DUBAI, UAE / ACCESSWIRE / January 8, 2024 / WeFi, an innovative DeFi protocol known for its secure Omnichain Leverage Trade capabilities, has recently launched on the XDC Network Mainnet. The protocol offers a comprehensive suite of DeFi functionalities including lending, leverage trading, bridging, and token staking.
Having gained popularity with over 5,000 active users on Polygon and Linea, WeFi is enthusiastic about contributing to the dynamic growth of the XDC Network’s ecosystem. The launch of the WeFi Beta Dapp on the XDC Network is particularly exciting due to the network’s impressive scalability, high performance, and seamless interoperability with other blockchains. The XDC chain’s fast transaction speeds, low latency, and advanced security features, combined with the vibrant XDC community, provide an ideal environment for the development and success of the WeFi Dapp.
XDC is also compatible with the Ethereum Virtual Machine (EVM). It has a growing ecosystem with a total market cap of more than $1.5 billion. The XDC network’s native token is XDC, which is used to pay for transaction fees and smart contract execution on the network. XDC offers significant advantages for DeFi projects, including scalability, interoperability, and security.
Neeraj Bhatt, Head of Technology at WeFi, commented: “Deploying on XDC proved to be relatively straightforward as it’s EVM compatible, and given our prior experience on an EVM-compatible chain like Polygon. Securing developers for the XDC network wasn’t challenging. Our primary needs during deployment on XDC were met by accessing a price oracle and a decentralised exchange (DEX). Notably, XDC already had the Fathom DEX and plugin oracle readily accessible, fulfilling our requirements.”
In the current version, Wefi has two use cases that users can use within the protocol, lending and leverage trading. In lending, users can input FXD tokens and earn lucrative APY based on pool utilisation. In the leverage trading vaults, users can take up to 20X leverage to buy WXDC tokens. Wefi integrated with Fathom Dex and plugin Oracle for the XDC network.
Xdc users can connect to the protocol via Metamask, Xdcpay or through 170 other wallets supported through Wallet Connect.
Why WEFI over other Leverage Trading platforms?
Insured and Audited- Our successful Audit and Insurance ensures your assets are SAFER than ever! We are audited by Pecksheild, Unore and Quillaudits and Insured by Unore.
Lending APY – Higher APY and additional Rewards
Cheap cost of capital – 80% lower interest for margin trading
Perpetual – loans can be held for as long as users want
Transparent – All trades are on-chain and can be tracked on the blockchain
About XDC Network:
The XDC Network is an open-source, carbon-neutral, enterprise-grade, EVM-compatible, Layer 1 blockchain that has been operationally successful since 2019. The network obtains consensus via a specially delegated proof-of-stake (XDPoS) technique that allows for 2-second transaction times, near-zero gas expenses ($0.0001), over 2000 TPS, and interoperability with ISO 20022 financial messaging standards. The network’s hybrid architecture is designed to support institutional use in trade finance and tokenization and is equipped to reduce the existing finance gap in global infrastructure. The XDC Network powers a wide range of novel blockchain use cases that are secure, scalable, and highly efficient. Find more information about XDC Network by visiting the website XinFin.org.
WeFi, short for “We Finance,” stands as an Insured Omnichain leveraged trading protocol built on LayerZero. It unlocks a world of opportunities for DeFi users, offering features such as bridging, swapping, lending, leverage trading, and staking tokens. WeFi is meticulously designed to provide a seamless DeFi experience across multiple blockchain networks.
Name: Nirmal Singh
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