Waggle Network Redesigns Primary Market Landscape: Introducing Forage — the First-ever Public-facing Trading Feature for Vesting Tokens
We might already know that honey bees are one of the most social insects that exist. They live together like a family and work together as an organization. Each member of the bee colony has their own particular job. But the task that requires organized effort and contributes the most to the growth of the bee community is food collection, or shall we call it, Forage.
During the process of foraging for food, successful foragers perform the Waggle Dance to communicate and share information about food sources with other bee members. This dance performance of bees has sparked an idea for us to name our second key product which is a trading feature built for the primary market and released for the first time ever in the cryptospace.
Forage /ˈfɔːr.ɪdʒ/ a wide search over an area in order to obtain something, especially food or provisions
With the dedication to offering more value for both projects and the community, we have discovered a solution to provide further liquidity for our investors while maintaining a healthy market improvement for the project team.
How does Forage work?
Usually, primary investments have no liquidity until the vesting occurs, and tokens are only claimable in full at the end of the vesting schedule. Token vesting, however, is set to ensure that the token’s price is for long-term growth. This is the challenge that Forage debuts to resolve.
To make it super easy to understand, Forage is a marketplace where you can trade your primary investments in projects listed on Pollinate with others, making the ongoing vesting tokens more liquid.
Waggle packages your investments as Waggle NFTs, which contain the details of your invested projects, purchased allocations, and vesting terms. Forage enables you to list the NFT and sell it. You can also buy Waggle NFTs from others.
What exactly is Waggle NFT?
Waggle NFT is proof of investment, which is created after a successful purchase from project token sales on Pollinate. It acts like a blockchain-based ATM card used for token claiming and trading on Forage.
Here are the advantages of Waggle NFT:
- Easy to transfer
- Token claiming
- Trade on Forage or any other OTC marketplaces
- Provide more liquidity for investors
- Gain access to opportunities for primary investments.
- Waggle NFT can be seen as collateral because it contains real value
Why is Forage a Game-changer for the Primary Market?
Yes, as we keep hyping you up throughout the article, it’s time to take a look at the reasons why we say Forage can reform the landscape for primary market trading.
For the most part, Forage is an over-the-counter (OTC) marketplace that is built with a public-facing interface, providing an overview of the OTC market trends within the Waggle platform. It features an intuitive and friendly UI that enables users to navigate with ease, search for suitable investments, and trade with other users.
Normally, every OTC deal requires an escrow account to ensure a safe transaction. This costs unnecessary fees, time, and effort. On the contrary, Forage has streamlined that entire process to make it more secure and convenient for all.
All transactions that occur on Forage will have no impact on the project’s secondary markets. This unlocks more liquidity without depressing the token price. Also, buyers and sellers can keep track of the vesting schedule simply by previewing the Waggle NFT.
Waggle promises to keep bringing top-tier projects from all chains to you. As more projects come to Pollinate, the Forage marketplace will become more and more dynamic.
How to Forage — Step by Step Guide
Buy an NFT
Navigate to Forage from the menu bar at the top of https://app.waggle.network.
At the Forage page, you can search for currently available investments and select the one that you want to buy. Investments will be presented as NFT cards including details of price, token amount, and vesting duration.
Click Buy and Approve the following process. After a successful purchase, you can always look for your NFT in Waggle Dashboard.
Sell an NFT
Navigate to Forage from the menu bar at the top of https://app.waggle.network. At the upper center of the page, find and click on “Start selling your pool”
You will see a “Create Crowded Sale” popup window. Then click on “Choose NFT for sale here!”
Approve the following process and click “Create” to create an Order
At the Forage page, toggle on “My Sales” at the filtering bar to show only your selling NFTs. You can choose to click on Cancel Order to remove your selling NFTs from the marketplace.
We are getting our heads down and building to deliver more value to the Waggle family. The current ongoing development is to streamline the sales process on Pollinate to make it smoother and more beneficial for all. Besides, Waggle will have some exciting news to share with you in the coming days.
About Waggle Network 🐝
Waggle Network is a decentralized multi-chain platform that helps projects with further fundraising from the community, at the same time empowering the community with primary market exposure. Built by industry professionals, Waggle is here to reform the fundraising landscape.
As we continue to innovate for you, we are also preparing many exciting activities for the Waggle community. Look forward to our pools and staking, or participate in our community events which you can win WAG tokens from.
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