big basket, and Big bazaar to deliver the best grocery shopping experience in WYshop for its customers. WYshopping positions itself as the first Indian eCommerce platform where consumers can shop with crypto.
WYZth DeFi Ecosystem includes such components as DeFi swap, DeFi Yield Farming, DeFi lending and borrowing, DeFi stablecoins, and DeFi synthetic assets.
DeFi swap is a decentralized
Exchange (or Cryptocurrency exchange) (?) where ERC-20 tokens and synthetic tokens can be traded automatically. Powerful and efficient AMM-mechanism was embedded to empower swapping. The transactions are carried out instantly and efficiently without the involvement of centralized authority or any intermediary.
Customers of DeFi swap can select among two different options. They can become participants of the existing pool and promote liquidity or can create a liquidity pool of their own. Apart from trading profit, liquidity providers (LPs) and WYZth token holders can also benefit as they get a part of the transaction fee. The system promises zero risk, high returns, and low fees. Traders take advantage of operations without liquidity concerns.
WYZth’s DeFi yield farming is based on the protocol functioning without an order book that helps users to benefit from the automated liquidity and generate passive income. Farmers earn via incentivized tokens and numerous interests from decentralized protocols. At this, they have maximum percentage gains and numerous re-investment opportunities.
WYZth lending and borrowing
WYZth platform also offers decentralized lending and borrowing protocol that is based on algorithm-based DeFi money market protocol. It enables lenders and borrowers to take out or borrow cryptocurrency loans. The facility enables frictionless supply or lending of cryptocurrencies as collateral. It’s possible to borrow funds with interest rates provided by real-time supply and demand.
The system is not based on peer-to-peer technology and, actually, the parties don’t connect with each other dealing with the protocol. One party supplies its assets to the protocol, while the other party gets access to the supplied assets and borrows from the protocol. The debt with the interest added to the amount is reimbursed to the protocol as well. There is no need for a lender to wait for the repayment on a due date.
Such a process has removed numerous tedious concerns from the lending and borrowing procedures. This is a more efficient use of funds since users’ assets frequently remain idle on wallets and exchanges and don’t bring interest to their owners. If an asset is not invested, it is possible to lend it using the DeFi money market protocol. The benefits include the lack of credit risk, automated liquidity, and periodic adjustment of interest rates to comply with the market conditions. The WYZth lending protocol doesn’t have a lockdown period which means that it’s possible to withdraw your assets when you wish. The repayment is also available at any time.
Interest rates depend fully on supply and demand and vary according to it. It affects the amount of liquidity as well. With a higher level of liquidity, the interest rates become lower. As for the borrowing mechanism, it is rather simple. Members of the community have to deposit collateral to be eligible to borrow from the system. Borrowers will get the collateral back after the repayment of the debt. The collateral, which is also volatile, can’t be retrieved after the liquidation that occurs when its value goes down below a certain threshold.
Using the borrower feature, the members of the system can borrow synthetic tokens using the collateral and pay interest on the debt. It’s also allowed to trade the borrowed tokens in a swap and even lend them via the lending protocol.
Though the interest rate depends upon the liquidity in the pool for borrowers, it pertains to the earn rate for lenders. This is how the automated algorithm of WYZth tries to protect the liquidity reserve to deliver the warranty of withdrawal at any time.
When lending their assets to the WYZth platform, lenders get synthetic WYZth tokens that represent their balances during the interaction with the WYZth liquidity pool. Thus, the underlying asset enables to earn interest and become collateral if needed.
WYZth security
Incorporating cutting-edge technologies, the team has managed to develop the system with a robust infrastructure based on underlying
Blockchain (?) technology, which is shielded by a crystallography firewall. Also, the influence of internal systems contributes to robustness such as smart contracts, decentralized networks, and multi-nodal operations.
- Exchange symbol (?): WYZ
- Cryptocurrency type (?): Token (?)
WYZTH for developers
WYZTH social sites
Source: NOMICS
