DeFo (Decentralized ForEx) combines the power of DeFi tools with classic Forex markets. The DeFo interface provides an opportunity for the exchange (swap) and staking of algorithmic stablecoins pegged to world currencies and based on Neutrino protocol. In order to navigate to this section, you need to go through the following path: Trading > Swap DeFo.
Such type of exchange provides reliability, transparency, and nearly unlimited liquidity at a predetermined rate. For example, WX.Network users already can exchange XTN (soft-pegged to the USD) for EURN (soft-pegged to the Euro) or JPYN (soft-pegged to the Japanese Yen) and vice versa, and the exchange process happens instantly. All stablecoins are pegged to their fiat analogs in relation to 1:1.
The current exchange rates of some stablecoins for others are regulated by the Smart Contract. These rates are tied to the rates of their fiat counterparts in the Forex market and updated once a minute. If your swap was received at the time of the rate update, it will be resolved at the updated rate, which may differ from the previous one.
Important: on Saturday and Sunday from 00:00 (UTC+03:00 Moscow) to 23:59 (UTC+03:00 Moscow), the exchange rates are stable and do not change.
There are fees associated with the use of the DeFo also. These are the transaction fee that the account owner pays to send a transaction on the Waves blockchain; the Liquidity Provider Fee fee that is charged for each transaction and sent to liquidity providers as a reward, according to the protocol; the Primary Collateral Fee is a fee of each swap that remains on the contract as primary token collateral; the Protocol fee is a fee from each swap that is sent to the NSBT pool to maintain system stability. It is distributed among NSBT holders who have staked their NSBT. Liquidity Provider Fee, Primary Collateral Fee, and Protocol fee are included in the total amount displayed in the "I receive" field.
In addition to the fact that you can buy XTN on the exchange, there are two more ways to quickly and conveniently get XTN for its further exchange for stablecoins in the DeFo interface. You can buy XTN using your credit card. The purchase process is described in detail in the article - Buy XTN with a plastic card.
In addition to the obvious way of making money using stablecoins - "profiting from exchange rate differences", there are also two ways of passive earnings.
Firstly, you can stake your stablecoins with a dynamic rate of an average of 15% annual interest. The interest is paid daily. You can unstake your tokens partially or the whole amount at any time.
Another way to receive passive income is the investment in the Neutrino pools. You can invest XTN in the Neutrino pool and receive daily income in the token of the chosen pool.
Trade, earn, and swap your stable crypto tokens without the risk of high volatility on WX.Network
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tags*: forex currencies swap fiat defo swap