WOO Innovation Hub Partners with Yei Finance to Elevate Blockchain Lending and Borrowing

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VICTORIA, Seychelles, July 06, 2024 (GLOBE NEWSWIRE) — WOO, an ecosystem of aligned products, including the WOOFi protocol and WOO X, a top global crypto centralized exchange, is pleased to announce a new strategic partnership with Yei Finance, the largest money market on the Sei network. This collaboration under the WOO Innovation Hub aims to advance blockchain lending and borrowing solutions, enhancing user experience and capital efficiency.

The partnership between the WOO Innovation Hub and Yei Finance seeks to leverage each other’s strengths to drive innovation in blockchain financial services. This mutually beneficial collaboration will enrich the WOO Innovation Hub’s ecosystem, incorporating Yei Finance’s advanced protocols and dynamic systems.

Abby Huang, WOO Innovation Hub Lead, stated: “We are excited to welcome Yei Finance to the WOO Innovation Hub. Yei Finance’s growth and commitment to improving blockchain efficiency align well with our objectives. We believe this partnership will contribute to developing more user-friendly financial solutions. WOO will be working closely with Yei Finance on key market penetrations, bringing innovative products and exclusive incentives to both Yei and WOO users.”

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Yei Finance has quickly established itself on the Sei network, achieving significant growth shortly after its launch. Built on robust foundational elements, Yei Finance offers essential features catering to developers’ and traders’ use cases. Yei’s mission focuses on expanding asset support and ensuring depositor security while its innovative platform facilitates highly customizable operations.

Yei Finance’s offerings include a reward system that incentivizes users for various activities, enhancing platform engagement and loyalty. Yei ensures robust asset protection through stringent security measures, with future developments promising additional advanced features.

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About WOOFi

WOOFi is a leading DEX with over $42B cumulative trading volume and 250k+ monthly active users. It supports 11 blockchains and boasts a diverse range of products that include earn vaults, simple swaps, cross-chain swaps, and perpetual futures. The native token of WOOFi is WOO and it can be staked to share 80% of all protocol fees.

About Yei Finance
Yei, the largest money market on Sei v2, reached $45M in TVL within four weeks of its launch on June 5th. This growth is driven by attractive SEI rewards for lenders. Built on Aave v3’s codebase, Yei v1 prioritizes asset security and capital efficiency on the Sei network. Yei v2 will introduce innovative features that enable users to independently create multiple pools with highly customizable logic, including tailored interest rate models, loan-to-value (LTV) ratios, and types of collateral.

Disclaimer
The content above is neither a recommendation for investment and trading strategies nor does it constitute an investment 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.

WOO X does NOT endorse, guarantee or provide advice for any products or services of its business partners. This cooperation shall in no event be interpreted as an assurance or guarantee for the listing of any tokens, whether presently existing or to be generated in the future, on WOO X or any associated exchange platforms, nor does it imply any commitment from WOO X to list any tokens on its platforms or others. The decision to list any tokens is governed by and subject to a series of separate criteria and procedures, independent of this cooperation or business partnership.

This cooperation is not an indication of guaranteed success or profitability for either WOOFi, WOO X or any of its business partners. All business risks related to the cooperation are borne by the respective parties involved.

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