WhaleEx targets to be the world’s first EOS Based DEX with no listing fees and trading fees.Crypto exchanges are getting a lot of media attention these days. Partly because of the enormous amount of money being made. For Example Coinbase one of the largest Crypto Exhcange in US reported revenue of 1 Billion USD during 2017. WhaleEx aims to change this situation by getting rid of listing and trading fees.Thanks to the implementation of off-chain trade matching engine, WhaleEx is capable of achieving millions of TPS, rivaling mainstream centralized exchanges.
WhaleEx has also developed its chain interoperability technology, allowing BTC and ERC20 based tokens to migrate to EOS and be listed on WhaleEx.(However as of now this feature is not yet enabled.) EOS currently offers TPS with any transaction fees. WhaleEx aims to list all valuable tokens in EOS platform, hoping to give platform users one-stop shop for exchange, offering to customer its off-chain trade matching, on-chain contract clearing, cross-chain asset transfer, global market maker, and user ID system.
Unique Feature of WhaleEx:
Unique feature of WhaleEx in comparison to decentralized exchange like Newdesk , DEXEOS are as follows:
- Off Chain matching engine reduces the load on EOS CPU there by optimizing TPS
- It does not have scatter Integration due to cross chain transfer requirement. However there is a unique feature know as binding the EOS account. Every WhaleEx account needs be binded with the existing EOS account using the scatter. This binding process will identify the authorized devices and future transaction can only be done with this authorized device and EOS account.
- Its inter-chain interoperability will enable trading in other crypto like Bitcoin and Etherum chain (This feature is not yet enabled)
- Mandatory KYC Check (Passport Identification)
- First decentralized exchange to offer mining service on trading in WhaleEx platform (Reward Coin : WAL)
What is WAL Token:
Whale Token (WAL for short) is a certificate issued by the WhaleEx platform and represents the owner of the trading platform.Users can obtain WAL through transaction mining, registration rewards and community ecological construction rewards.
Trade Fees in WhaleEx:
WhaleEx charges are as follows:
- 1% handling fee for pending orders and orders
- The transaction charges a 0.1% handling fee
- The transaction fee is deducted from the transaction amount. If the EOS is obtained after the transaction, the EOS is paid as a handling fee.
- Locked warehouse WAL can get free transaction quota
WhaleEx will reimburse 80% of the mining currency transaction fees in WAL Token.
Mining of WAL in WhaleEx:
120% of users’ real transaction fee will be converted into WAL,
The total amount of each day’s mining will be sent to user accounts among which 80%WAL goes to useable account and 40%WAL goes to account for position.
Initial Reward: 600 WAL Token
Follow the below Process to get free 600 WAL Token
- Sign to the account using this link https://ym.whaleex.com/whaleEx/dash/login?inviteCode=IN-tqH4R0
- Bind your WhaleEx account with your EOS account using scatter
- Complete the KYC process
- Receive free 600 WAL tokens
Free EOS Account :
On the sign up to account WhaleEx will offer you are Free EOS Account. 100,000 EOS Account will be rewarded under this joint programmer between Whale Ex and Meet.on.Considering there are only 400,000 EOS account this is a great step to boost the EOS platform Steps are as follows
- Users need to spend 20RMB to create EOS accounts using MEET.ONE wallet.
- Users then need to register for WhaleEx accounts and complete KYC.
- Upon completion, users will receive EOS worth 20RMB in their WhaleEx accounts.
(This process is difficult since only Chinese user will be able to pay in RMB with ease)
Source Data/Reference :
- Website :https://www.whaleex.com/
- Medium Post : https://medium.com/@whaleexchange/whaleex-whale-exchange-stealth-mode-builds-worlds-first-eos-based-decentralised-exchange-9de9375de898
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