The Beginners Guide to Wault Finance
Wault Finance is one of the leaders of the DeFi ecosystem. Learn everything you need to know to get started with Wault Finance, WAULTx, and WEX tokens.
Launched just months ago, Wault Finance is already a leader in the DeFi world. From an obscure DeFi protocol, Wault Finance has grown into one of the largest DeFi communities today.
(If you are farming on Wault Finance, then you can use our free portfolio tracking tool: https://defimax.com/ to track your impermanent losses/gains).
While DeFi (Decentralized Finance) is revolutionizing the cryptocurrency world, it's still not that accessible for the masses. High transaction fees, confusing interfaces, and concerns regarding security are holding many investors back.
Built on the Binance Smart Chain, Wault Finance has low fees and fast execution. It is easy to navigate and use even for beginners in this field.
As an ‘all-in-one’ DeFi Platform’ Wault Finance aims to connect all the primary DeFi use-cases within its user-friendly ecosystem. WAULTx and WEX are the tokens of this platform. You can use them for farming, staking and much more.
Keep reading to learn all you need to know about Wault.Finance, its tokens, pools, farms, launchpads, and more...
- Wault Tokenomics
- Main Features of Wault Finance
- How to Use Wault Finance
- How to Buy WAULTx
- How to Get WAULTx-BNB LP Tokens
- Yield Farming on Wault Finance
- Creating WEX-BNB LP Tokens and Farming with WEX
WAULT Tokens: WAULT was the genesis token of Wault Finance. The initial tokens launched on this platform had many issues such as inactivity taxes. To rectify these problems, as well as, to enable Centralized Exchange listings and Cross-Chain integrations, WAULTx tokens were introduced. WAULT holders swapped their WAULT for WAULTx tokens and this migration process ended on the 23rd of June 2021. As of now, WAULT tokens are obsolete - they no longer exist.
WAULTx Tokens: WAULTx functions as the Governance tokens for Wault Finance. You can stake them, use them for yield farming and earn WEX tokens as a reward. Being a WAULTx holder also offers you access to the Launchpad section for pre-sales of new projects. But for this, you need to stake at least 100,000 WAULTx in the 30-Day Lockup Pool.
WEX Tokens: The main token of the Wault Finance Platform is WEX. It serves as the farming reward token. You can combine WEX or WAULTx with BNB to provide liquidity and get LP tokens in return. These are then used for yield farming with high APR (Annual Percentage Rate) rewards.
WEXpoly: This foundational token of WaultSwap was created to be used on the Polygon network. While the Wault platform is built on the Binance blockchain, Polygon is a protocol that connects Ethereum-compatible blockchain networks.
Since Polygon is on a different blockchain, its token contract system is also different. Thus the creation of this Polygon-native token mirroring WEX. So go and check out WSwap on Polygon when you have the time. According to the Wault Finance developer “ In terms of utility, WEXpoly will have a similar function to WEX.”
WUSD: Dubbed as a commerce-backed stablecoin, WUSD is a brand new stablecoin model inspired by the stablecoin frameworks of Frax and Olympus with a focus on minimizing the element of uncertainty. Read more on WUSD.
Main Features of Wault Finance
Wault Swap: Wault's Automated Market Maker (AMM) is called WaultSwap. It's quite different from your typical swapping protocols. WaultSwap is a decentralized exchange (DEX) with trading fees as low as 0.20%. That's the lowest transaction fee among the major DEXes on both the BSC and Polygon ecosystems. Yeah, that's another feature to take note of! Although it's on the Binance Smart Chain, Wault works cross-chain with other EVMs such as Polygon.
With Wault Swap, you can quickly, cheaply, and easily swap tokens in the BSC and Polygon ecosystems. It was launched on the 27th of April 2021. In just ten days WaultSwap boasted of 27 farming pools and had secured a TVL (Total Value Locked) of over $700,000,000 across.
Liquidity Mining: Wault Finance offers attractive APRs (Annual Percentage Rates) for providing liquidity. WEX-BNB and WAULTx-BNB are the main LP tokens of WaultSwap. You can also generate LP (Liquidity Provider) tokens using stablecoins such as USDC or BUSD. Other well-known currencies such as ETH, DOT, and LINK can be used as well. The Wault Launchpad launches new projects frequently and these have their own LP too.
Staking Pools: You can stake WEX or WAULTx tokens to get considerable yields from these contracts. Staking WAULTx in 30-Day Lockup Staking Pool also gives you access to launchpad presales.
Auto-compound Assets with Eleven.Finance: You can use your LP tokens for Farming and Staking on the Eleven.Finance platform.
Wault Locker: The first of its kind on Binance Smart Chain, the Wault Locker is a DApp (decentralized application) to lock liquidity for fixed periods of time. According to its developers, “the Wault Locker offers similar value as certain prosperous offerings on the Ethereum blockchain”.
Wault Launchpad: This works as a support platform for crowdfunding and launching new DeFi projects. It helps raise liquidity for these new projects on BSC. The liquidity raised is immediately locked and secured the moment it's listed, using the Wault Locker. To protect the liquidity providers and to ensure the trustworthiness of the new ventures, Wault also facilitates the auditing process for these projects.
Since its beginning in March 2021, the Wault Launchpad has successfully enabled many projects to launch their IDOs (Initial Dex Offerings) and the investors have reaped their rewards 10x fold.
Building Partnerships: When the price of a cryptocurrency skyrockets off the charts, in crypto lingo - that’s called going to the moon! It is indeed a really long journey to the moon and to launch your DeFi project to the moon, you’ll need plenty of fuel.
This is where the Wault Finance Moon Fuel Grant Program comes in. 1 million USD has been dedicated to this project! In their own words - “If you’re launching a token, doing so on WSwap will give you a much better chance to make it to the moon!”
How to Use Wault Finance
Considering you are on a Binance Smart Chain platform, you need BNB tokens to pay the fee for doing any kind of transaction. So the very step is to get a BSC-compatible wallet such as Metamask or the Binance Chain Wallet itself.
The next step is to ensure you have some BNB in your wallet. If you don’t know how to do that, then check out:
The above link also has a step-by-step guide for transferring BNB from your Binance account to your Binance Chain Wallet.
How to Buy WAULTx - A Step-by-Step Guide
So now armed with a BSC-compatible wallet that’s loaded with BNB tokens, you can head straight to wault.finance.
The next step is to connect your wallet to this platform.
1. Connect your Wallet to Wault Finance
1. Click on ‘Buy WAULTx’.
2. Now click on ‘Connect Wallet’.
3. Metamask (Browser Injected), Wallet Connect, and Binance Chain Wallet are the three options displayed here. Choose your wallet from among these. I have chosen Binance Chain Wallet.
4. Now your Binance Chain Wallet opens. You need to enter your password and unlock it.
5. Connection request pops up now, so click on ‘Connect’.
6. Now you can see your wallet address instead of the ‘Connect Wallet’ button in the Wault Finance website.
So that's done, your wallet is connected to Wault Finance!
2. Buy WAULTx: Swap BNB for WAULTx on Wault Finance
Head over to the ‘Swap’ page to get your WAULTx tokens.
1. You can reach this page by clicking on ‘Buy WAULTx’ on the homepage or by clicking on ‘Swap’ in the side menu bar.
2. The first token box for ‘From’ is set to BNB. You can change to other token options using the drop-down list.
In the ‘To’ box, select WAULTx from the drop-down list.
3. Enter the amount of BNB you wish to swap. The corresponding value of WAULTx gets automatically entered in the second column. If you are satisfied with the values, then click on the ‘Swap’ button. Keep in mind that prices tend to vary quickly, so be quick to act once you are sure of the transaction.
4. Click ‘Confirm Swap’ on the resulting pop-up. The following notification appears as the transaction begins processing.
5. Now you have to confirm the BNB transfer from your connected wallet. So click on ‘Confirm’. If you hesitate too long, the transaction may get canceled. So be confident in your actions and don’t waste time.
6. Now you get the following pop up. Click on BSCScan to view transaction status (if you want).
7. At first, it may show the transaction status as ‘pending’. Give it a few moments or even some minutes, for it to get completed.
8. As you can see, the status has changed to’ Success’.
9. You don't have to check the BscScan. Be patient and you’ll get a pop-up notification when the Swap is completed. There’s a pretty good chance that you’ll miss the notification as it's a pretty small one and tends to appear a bit higher on the screen and vanishes before you have the time to digest the information. But don’t worry, just head over to the ‘overview’ page to see your holdings.
10. Now don't panic if your holdings have not appeared. Your wallet probably got disconnected, so just connect it again.
And here you can see the WAULTx we just bought.
Now that we have our WAULTx tokens, let's add some liquidity to the platform and gain rewards in return. Then with the LP token, we get from this action, we can go do some farming!
How to Add Liquidity to Liquidity Pools: How to Get WAULTx-BNB LP Tokens
To add liquidity to pools you need to combine two types of tokens. Depending on the platform, you can decide on a variety of combinations such as BNB-WAULTx, BNB-Wex, etc. You need to add equal values of both tokens to the chosen pool. In return, you get ‘liquidity pool tokens’ known in short as LP tokens. You can use these LP tokens for yield farming.
Here, we are going to show you how to add the WAULTx we just bought along with some BNB (from the Binance wallet) into liquidity pools to get BNB-WAULTx LP tokens in return.
1. To get started with this process, click on ‘Swap’ from the side menu. You’ll come to the following page.
2. Note that at the top part of the box, you have options for ‘swap’ and ‘liquidity’. You need to click on Liquidity. Now the box changes to offer you the following choices.
3. Now click on the ‘Add Liquidity’ button. Now you get the option to enter the amounts you wish to invest into the liquidity pools.
4. Using the dropdown arrows, set both boxes to currencies of your choices. When I entered BNB as currency in the first box, you can see my wallet BNB balance shown above the column.
Similarly, as you can see in the image below, my WAULTx available balance is shown when I chose WAULTx as the currency for the second box.
5. When you enter the BNB amount you wish to add, the corresponding value of tokens is automatically added in the second column for the currency you have chosen. Here I have entered .05 BNB and the corresponding value of 371.355 WAULTx has appeared. Now we need to confirm by clicking on ‘Approve WAULTx’.
6. Your connected wallet will ask you to grant permission for the transaction. Click on ‘Confirm’.
7. You get the following pop-up when the transaction is done.
8. Now click on the ‘Supply’ button to add to the liquidity pool.
9. Now you can view your BNB/WAULTx LP tokens along with the transaction details. You need to click on ‘Confirm Supply’.
10. ‘Confirm’ the request in your wallet pop up.
11. Click on ‘view on BSC scan’ if you want to see the transaction status. This may take a few moments. You can close the window.
12. The following pop-up appears when the transaction is completed. Don't worry if you missed it. You can view your LP tokens in the section below the boxes you used for the transactions.
13. As you can see, there is a box that displays the LP Tokens in your Wallet along with the BNB and WAULTx used for creating the LP tokens.
Now you have your WAULTx-BNB LP Tokens in your wallet. Let's head straight to the farms!
Yield Farming on Wault Finance
Yield farming is one of the best ways to grow your crypto investments. Read our article on yield farming basics to understand how these work. Make sure you understand the concept of impermanent loss in yield farming to avoid losing your money.
Now let's get started with yield farming on Wault Finance.
- Click on ‘Farm’ in the side menu. You can now view the various farms available on the Wault Finance platforms. New farms are added all the time and you have plenty to choose from.
- Considering that we have BNB/WAULTx LP tokens, we need to choose a farm that accepts these tokens. So I am selecting the WAULTx-BNB farm. Now you can see the following dropdown options. The LP balance is displayed.
- Enter the amount you wish to stake. I have entered the full amount by clicking on the MAX. Now click on STAKE.
4. Confirm the transaction in your connected wallet as the pop-up appears.
5. Now you can see that the value has shifted to under LP Staked. You have the option to ‘Unstake’ any time you want. You earn your rewards in ‘WEX’ tokens. You can claim these anytime you want.
I later added some more LP tokens. These are the rewards accumulated in the past few weeks.
(Note: I made these investments in June-July 2021. WAULTx and WEX values dropped dramatically during this period and continue to slide down. Hopefully, the trend will reverse soon) - Always remember, this is a very volatile market with unbelievable returns and equally dramatic losses - Enter at your own risk and after doing adequate research.
Creating WEX-BNB LP Tokens and Farming with WEX
Honestly, this section is kind of repetitive. We buy and farm with WEX the same way we did with WAULTx. But those who are doing it for the first time feel reassured when they can see the steps clearly. So for all those freshers out there, here is a step-by-step guide to buying WEX tokens on Wault Finance, creating WEX-BNB LP tokens, and how to do yield farming using WEX tokens.
So let's get started with buying some WEX.
1. Go to wault.finance. Click on ‘Swap’ from the side menu. Connect your wallet.
2. Set the currency options to BNB in the first box and then WEX in the second box. Enter the amount of BNB you wish to swap for WEX tokens.
3. Click on the Swap Button.
4. Confirm the swap in the following pop-up. At certain stages, your wallet pop-ups also ask you to confirm the transactions. (You can view all these in detail in the above description on buying WAULTx tokens)
5. Once you have purchased your WEX. Now it's time to get your hands on some BNB/WEX LP tokens. So click on the Liquidity option on the top (next to Swap).
6. Click on ‘Add Liquidity’. Set the currencies to BNB and WEX. Enter the amount of BNB you wish to add. The corresponding amount of WEX will appear in the second box.
7. Click on Approve WEX. You will need to confirm the transaction in your connected wallet as well.
8. Now you can view how many LP tokens you’ll receive in return for supplying your tokens to the pool. Click on Confirm supply’.
9. You can view how many tokens you have in the small box below the ones you used to make the transaction.
10. Now click on ‘Farm’ from the side menu. Choose WEX-BNB farm from the list of farms given. You can view your available WEX-BNB LP token balance.
11. Enter the amount of LP tokens you wish to stake. I have entered the MAX amount. Click on STAKE. Confirm the transaction in your connected wallet.
12. Now you can view the amount you have staked in the next column. Don't panic if it doesn't appear immediately, it may take a few moments.
I invested some more at later price changes. Currently, my WEX-BNB farm has given me so much yield in WEX tokens - in about a month (image below). On the other hand, WEX and WAULTx values are currently over 50% down from my purchase prices.
Ever heard of the crypto slang HODL? Although as an acronym this can be expanded into - Hold On for Dear Life -this term actually arose from a typo in a message posted on an early bitcoin forum. Someone typed ‘hodl’ instead of ‘hold’.
Over time this has become a meme of sorts as this inside joke gained more ground. During highly volatile market dips and variations, you should HODL your crypto assets. HODLers are not shaken by plunges in prices that would send the average trader running for cover.
Before You Go...
I can tell you one thing for sure - yield farming with cryptocurrencies is not for the faint-hearted. If you want to invest safely, then just buy and hold the blue chips in this industry - BTC, ETH, or BNB - and hold on to them long-term.
Yield farms, on the other hand, can give you plenty of returns on your investments - if you can handle the wild swings in prices of the native tokens. Don’t go for obscure platforms and unknown tokens.
While Wault Finance is a relatively new platform, it has come a long way in a short time. It is growing fast as their team works diligently to reach all the milestones as per the roadmap they have boldly displayed on their homepage. This is definitely one DeFi protocol that crypto investors need to keep an eye on.