WeFi, a blockchain-based ecosystem, has recently announced an approaching Token Generation Event for $WFI. As per WeFi, $WFI’s token generation will take place on Binance Smart Chain but the token will then move to the platform’s devoted network named ‘WeChain’ after the mainnet launch.
WeFi Introduces $WFI’s Token Generation on Binance Smart Chain
The platform revealed that $WFI serves as the chief utility coin across WeFi services and decentralized applications. The token will back transfers across diverse WeFi products as an ecosystem coin. These products include AI-driven nodes, remittance, WeChain, and Neobank. The $WFI token’s cumulative supply is restricted to 1B.
$WFI works as a utility token to connect decentralized and traditional finance. Users can leverage it for trading on both centralized and decentralized exchanges, which provides liquidity and flexibility to holders within the wider crypto marketplace. The token can also offer collateral within WeFi’s Neobank. Consumers can also stake the token to get loans along with the rest of the financial services.
The distribution of $WFI prioritizes user and community engagement. It guarantees the absence of any central team or authority in the case of disproportionate supply. The whole $WFI supply will remain accessible via mining. For this, the participants will be required to organize and run ITO nodes for token generation just like Bitcoin’s launch model.
The Initiative Incentivizes Users with Liquidity, Enabling Opportunities for Passive Income
One of the core features of $WFI takes into account the support for liquidity pools, letting coin holders contribute and get passive income via transfer charges shared in the pool. According to WeFi, it focuses on minimizing the remittance costs that traditional finance experiences. Thus, $WFI will work as a carrier coin to enable cost-efficient remittance around the world.
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