WOO Network launches WOOFi Earn on BSC
Users can now let WOOFi’s automated yield strategies manage farming on BSC, optimizing returns and minimizing headaches
Solving pain points in yield farming
Most users are familiar with the concept of yield farming: putting idle assets to work in DeFi platforms to earn fees and token rewards. However, there are three obstacles that discourage this practice:
- Security: Most users can’t read code, so have a hard time vetting potential platforms
- Complexity: Multiple steps discourage casual users
- Profitability: Farming manually can be inefficient and users can be outperformed by more professional farmers
WOOFi Earn pushes the concept of “hassle-free” DeFi yield earning, where users can simply deposit into a pool and let the automated strategy do the rest. WOOFi selects secure and battle-tested yet profitable DeFi platforms, then deploys vaults to optimize the yields by algorithmically auto-compounding in the most efficient way. WOOFi Earn is a perfect marriage of security and profitability, an important distinction in the wild west of yield farming.
Lowest fees around, the WOO Network way
WOOFi Earn vaults have the lowest performance fee among all yield optimizers and do not charge deposit or withdrawal fees. More importantly, most of the performance fee is given back to the WOO stakers on WOOFi.
At launch, WOOFi Earn vaults have a 3% performance fee on harvest rewards. This 3% fee is then split up: 2.5% is used to buy back WOO token and distributed back to WOOFi stakers, 0.5% is to cover the cost of harvesting and reinvesting. These fees are already built into the APY of each vault and daily rate. You do not need to calculate these yourself. For comparison, similar automated vaults like Yearn Finance charge a 20% performance fee, plus a 2% management fee on a users’ initial assets.
What can be deposited?
Single-sided tokens (e.g. BNB, BUSD, CAKE) and WOO-BNB LP tokens on Binance Smart Chain (BSC) can be deposited on WOOFi Earn. The small icon to the right of the token shows where the assets are then earning yield. Tokens can be withdrawn anytime, without any penalty. The WOOFi Earn team will constantly look to deploy new vaults that meet the security and feasibility criteria. In addition, the community can also recommend strategies in the WOO Network Discord under the #defi-yield-finder channel.
Wen roadmap?
Trading and earning yield make up the two fundamental goals of most DeFi users. WOOFi Swap, Earn, and Stake comprise the key modules of WOOFi, which will continuously be improved to make WOOFi a one-stop DeFi platform that aims to onboard the next billion users to DeFi. WOOFi aims to be agile and stay in line with our users’ needs, moving towards multichain deployment, seamless cross-chain experiences, Earn vaults powered by MM and trading strategies, and of course, more utility and value capture for the WOO token.
Note: The 50K monthly WOO rewards on WOOFi Stake will be extended for another two months.
Visit WOOFi Earn: https://fi.woo.org/earn
Learn more on the docs page: https://learn.woo.org/woofi/earn
Stay tuned for all WOO Network’s exciting developments!
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The content above is neither a recommendation for investment and trading strategies nor does it constitute an offer, solicitation, or recommendation of any product or service. The content is for informational sharing purposes only. Anyone who makes or changes the investment decision based on the content shall undertake the result or loss by himself/herself.
