WeFi, a frontrunner in the domain of decentralised finance (DeFi) leverage protocols, is thrilled to disclose its imminent alpha mainnet introduction in the zkSync era. Following a successful initial deployment of its alpha version on Polygon in March 2023, WeFi keeps pushing boundaries and extending its capabilities.
Furthermore, WeFi has initiated a liquidity campaign on the SyncSwap DEX, in which a total of 20,000 WeFi tokens will be awarded to the initial holders of WeFi tokens and the liquidity providers in the WeFi/ETH pair on SyncSwap. This initiative, from July 14th to August 14th, 2023, provides attractive incentives for participants to interact with the WeFi ecosystem.
As stated by Pranjal Prashar, CEO of WeFi, the deployment on zkSync allows WeFi to offer its users swift, cost-effective transactions that also guarantee improved security and scalability. This strategic advancement aligns seamlessly with WeFi’s dedication to providing an omnichain user experience.
WeFi’s recent testnet version roll-out on zkSync, which saw a remarkable 12,000 whitelist entries on its inaugural day, signifies an important progression for the project. The whitelist campaign will remain operational throughout July, inviting interested parties to join and obtain exclusive access to its mainnet app, along with other benefits.
In addition to this, WeFi’s token has now been listed on SyncSwap, the DEX with the highest liquidity on zkSync. Users are now able to trade WeFi on zkSync under the WeFi/ETH trading pair. WeFi employs the LayerZero OFT standard to ensure its tokens are accessible across various blockchain networks.
The zkSync release from WeFi will permit liquidity providers to supply liquidity and earn impressive yields in Base and rewards APY. Initially, WeFi will support major tokens such as USDC, USDT.
Users can also trade fungible tokens like BTC, ETH, and other tokens, contributing just 20% while taking on 80% leverage. The WeFi platform offers interest rates that are 80% more affordable than other DeFi leveraged trading protocols.
WeFi’s protocol on ZKsync will also include insurance coverage. Both lenders and borrowers will be insured in the event of a hack or exploit. Despite WeFi undergoing three audits by reputable firms like Pecksheild, Unore, and Quillaudits, the defi community highly values and appreciates the offering of insurance as an essential security measure.
zkSync is a Layer 2 scaling solution on Ethereum, developed to facilitate rapid transactions with minimal gas fees without sacrificing security. As a trustless protocol, zkSync uses cryptographic validity proofs to support scalable and cost-efficient transactions. By moving most data off-chain and offloading computation, zkSync upholds the same security standard as the Ethereum mainchain.
WeFi is an on-chain protocol known as the “composable leverage vault”, operating in a permissionless and trustless fashion. The protocol enables users to participate in on-chain leveraged trades, leveraged farms, and leveraged staking opportunities. With WeFi, users can borrow funds to invest in fungible or non-fungible tokens, tokenize real-world assets, or leverage yield farms and staking pools. Utilizing a “Vault” or walled garden approach, WeFi reduces risks for lenders. Currently operating on the Polygon chain, WeFi has a thriving community of 70,000 members across Twitter, Telegram, and Discord. The protocol has completed three audits, with the most recent ones conducted by Pecksheild & UnoRe.
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