What is Weft Finance? Recent News, Fundraising and Token

Key Takeaways

• Weft Finance is a decentralized lending protocol built on the Radix blockchain, enabling users to lend and borrow digital assets while earning interest.
• The project features a native token, $WEFT, which is listed on platforms like CoinGecko and Coinbase for trading and market tracking.
• Weft Finance emphasizes security and community engagement, with recent initiatives like the Token Trek rewards program to boost on-chain activity.

What is Weft Finance?

Weft Finance is a DeFi lending platform on the Radix blockchain that provides a user-friendly and secure environment for lenders and borrowers to manage digital assets. According to the official documentation at docs.weft.finance, it allows users to contribute to lending pools and earn interest, with the platform achieving over $1 million in deposits and $400,000 in loans shortly after its launch in November 2023, as shared in official X posts from @Weft_Finance.

How Does Weft Finance Work?

Weft Finance operates as a decentralized lending protocol where users can deposit assets into lending pools to earn interest, while borrowers can access loans by providing collateral. The platform's core functionality involves contributing to these pools and facilitating secure borrowing, as detailed in the official docs at docs.weft.finance.

The workflow includes users connecting their wallets, depositing assets to earn yields, or borrowing against collateral with automated interest calculations and risk management. Official X updates from @Weft_Finance highlight that version 1 of the platform was developed and launched rapidly, supporting real-time lending activities on the Radix network.

What Makes Weft Finance Unique?

• Rapid development and deployment on the Radix blockchain, with version 1 built in just seven months and going live with significant deposits, as noted in @Weft_Finance X posts.
• Strong focus on security, evidenced by a third-party audit that found no critical vulnerabilities threatening fund safety, according to announcements on the official X account.
• Community-driven rewards programs like Token Trek, offering $120,000 in rewards to encourage on-chain activity and engagement within the Radix ecosystem, as promoted in recent @Weft_Finance posts.

Weft Finance Native Token

The native token $WEFT serves as the utility token for the Weft Finance protocol, enabling participation in lending activities, governance, and rewards within the ecosystem. It is traded on platforms like Coinbase, with a current price around $0.0018 USD, and is listed on CoinGecko for market tracking, as confirmed by official @Weft_Finance X posts and Coinbase data.

TGE Information

Recent News & Fundraising

• In May 2024, Weft Finance launched the Token Trek rewards program with $120,000 in prizes to boost community engagement on the Radix ecosystem, as announced on @Weft_Finance X.
• The platform underwent a security analysis in December 2023, confirming no critical vulnerabilities, shared via official X posts from @Weft_Finance.
• As of late 2023, the lending dApp reported over $1 million in deposits and $400,000 in loans, highlighting rapid growth in official updates on X.