Weave Token: What You Need to Know
Weave token is the native crypto asset of Weave Financial, a next-generation yield farming platform that allows yield farmers to create custom strategies and harvest yield and use it as they want.
Key features enable the yield farming platform Weave to stand out:
A platform built and designed for absolute beginners or inexperienced yield farmers. It features a simple interface for ease of use and copy farming service that allows users to find Pro users from whom they want to copy yield farming strategies. Other features include:
• Audited contracts.
• Risk-rated strategies.
• Community support.
• Education for those that want to graduate to Pro level.
A platform designed for experienced yield farmers, or pros. It also features a simple but powerful user interface. Other benefits include:
• Users can build their own smart contracts using the strategy builder.
• Fully customizable auto-compounding features.
• Up to 50% performance fee profit share from copy farmers.
• Cross-chain strategies.
• Risk management tools.
• Low fees.
• Community engagement and support.
There are more benefits for the most successful Pro users. For example, pro users with the highest value of passive users copying their strategy earn additional Weave token rewards. NFT rewards are also up for grabs for top Pro weavers.
The native Weave token is a BEP-20 crypto asset. It has several use cases, can be used to vote on strategic decisions, and can be used to reduce platform fees. It is also utilized to reward users for using the platform and for staking. Liquidity providers also get awarded the tokens.
The tokens can also be used to pay for various services, including auto-compounding. Pro users have to use them to pay to share their strategies. According to the platform, more token use cases will be added in the future.
The tokens have a max supply cap of 200,000,000. According to Coingecko, there are currently 13,889,813 of them in public circulation. Each is worth $0.100063. They are available for purchase on PancakeSwap.
Are the tokens a good investment?
There are a few reasons they might or might not be a good investment option. They might be a good investment because of the project behind them and the many use cases.
Weave Financial offers what many yield farming platforms don’t, a strategy builder that allows users effortlessly create custom yield farming strategies and harvest yields. The project gives users complete control over their funds. Its use of smart contracts also helps with security, making it more secure.
Other reasons to consider investing in the crypto asset are its relatively low price and how several crypto prediction platforms view it. Their low price makes it easy to invest in the crypto space without breaking the bank. Several prediction platforms foresee a promising future for the coins.
A few reasons to think twice before investing in the coin include its young age, accessibility, and the recent staking smart contract hack. The tokens haven’t been in the market long enough to prove their worth. They are also not easily accessible. PancakeSwap is the only recommended place to buy them.
The tokens also can't be bought directly with fiat currency.
Another reason to be wary of $Weave is the recent hack on a staking smart contract that exposed some of the project’s security weaknesses. According to Jonathan Platts, the project's COO and one of its co-founders, a staking contract of the tokens was hacked on 10 November, 2022, and funds were stolen. Not much about the hack has been revealed as it is an ongoing criminal case, again, according to Jonathan.
$Weave token looks like a great crypto asset. However, considering the recent hack and what the project is planning as a way forward, it might not be the best investment option for now. You might want to look into other crypto assets if you are looking to invest in the crypto space.
Author: Jay Jackson
Jay Jackson is a crypto trader, researcher and freelance writer. He works closely with people and businesses in the crypto sphere, writing blog posts, guides, press releases, reviews and ebooks.
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