Skip to content
This repository has been archived by the owner on May 1, 2023. It is now read-only.

Woofy Finance Docs #236

Merged
merged 3 commits into from
May 12, 2021
Merged
Show file tree
Hide file tree
Changes from all commits
Commits
File filter

Filter by extension

Filter by extension

Conversations
Failed to load comments.
Loading
Jump to
Jump to file
Failed to load files.
Loading
Diff view
Diff view
1 change: 1 addition & 0 deletions SUMMARY.md
Original file line number Diff line number Diff line change
Expand Up @@ -22,6 +22,7 @@
- [Strategies and yVaults available](products/yvaults/v2-yvaults/strategies-and-yvaults-available.md)
- [V1 yVaults](products/yvaults/yvaults.md)
- [Earn](products/earn.md)
- [Woofy](products/woofy.md)
- [Zap](products/zap.md)
- [yInsure](products/yinsure.md)
- [yGift](products/ygift.md)
Expand Down
29 changes: 29 additions & 0 deletions products/woofy.md
Original file line number Diff line number Diff line change
@@ -0,0 +1,29 @@
# Woofy Finance

The WOOFY token is the blue dog companion token of YFI. Utilizing special Woof technology, it allows two-way conversion between the two tokens, allowing holders to be exposed to YFI in a fluffier package.

At its core, WOOFY solves two problems: YFI not being dog themed, and the price of a single YFI being too high in USD terms.

**1 YFI = 1,000,000 WOOFY**. YFI and WOOFY can always be exchanged with one another at that fixed rate using either the [WOOFY contract](https://etherscan.io/address/0xd0660cd418a64a1d44e9214ad8e459324d8157f1#code), or the [Woofy website](https://woofy.finance/).

## How to Woof and Unwoof

![](https://i.imgur.com/HqfCYZX.png)

[WOOFY](https://etherscan.io/address/0xd0660cd418a64a1d44e9214ad8e459324d8157f1) can be created ("woofed") by depositing YFI on the [Woofy website](https://woofy.finance/). It can also be redeemed ("unwoofed") for the equivalent amount of YFI at any time.

#### Converting YFI to WOOFY

- **Step 1**: Visit https://woofy.finance
- **Step 2**: Click 'Woof'
- **Step 2**: Approve YFI
- **Step 3**: Deposit YFI

#### Converting WOOFY to YFI

- **Step 1**: Visit https://woofy.finance
- **Step 2**: Click 'Unwoof'
- **Step 2**: Approve WOOFY
- **Step 3**: Deposit WOOFY

If it's your first time holding either token after the exchange, make sure to click 'Add Token' above the token's logo so that it will appear in your wallet.