WOOFi, a decentralized cryptocurrency exchange (DEX) and sibling to the crypto exchange WOOX, is integrating unique aspects from role-playing games (RPG) into decentralized finance (DeFi). The platform uses non-fungible tokens (NFTs) to enhance yields generated by users staking tokens.
These 'Boosters', similar to power potions or weapons in RPGs, can be obtained by completing challenges such as cross-chain swaps, depositing into earn vaults, or trading on WOOFi Pro. These Boosters can then be used to increase the yield from WOO tokens, which are staked to earn a portion of the DEX's fees.
The DeFi world, once a hub of innovation, could benefit from fresh ideas. The WOO ecosystem, known for pushing concepts like index-linked meme coin perps on the centralized WOOX platform, is targeting an audience familiar with gaming and exploring the concept of utility NFTs, which have a function beyond being merely collectible.
Within the GameFi vertical, platforms like DeFi Kingdoms have been operating along similar lines. However, previous experimentation in the sector was largely driven by inflationary emissions of some native token. In contrast, the release of WOOFi Boosters is linked to value accrual generated by actions on the protocol, according to Ben Yorke, VP of WOO Ecosystem.
Yorke stated in an interview that over the past year, they have distributed around $5 million in USDC to people staking on their protocol. The new boosters will determine how much of this future revenue share is distributed, tying it to real value.
