WTK Updates — We Will Launch Our Blockchain!
Dear WadzPay Community,
We would like to share some updates about our upgraded strategy for WadzPay Token. Below is our current approach towards exchange listings, as well as details on how we will turbocharge the utility of WTK in the future.
Since launching WTK, we have been overwhelmed with support from one of the most positive and supportive communities in our industry. One of our consistent goals has been to provide utility for WTK. One thing that is holding us back from the real world utility that we are on the cusp of achieving, has been the antiquated tokenomics which were at first developed in 2019.
There are two big strategic evolutions that we are now working on:
1. Regional exchange listings: regulations around tokens are evolving at a rapid pace in some of our key markets. When it comes to our customers (such as financial institutions and merchant networks), many are tied to local market regulations and need to procure tokens from locally licensed or approved exchanges. Additionally, large numbers of investors sit in those markets and are unable to acquire WTK. These markets include India, Indonesia, UAE, Africa and even USA (particularly when it comes to institutional investors). We have multiple large customers in some of those markets who are asking to purchase WTK but are unable to due to these restrictions. This also gives us the opportunity to have local currency pairings. We are now aggressively going after listings for those local/regional exchanges and are already in advanced talks with a number of them, pending meeting their WTK liquidity requirements (this means that we are required to provide minimum balances of WTK into their reserves, something that’s currently not possible to scale up). The first to go live will be a MENA-focused exchange licensed in key markets. This will bring WTK to more people in more places around the world, while also making it easier to purchase.
2. Our very own blockchain with gas fees payable in WTK: WadzPay is developing our own Proof of Authority blockchain to best service the needs of our customers. This gives us multiple benefits:
a. A full end to end solution provided by WadzPay, which will still be interoperable with other blockchain partner technologies
b. A fit for use technology solution particularly for Financial Institution and Government partners
c. Massive utility for WTK, including being able to mandate transaction fees payable in WTK, as well as giving us the ability to create an enforceable WTK pricing structure for our large customers for access to various services
This blockchain is targeting a launch date in 2023.
With all this exciting news in mind, there are some challenges towards achieving this ambitious vision. When we launched WTK, we were a humble company with just 4 team members in one country; we now have 70+ globally. Our tokenomics were built with a B2C product in mind and not the B2B2C product we now have.
Benchmarking our supply to other tokens who will create their own blockchains, as well as payments focused tokens, the difference is clear. In fact, even compared to the next smallest player, our total supply is 4 times lower.
Given the limitations imposed on WTK by its low supply, it would not only be impossible to achieve our ultimate aims, it would also be wrong to commit to the original model if to string along a community whose loyalty and support we have always relied upon — while we understand that this move runs the risk of disappointing some members of the WTK community, it is for their long term interests, that we are making this change.
The current supply has created a number of limitations including:
1. Inability to stick true to our interoperable vision and allow exchanges to withdraw WTK on XDC and BSC networks (and Algorand in the future)
2. Limited staking opportunities
3. Difficulty in listing on exchanges due to minimum WTK liquidity requirements
With this in mind, we have decided to increase our supply to 1 billion, benchmarking ourselves to NEAR and Chainlink. While this supply is still dwarfed by some of the other players, we believe it will be sufficient to execute attractive staking options, exchange listings and fulfil our payment processing needs.
As a special thanks to legacy WTK supporters, we will be airdropping WTK on a 1:1 basis to holders. Said differently, if you hold 100,000WTK now, you will then have a 200,000WTK balance after the airdrop. Please stay tuned for future announcements about the date and instructions. We look forward to you also being able to withdraw the WTK from exchanges in different protocols without having to bridge manually. We are also working on attractive staking options.
· WadzPay will launch its own blockchain, with gas and subscription fees payable in WTK
· Next exchange listing will be a MENA-focused exchange. Other regional exchanges will follow. We are also looking at DEX listings
· Non-Ethereum chain deposits and withdrawals will be enabled soon on Bitrue
· WTK holders will come out with double the balance amount of WTK they have on the snapshot dates. We will announce the mechanism for this soon.
· We are looking at more attractive staking options
Thank you to all for your support and we can’t wait to take WadzPay to the next level!