The WaykiChain system is one of the most remarkable stablecoin projects that entered the cryptosphere. They’ve launched two successful tokens, WICC and WUSD. And now, they’re giving hints of releasing their governance coin, WGRT to the public.
What is WGRT?
WGRT is the governance coin for the WaykiChain stablecoin platform. W refers to ‘Waykichain’, G refers to ‘governance’, R refers to ‘rights’, and T represents ‘treasure’. Essentially, its main function is to enable its holders to regulate the entire system.
But with greater responsibility comes greater power, not to mention greater benefits. In exchange for bearing the risks of investing on the platform, WGRT holders get to enjoy governance rights, which enable them to propose necessary changes to the platform parameters.
Governance coin holders also get a share of the system revenue generated through the continuous repurchase and destruction of WGRT. This process perpetually reduces the number of governance coins in existence, which causes the value to rise in correlation with its dwindling supply.
This whole operation is essential not only because it incentivizes people to hold WGRT, but because it keeps the system stable.
How WGRT is associated with WUSD and WICC
The stablecoin WUSD, which will be used for transactions, relies enormously on WGRT for its operation and governance. Initially, only WICC could be used to pledge to the system in order to generate WUSD under a CDP contract. But today, BTC and ETH are also supported.
If the system is running smoothly, the protocol commands it to purchase WGRT in the market and destroy it. Interest rates are generated whenever WUSD is created as well as when liquidations occur.
WGRT Exchange Listing
WGRT can now be traded on the Wayki-DEX platform. However, the WaykiChain Foundation hasn’t confirmed the listing of the governance coin in third-party exchange. With that being said, they haven’t really been totally quiet.
They have repeatedly teased cryptotwitter by posting two countdown tweets about WGRT.
No one absolutely knows what the countdown implies, or what is about to happen when it reaches zero. According to the WaykiChain profile, “something big” is about to occur to WaykicChain WGRT.
The most obvious answer would be an exchange listing and/or an IEO. Most WGRT supporters seem to think so. Arguably, the better question would be which specific exchange will the token be launched?
And in that case, Binance seems to be the most favored exchange among WaykiChain users, owning 67 percent of the total votes among 135 users.