Talks of WGRT token launch has been spreading across social media groups as WaykiChain is doubling down on its promotion. Many have concluded that this will end up with an IEO in the coming days.
WGRT is not your typical run-of-the-mill token. Despite not being listed in any centralized exchange, the data seems to point out that this coin has already been in the works before 2019, perhaps even earlier.
The WaykiChain Foundation had released a new WGRT whitepaper on May 22 and has repeatedly declared that ‘something huge’ is about to happen to WGRT, using the #exchanges.
Furthermore, they have also published a guide on “How to snap an IEO”, which concretizes their intention to launch WGRT in an exchange.
The vast majority of the crypto community interpreted all these recent activities as evidence that an IEO is set to occur in the first week of June.
About WGRT and WaykiChain
The WaykiChain system has a three-token economy model.
- WUSD — the stablecoin used for payments and other transactions
- WICC — the liquidity asset, used to generate more WUSD whenever it is locked in the system
- WGRT — the governance coin
It needs to be noted that at present, BTC and ETH can also be used as collateral, along with WICC.
If the stablecoin platform runs smoothly, the number of locked-up WICC will progressively rise. However, the majority of the total supply cannot be locked up, nor can the locked-up WICC remain under CDP forever.
This is where the Debt Ceiling comes in. The Debt Ceiling is designed to prevent a catastrophic death spiral when the value of WICC drastically drops in a short amount of time, leading to massive liquidations. As long as this Debt Ceiling is in place, there will be a limit to how much WICC is locked up in the system.
When things run smoothly, the stable fee becomes higher. When there are more liquidations, the penalty becomes higher. Either way, WGRT holders get a share of the revenue generated from these two possible scenarios.
The stable fee and penalty fee will be used to buy back WGRT on the DEX and destroy them. As the supply of WGRT continuously depletes, the holders become wealthier due to the increased scarcity of their assets.
WGRT holders also have the responsibility of governing the stablecoin platform. This comes with the power to submit proposals for changing system parameters.
According the WGRT whitepaper, the initial selling price will be $0.01 as 21 billion coins will be issued.