DeFi infrastructure protocol WeFi (formerly Paxo Finance), is preparing to launch through an IDO to be held on May 5 through its launchpad partner Kommunitas. WeFi will focus on building products for the masses, aiming to solve the fragmentation and UX issues prevalent in the DeFi space by bringing a more inclusive and easier-to-use DeFi experience for all.
With backing from the likes of Cogitent Ventures, Big Brain Capital, PHD Capital, Zebpay, China Polka, BMW Capital and many others, WeFi’s grand vision is to bring the next wave of millions of users to DeFi in a truly decentralized and compliant way. WeFi (short for “We Finance”) was created to address traders, crypto investors, and market makers’ biggest pain points, including high funding rates, high slippage, and flash liquidation.
Its first product release will be the “leveraged vault” – a third-generation DeFi product that lets users leverage everything, including leveraged trades, leveraged farms, and leveraged staking. This will allow users to stake or farm their leveraged asset within the protocol to earn additional yield. This is a significantly better alternative to typical margin trading because it enables users to earn passive income by farming and staking with their leveraged position. WeFi will also offer interest rates 80% cheaper than other margin platforms, providing users with more cost-effective options.
WeFi’s permissionless, trustless leverage vault is for traders, farmers, and even those new to DeFi. The protocol gives users an alternative to leverage trading by offering investment loans, leverage farms, and leverage staking with an omnichain approach. WeFi users can borrow to invest in fungible, non-fungible, or real-world tokenized assets, or to participate in leveraged yield farms/staking pools.
WeFi users can purchase fungible tokens with just a 20% down payment, and are able to invest in both long and short positions. WeFi’s permissionless and trustless architecture means no KYC or credit score required. Users can earn farm rewards while holding a leverage position, as well as borrow for staking and farming. WeFi offers a decentralized way for users to borrow or lend capital. Borrowers gain the opportunity to take loans to invest in crypto while lenders can capitalize on a secure way to lend capital and earn interest.
WeFi’s community is made up of 70,000 DeFi enthusiasts and growing across Twitter, Discord, and Telegram. It recently had 27,000 users in its incentivized testnet program. Its Alpha mainnet is currently live on the Polygon Network with more than 4,000 registered users and 2,800 MAU. The protocol has undergone two recent audits, with the latest completed by Peckshield.
WeFi’s IDO will launch through the Kommunitas launchpad on May 5.
About WeFi
WeFi, (formerly known as Paxo Finance), is an on-chain “composable leverage vault” protocol that operates in a permissionless and trustless manner. The protocol provides use cases around on-chain leveraged trade, leveraged farms, and leveraged staking. WeFi users can borrow to invest in fungible, non-fungible, or real-world tokenized assets, or borrow to invest in leveraged yield farms/staking pools. Risk for lenders is mitigated by enabling a walled garden approach (Vault). WeFi is currently live on the Polygon chain and has a community of 70,000 on Twitter, Telegram, and Discord. The protocol has undergone two audits, with the recent audit completed by Pecksheild.
