Given the current craze of the meme token in the crypto market, the prominent decentralized exchange’s aggregator, Yearn Finance, has come up with its version of the digital joke asset to make the best of the ongoing interest around such assets.
In a statement on Wednesday, the company’s top officials announced their version of a meme coin called WOOFY. This comes after an overwhelming demand for Elon Musk’s favorite Dogecoin and newly-listed token on Binance, Shiba Inu (SHIB).
A lead developer of the company took to Twitter and revealed somewhat vague details about their upcoming product, he said,
The blue dog companion token of Wifey utilizes special Woof technology which allows two-way conversion between the two. That means you can be exposed to a lighthearted dog coin and the DeFi darling blue chip at the same time.
Interestingly, soon after the vague announcement, the supporters and yield farmers rushed to buy the company’s native token YFI, expecting to benefit from a potential airdrop of the new canine-themed digital asset. Yet, the outcome was contrary to their expectations as the Yearn Finance announced no such airdrops.
What stands out in its new offerings is the investor’s ability to redenominate their YFI to any other asset at a 1:1 ratio. Meanwhile, the speculators, failing to understand the nature of the market these days, jumped to conclude that WOOFY would be valued like the company’s native token.
On the other hand, the crypto experts suggest that the high prices of the native token are not good for speculative investors, especially given the unit bias. In addition to that, they claim that WOOFY is likely to fill the gap by offering a bidirectional peg but at a reasonable price.