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What countries do you support? WeFi is permissionless and trustless, anyone can access the protocol. However users from a few countries are restricted. You can read our terms of service to see which countries are restricted.
How Does WeFi Make Money? WeFi earns money by charging a small fee to facilitate borrowing and lending.
What are the use cases of WeFi loans? 1. Borrowers can borrow upto 80% capital from WeFi to buy digital assets and earn higher ROI when the value of the digital assets increase.
2. Lenders can supply assets and earn interest (variable APY).
Which chains do you currently support?
As of now, we support Polygon chain and XDC chain.
What are the current markets available to borrow?
WeFi users can currently borrow Bitcoin, Ethereum and Matic, USDC
What are the supply markets currently available?
You can currently only supply USDT, USDC and earn interest.
Which wallets does WeFi support?
WeFi lets you connect 170+ wallet through wallet connect. However you can connect Metamask and Coinbase wallets natively.
Is the protocol audited? Is there any risk involved?
As part of our commitment to security and transparency, WeFi protocol is audited by Peckshield, Quillaudits. However there are always certain risks that are involved. You can read our terms of service for complete risk disclosures.
How much can I borrow in WeFi?
In WeFi, you are able to borrow up to 5x of your capital. In addition, there is no upper limit to how much you can borrow. For example, You can put in $100 and get a $500 loan with WeFi.
How much can I lend on WeFi?
There is currently no limit on how much you can lend on WeFi.
Is there a WeFi token?
Currently the WeFi token is not live. Our aim is to launch the token in the first quarter of 2023 or earlier depending on the market conditions.
How to borrow on WeFi?
Visit the WeFi app > Connect any wallet > Switch network to polygon > Navigate to borrow and invest section in the dashboard> Select a token and click borrow > Select how many units you want to buy > Select borrow limit between 1x to 5x > Select pay.
How to lend on WeFi?
Visit the WeFi app > Connect any wallet > Switch network to polygon > Navigate to supply section in the dashboard.> Select a token and click supply > Enter how much do you want to supply> Click Lend.
How much interest do I earn from providing liquidity and pay for borrowing to buy assets?
Interest rates are a function of the liquidity available in each market, and fluctuate in real-time based on supply and demand. When liquidity is plentiful, interest rates are low. As liquidity becomes scarce, interest rates increase, incentivizing new supply and the repayment of borrowing. You aren’t locked into an interest rate — expect it to change.
How do I know my borrowing balance?
A borrower's borrowing balance can be viewed under the website's portfolio section.
How do I know my supply balance? You can check your supply balance under the website’s portfolio section.
When will my positions get liquidated?
You will be liquidated if your borrow balance comes close to the value of asset you hold. This is done to safeguard the lenders from losing their money. Here is an approximate mathematical formulae. Liquidation point = Current Value - [(90% * Current value) - Borrow Amount]
What do you mean by borrow and Invest?
The concept of Borrow and Invest refers to taking a loan and then investing this amount and your contribution into any digital asset that you choose within paxo. You can borrow upto 5 times of your capital to invest in paxo platform.
What is the supply tokens section under the dashboard?
Supply token section is where you as a liquidity provider or lender can supply your stable coin assets to earn interest from paxo.
What is the collateral for my positions?
The WeFi protocol will keep an investment asset as collateral as part of its design. In order to take possession of the invested positions, the user must pay back the principal amount and interest. Using the protocol, users can also liquidate their positions on DEX by selling the invested asset.
What is a WeFi Token?
WeFi Tokens represent users' balances or deposit within WeFi. Users can redeem their WeFi Tokens for assets or mint new ones in exchange for the underlying term.
When do I repay the loan?
The loan amount is perpetual, so you can have it for as long as you like. However if you reach liquidation point, you have a risk of liquidation.
Why is the supply rate lower than the borrowing rate?
In each market there is excess liquidity (assets supplied > assets borrowed), which allows you to quickly withdraw or borrow funds from the protocol.
The interest paid by borrowers is earned by the suppliers of the asset. Because there are more suppliers, the interest rate they earn is proportionately lower; this measured by an asset’s Utilization Rate.
Second, a portion of the interest paid by borrowers is set aside as reserves which acts as insurance.
How does the protocol’s price feed work?
We are currently integrated with chainlink, they supply the price feeds to WeFi.
I want to join the community; where do I find you? The following links will lead you to WeFi Finance's amazing community:
Telegram : https://t.me/wefi_xyz
Website : WeFi.xyz Where can I access the WeFi protocol app?
WeFi Mainnet : Wefi.xyz
Who controls the WeFi protocol?
Currently the WeFi protocol is controlled by the WeFi team, however the ultimate goal is to govern the protocol by setting up a DAO.
What does Utilization in supply tokens mean?
The utilization rate unifies supply and demand into a single variable and is calculated as follows: UtilizationRate = Borrows/cash+borrows
How much can we withdraw?
You can withdraw your entire supplied amount+ earnings- losses. Users can sell the position and pay back the principle and interest and take custody of the invested asset.
When will we add new pools/ markets?
WeFi team will continuously add new markets by building partnerships.
Can we get the purchased assets in our wallet?
You will only be able to get the purchased assets in your wallet after repaying the borrowed amount.
I cannot access the protocol. What do I do?
We have a dedicated discord channel to provide support. We usually respond within 24 hours. Our Discord channel is https://discord.com/invite/SE83EhG7m
Last modified 7mo ago