Defi Protocol Paxo Finance Rebrands to WeFi, Gears up for First Product Release
Dubai / Apr 11,2023: Paxo Finance, a DeFi infrastructure startup announces its rebranding to WeFi as it prepares for the launch of its first major product release. WeFi, which stands for “We Finance,” is a decentralized finance (DeFi) protocol that focuses on building products for the masses with a vision of inclusiveness and accessibility.
WeFI is backed by funds like Cogitent Ventures, Big Brain capital, PHD Capital, Zebpay, China Polka, BMW Capital and others in their seed round.
Under the new brand, WeFi will be built on the key pillars of omnichain, composable, permissionless & trustless, and technologies. The protocol aims to solve the fragmentation and user experience issues currently present in the DeFi space by bringing a more inclusive and easy-to-use DeFi experience to users.
As part of the rebranding, WeFi’s website will now be accessible at wefi.xyz.
The name “WeFi” was chosen because the term “we” signifies inclusion and resonates with the protocol’s vision to bring the next wave of millions of users to DeFi in a truly decentralised and compliant way.
WeFi, has a community of 70,000 DeFi users and had 27,000 users in their incentivised testnet programme. Alpha mainnet is also live on the polygon network.
WeFi has also undergone two audits, with the latest audit completed by Pecksheild.
Wefi was built to solve the current problem of traders, crypto investors and market makers that includes high funding rates, higher slippage and flash liquidation.
WeFi’s first product release will be the “leveraged vault,” which is a third generation DeFi product offering leveraged 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.
According to Nirmal Singh, CMO of WeFi.“ WeFi is offering a leveraged investment vault which is a better alternative to margin trade since it allows users to earn passive income by staking and farming with their leveraged position.
The interest rates offered by WeFi’s leveraged investment vaults will be 80% cheaper than other margin trading platforms, providing users with more cost-effective options. The protocol also plans to launch subsequent products with leverage that will fit more use cases”,
With the new brand, WeFi aims to be omnichain and expand the community of cross-chain DeFi users, bringing traction and revenue to the protocol.
WeFi, formerly known as Paxo Finance, is an onchain “composable leverage vault” protocol that operates in a permissionless and trustless manner. The protocol allows users to have use cases around onchain 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 guarded 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.
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Name: Nirmal Singh
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I’m a highly experienced and respected author in the field of Cryptocurrencies. I have written numerous articles and books on the subject, and my work is highly regarded by my peers. I have a strong understanding of the technology behind cryptocurrencies, and I am always up-to-date with the latest developments in the space. I am also an active investor in cryptocurrencies, and I have made a significant profit from investing in this new asset class. In addition to my writing and investment activities, I am also an active member of the cryptocurrency community, and I frequently speak at industry events.