The new feature merges DeFi with NFTs, enabling users to boost yield with consumable items

Out with MP, in with XP

We just made some big changes to WOOFi Stake, so let’s get straight into the first: multiplier points are now called XP. Why, you ask? The new and improved WOOFi Stake leans fully into gamification, taking inspiration from popular MMORPGs to build an even stickier, enjoyable experience.

XP is part and parcel of gaming - an industry that resonates with a diverse and expansive audience. Think of it this way: if WOOFi is to achieve universal adoption, then we must speak in a universal language.

Refined UI, enhanced UX

XP isn’t the only change, far from it. WOOFi Stake has undergone a major facelift that is best appreciated by visiting the app directly. Core additions include a progress bar that updates in real-time, a reformatted XP APR boost display (previously your MP APR boost), and a whole new section dedicated to the main event - Boosters...

DeFi meets NFTs

Boosters are WOOFi’s spin on ERC-1155 NFTs, designed like consumable in-game items. In the same way that a potion might apply an in-game buff to your character’s stats, Boosters can be staked and burned for a fixed 5-day boost to your XP APR.

Depending on Booster rarity and your staking level, these items can provide an additional multiplier of up to 10x, potentially pushing your XP APR over 500%! To ensure a fair system, lower-level stakers will receive higher multipliers from Boosters of the same rarity.

WOOFi Boosters debut exclusively on Arbitrum and can be bought/sold with major NFT marketplaces, including our partnered NFT AMM protocol Sudoswap. Boosters come in 3 rarities:

With the introduction of Boosters, we also made some adjustments to ensure a fairer and sustainable staking system:

• Changed minimum WOO needed for each staking level using new distribution formula

• Updated the requirement of each challenge following the same formula

• Reduced the XP boost of 7-day volume and earn challenges to 1.3x, while the auto-compounding challenge remains 1.5x

• Introduced two new rules to prevent the XP from excessive inflation and even the playing field for new stakers:

1. When XP (staked and pending): staked WOO >= 0.5, XP APR will be 0 if the staker doesn’t complete any of the three challenges; and

2. When XP (staked and pending): staked WOO >=1, base XP APR will be halved to 15% in addition to rule #1

Make sure to check your updated levels and requirements on the stake page. For details, please see the FAQ and docs.

Did someone say airdrop?

We’ve conducted a one-time retroactive airdrop of Boosters to long-time supporters of WOOFi! 50% of the initial supply has been airdropped to WOOFi stakers (level 1 or above) who participated in previous WOOFi Galxe and Layer3 campaigns according to a snapshot taken 00:00 UTC on June 18th.

Initial supply of Boosters

Uncommon: 468

Rare: 88

Epic: 14

We have also created three Sudoswap liquidity pools for Boosters of each rarity with the other 50% of supply to aid efficient price discovery. You can easily buy or sell these Boosters on SudoSwap with WOO.

234 stakers have received the Booster airdrop, with 7 stakers receiving a pack of all three Boosters for each rarity, 44 stakers receiving a pack of two Boosters (one uncommon and one rare), and the remaining stakers receiving an uncommon Booster. You can check the list of eligible addresses in this file.

Didn’t get one? Don’t fret. Starting Thursday, you’ll be able to obtain Boosters by completing quests natively in the app. New ones will appear each week, requiring you to perform an on-chain action in the WOOFi ecosystem like a cross-chain swap, deposit into an earn vault, or trade perps on WOOFi Pro. The tougher the quest, the rarer the Booster you’ll get.

Why boost?

Put simply, Boosters allow you to accumulate XP even quicker, and XP is what gives you access to increased staking rewards, reduced perps fees, and a bigger % of future WOOFi airdrops Simply put: the more XP you have, the more value you capture from WOOFi.

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. All content, including references to specific products, services, or digital assets, is presented without warranty of any kind, express or implied.

The features and services mentioned, such as WOOFi Boosters and associated functionalities, are subject to change and may vary depending on ongoing updates and policy adjustments. The specific terms and conditions related to the staking, trading, and use of Boosters are detailed in the WOOFi documentation and FAQs, which should be reviewed carefully.

The availability of Boosters, their attributes, and the effects they impart in the WOOFi ecosystem are based on current development and are subject to adjustments as per market and platform evolution. The potential returns and enhancements described are hypothetical and may not reflect real-world conditions.

The content of this document has been translated into different languages and shared throughout different platforms. In case of any discrepancy or inconsistency between different posts caused by mistranslations, the English version on WOOFi’s official website shall prevail.