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In a major development, the WOOFi ecosystem is set to undergo a significant evolution with the introduction of the updated WOOFi Stake system. This transformation aims to redefine the user experience within the WOOFi decentralized exchange ecosystem. Particularly, it will bring innovation in the realm of staking.
Introducing the updated WOOFi Stake system
— WOOFi (@_WOOFi) February 2, 2024
We are thrilled to announce a significant evolution in the WOOFi ecosystem that will redefine the way you engage with WOOFi Stake.
From its inception, WOOFi Stake has been a beacon for active participation in the WOOFi ecosystem. At… pic.twitter.com/oETN8rDBbN
WOOFi Stake Introduces Level 10 as the Pinnacle for Expert Stakers
The Multiplier Points (MPs) mechanism, which boosts $USDC and $ARB rewards for dedicated $WOO stakers, underpins this transformation. WOOFi Stake has fostered ecosystem engagement by recognizing early adopters’ influence. To honor this commitment, innovative stakeholders received a 50% MP base APR.
New methods to reward and empower the growing community were needed when the WOOFi ecosystem introduced new chains and goods like WOOFi Pro. Changes to MP basic APR to 30% in recent versions reflect shifting situations. Challenge payouts have increased from 1.3 times to 1.5 times. It indicates an intentional reward distribution modification. This improvement encouraged more people to join, fostering healthy competition and community participation.
Moreover, level 10 is now the highest staking tier after double expansion. This update improves the starting point for lesser stakers. Additionally, it adds a level 10 top-tier for larger stakers to demonstrate their WOOFi Stake expertise.
WOOFi Stake Set for Transformation on February 7th
Implementing stake levels is about conquering issues jointly, not just hierarchically. The hierarchy allows personnel at each tier to work together without higher expectations. This completion of tasks translates into increased rewards. Additionally, it serves as a badge of honor within the vibrant WOOFi community. WOOFi Stake is set to undergo significant changes on Wednesday, February 7th, at 0 UTC.
These developments will impact WOOFi greatly. This inclusive atmosphere boosts user interest and participation in the new system. Different stake sizes allow people of different sizes to engage in the ecosystem.
The new incentive structure, with a lower base APR and higher challenge awards, encourages users to participate to optimize returns. This improves the user experience and staker engagement. It builds community pride by giving individuals a goal. These adjustments will lead to more participation, fair rewards, and a thriving, cooperative community in WOOFi. The shifting landscape of WOOFi Stake reflects the commitment to providing users with a dynamic staking experience.