DeFi. UniSwap. Two very hyped terms in the cryptocurrency space lately. But is it that special? And should Auxilium join this hype?
Many of the Auxilium cryptocurrency members have asked themselves the question if Auxilium would create a DeFi token and/or engage in DeFi soon. The answer to this is very simple: Auxilium is already fully equipped as a DeFi platform! As Auxilium has similarities to the Ethereum code-base, and coding language it has the same opportunities for developers to create (DeFi) tokens on the Auxilium blockchain.
Why not list Auxilium on UniSwap? For those who missed out on UniSwap: it’s a decentralized swap platform for ERC-20 tokens created on the Ethereum blockchain. Again, the answer is quite simple: Auxilium can’t be listed on UniSwap as it’s not an ERC-20 token on the Ethereum blockchain. However, more coins (BTC for instance) have a wrapped ERC-20 token on UniSwap to represent the actual native coin. The WBTC (Wrapped Bitcoin) represents Bitcoin value on the Ethereum blockchain, which is directly tradeable 1:1 with the actual Bitcoin. This allows buying Bitcoin on UniSwap, while Bitcoin isn’t really an ERC-20 token on the Ethereum blockchain. Auxilium wants to do the same with their AUX coin; creating a WAUX ERC-20 token and listing it on UniSwap.
We’ve investigated the creation and listing of the WAUX token, and it’s a very doable process. The team is thinking of creating 10 million WAUX tokens that will represent 10 million AUX coins. People will be able to buy WAUX on UniSwap and swap them for AUX on the Auxilium website. Therefore we’ll need to create a swap platform.
The AUX coins made available for the WAUX : AUX swap platform will be used from the Research & Development fund, and will increase the circulating supply by 10 million AUX maximum once WAUX is being swapped for AUX. All funds from selling WAUX will be added to the Auxilium Investment Fund used for an exchange listing. You can still join the community fundraiser by buying AUX through there and supporting the cause of AUX listing on a major exchange. https://auxilium.global/community-fundraiser/
We’re going to see if it’s interesting to also allow swapping AUX for WAUX (once there are WAUX swapped for AUX), so we have a constant availability of WAUX and AUX on exchanges.
As mentioned multiple times earlier the team is on a break from January 2021 — February 2021. However, we’ve been in constant communication trying to prepare ourselves for March.
Possible advantages of WAUX token and UniSwap listing
- More liquidity
- More eyes on AUX
- No registration needed on Mercatox
- Easy swap to AUX, with advantage of earning monthly interest
What do we want to finish before taking this step?
First things first. We want to first of all finish the mobile wallet and make sure everyone can hold their AUX; and earn monthly interest. The second step will be to create the AUXL token and distribute the AUXL to AUX holders and participants of the AUXL airdrop. Once that’s done, we can slowly but certainly execute the WAUX plan; with accurate marketing (i.e. AUXL rewards for those who support this effort).