DAPS Coin Is Going DEFI With The Launch Of DAPSW On Binance Smart Chain
You’ve seen our updates the past week or two regarding BSC, Pancakeswap and bridges.
So where is this all leading? Drum roll please………
DAPS got a wrapped token built for the project on the Binance Smart Chain called DAPSW!! 🥳
DAPSW as a wrapped token is pegged 1 to 1 to DAPS, TxBit built the smart contract and is hosting it for the project. DAPS is going DeFi.
So let’s dive into some of the details:
- What is a wrapped token?
A wrapped token is a token that represents a coin on another chain.
So 1 wBTC (wrapped BTC) = 1 BTC.
This doesn’t mean that 1 wBTC = 1 BTC in value though. The value of the coin and the value of the token can be different. CoinGecko and other price aggregators will average out the price for you.
2. Why can the price be different?
Because the token can be listed in things like Pancakeswap and have liquidity pools etc and can also be listed separately on exchanges, they can be traded at different prices.
3. Who is building the token?
TxBit built the token (smart contract) and has full ownership and control of the minting and bridge, the DAPS team doesn’t have any control over this which can give you peace of mind that there can be no extra minting and selling of tokens by anyone directly involved in the project.
4. What is this bridge and where will it exist?
A bridge is a system by which you send DAPS coins in and receive the precise equivalent DAPSW tokens to your BSC address.
The bridge provides a guaranteed way to swap your coins for tokens and vice versa.
Again, TxBit will be building the bridge for us and will be hosting it themselves.
5. Who owns the token contract?
Once again,TxBit will own the contract.
All minting and burning functions, swap procedures via the bridge and ownership is all through TxBit. Thanks again to our community member who sponsored DAPSW, without his donation this won’t be possible.
6. What is required to swap on Txbit DAPS > DAPSW?
Txbit has no KYC required for about $250 — $500 per day (depending on coin/tokens), if you want to withdraw more than this you will need to do KYC with them.
7. Is TxBit the only way I can get DAPSW?
In the beginning, until we get onto Pancakeswap and a CEX, then yes. Once we have the token on Pancakeswap, you can buy DAPSW there without KYC, BUT to swap your DAPS to DAPSW and vice versa, you will need to use Txbit bridge service.
DAPS BSC token (DAPSW) will not be traded on TxBit.
8. Which countries are restricted to use TxBit?
The Netherlands
Netherlands Antilles
Democratic People’s Republic of Korea (North-Korea)
Iran
Sudan
Syria
Seychelles
9. Why is TxBit owning the contract and not the DAO?
Well the DAO is waiting to be formed as soon as DAOHaus completes the generic template creation, so they can’t own it.
DAPS leadership is not going to own it as that’s a centralisation risk. So the next best option is a legally registered business and trusted licensed crypto exchange.
Once the DAO has been set up, they can request TxBit to make the DAO the owners, but that will be up to the DAO members to decide and get votes / approval on.
10. What is the tokenomics of DAPSW?
The contract is a standard known and audited contract that has burn and mint functionality but no extra functions like tax on transactions for example the safemoon contract has.
You will see on the smart contract that not all the supply of DAPS is minted on BSC, that is because Txbit will handle the minting and burning of tokens according to supply and demand of DAPSW. The supply will never be more than DAPS mainnet coin as mentioned before DAPSW is pegged 1 to 1 to DAPS.
11. Is the smart contract audited and verified?
YES, you can view details on our contract here:
bscscan.com/address/0x8743f476de18e76884c5e6d6dc55e940596ab25d#code
The organization that works on ERC20 standards named OpenZeppelin audited this contract type and it is used by many projects. https://openzeppelin.com/security-audits/
12. How can I leverage the use of DAPSW?
We are going to set up a trading pair on Pancakeswap which will require community members to add liquidity to the liquidity pool, and from adding LP you receive LP tokens by Pancakeswap as rewards from the tx fees. Other than that you can take advantage of price action as we plan to list DAPSW on a CEX and possibly other services too.
13. Is this a mandatory swap? Must I get DAPSW at all?
This is an add-on feature for the community of DAPS coins. You DO NOT have to swap your coins at all. You can keep your DAPS as always in your wallet or staking and masternodes. With DAPS coins you have your privacy, with tokens you do not have privacy.
14. Why BSC and not Ethereum?
Fees! Oh and speed too. BSC is cheaper and faster.
Oh and another reason… PancakeSwap!!! DeFi here we come!
15. Where can I store my DAPSW?
Metamask and Trust Wallet are the fastest and easiest BSC wallets immediately available. You need to select the Binance Smart Chain as your network and then add custom token using the DAPSW contract address, details are:
Token Contract Address:
0x8743f476de18e76884c5e6d6dc55e940596ab25d
Token Symbol: DAPSW
Decimals: 8
You will need BNB in your wallets to pay for gas fees when you want to do transactions.
Help articles:
Connecting MetaMask to Binance Smart Chain
Add a Custom Token in Trust Wallet
Connecting Trust Wallet to Binance Smart Chain (BSC)
How to Use Binance Chain Wallet
The Beginner’s Guide to Binance Smart Chain Wallet
So there you have it in a nutshell. DAPS is getting DAPSW as a wrapped token, TxBit is building it and hosting it for us. DAPS is going DeFi.
Next steps:
Getting community support together to start a liquidity pool on Pancakeswap to get DAPSW trading on there.
Once we are trading on Pancakeswap we can submit the pair to get listed on CoinGecko and CMC under our current DAPS Coin listing.
