WeFi, a leading decentralised finance (DeFi) leveraged protocol, is excited to announce the upcoming alpha mainnet launch on zkSync era. After successfully launching its alpha version on Polygon in March 2023, WeFi continues to expand its reach and capabilities.
In addition, WeFi has launched a liquidity campaign on SyncSwap DEX, where 20,000 WeFi tokens will be rewarded to initial WeFi token holders and liquidity providers in the WeFi/ETH pair on SyncSwap. This campaign will run from July 14th to 14th August, 2023, offering participants attractive incentives to engage with the WeFi ecosystem.
According to Pranjal Prashar, CEO, Wefi, "By deploying on zkSync, WeFi aims to provide users with fast and cost-effective transactions while ensuring enhanced security and scalability. This strategic move aligns with WeFi's commitment to delivering an omnichain user experience."
The recent release of WeFi's testnet version on zkSync, which garnered an impressive 12,000 whitelist entries on day 1, marked an important milestone for the project. The whitelist campaign remains active throughout the entire month of July, offering interested participants the opportunity to join and get exclusive access to its mainnet app and other benefits.
Wefi has also listed its token on SyncSwap, the decentralized exchange (DEX) with the highest liquidity on zkSync. Users can now trade WeFi on zkSync under the trading pair WeFi/ETH. WeFi leverages the LayerZero OFT standard to make its tokens accessible across different blockchain networks.
Wefi's zksync release will allow liquidity providers to supply liquidity and earn attractive yields in Base and rewards APY. Wefi will support major tokens such as USDC, USDT initially.
Users will also be able to trade fungible tokens such as BTC, ETH and other tokens by contributing just 20% and taking 80% leverage. Interest on WeFi platform is 80% cheaper than other DeFi leveraged trading protocols.
Wefi protocol on ZKsync will also be insured. Both borrowers and lenders will be covered in case of a hack or exploit. Even though Wefi has completed 3 audits from reputed firms including Pecksheild, Unore and Quillaudits, insurance is an important and essential offering that the defi community values and appreciates.
About zkSync
zkSync is a Layer 2 scaling solution on Ethereum designed to provide fast transactions with low gas fees without compromising security. As a trustless protocol, zkSync utilizes cryptographic validity proofs to enable scalable and cost-efficient transactions. By offloading computation and storing most data off-chain, zkSync ensures the same level of security as the Ethereum mainchain.
About WeFi
WeFi is an on-chain "composable leverage vault" protocol that operates in a permissionless and trustless manner. The protocol empowers users to engage 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, real-world tokenized assets, or leverage yield farms and staking pools. By implementing a walled garden approach known as the Vault, WeFi mitigates risks for lenders. Currently live on the Polygon chain, WeFi boasts a vibrant community of 70,000 members across Twitter, Telegram, and Discord. The protocol has undergone three audits, with the most recent one conducted by Pecksheild & UnoRe.
For media inquiries, please contact:
Name: Nirmal Singh
Title: CMO
Email: nirmal@paxo.finance
Website: https://wefi.xyz/
Twitter: https://twitter.com/wefi_xyz
Telegram: https://t.me/wefi_xyz
SOURCE: Wefi
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