Weave was one of 3 tokens I mentioned being excited about for 2022 in my December 2021 roundup. At the time, it had only soft-launched — you could stake stablecoin on BSC and be rewarded in WEAVE tokens.
I feel we’re going to hear a lot more from Weave in 2022 and beyond. It’s too early for me to call this in terms of passive income performance, however I am excited for the project and invested a small sum in December. I’m now staking my $WEAVE tokens in anticipation of the full launch.
Weave is in development. Some of the features described in this article are already available, others are in beta should be available in near future.
Weave Financial: Aims
Weave is a community-focused, audited (audit coming Q1 2022) platform from a doxed team that aims to make yield-generating DeFi accessible and affordable (low fees) to all; not just crypto-enthusiasts and people who know how to yield farm.
Their aim is to make it easy for beginners to earn high yield via Weave Passive and education (the Weave Academy), whilst providing additional passive income opportunities for professional yield farmers via Weave Pro and its cross-chain, smart contract strategy builder.
They are a limited company registered in the United Kingdom.
From what I’ve seen, their Weave Pro strategy builder interface is a bit like those used to set up marketing automation or ‘if this, then that’ work flows and decision trees, except it essentially generates a Smart Contract. #wow! 🤯
Whilst the Weave Passive product has qualities not unlike that of eToro or Coinmatics; ie you can choose to follow and copy the strategies of Pro yield farmers.
Weave Pro users will be able to earn additional passive income if Weave Passive users decide to copy their strategies.
Weave have been crushing it on partnerships. This list keeps growing, but it will give you some idea of the progress they have made over just a few months;
- OEC (OKX chain)
- Merkle Network
- Elk Finance
- Jswap Finance
- Hector Finance
That’s as of Februray 2022.
Weave Passive (product) – set and forget!
The Weave Passive interface is simple for the beginner. All they need is a properly configured MetaMask (ideally using a hardware wallet!) and click a few buttons to start earning.
Weave Passive users can carry out simple staking actions or they can choose to copy-farm based on any of the Weave Pro strategies, whist retaining 100% ownership of their funds.
Other features include auto-compounding, risk ratings (via AI and community ratings) and education.
Weave Pro (product)
This is where you can build your own strategy into a smart contract which others can choose to follow. You can decide exactly what pools to play in, under what conditions you want to take profit or reinvest and much more.
The smart contract strategy builder uses a visual automation builder and is (will be!) cross-chain.
Pro users can confiture their strategy to claim a profit share from passive copiers of 30-50%, depending on the value of copiers.
Watch the video above to gain an understanding of the Weave Pro strategy builder.
The $WEAVE tokenomics
This will be used in multiple ways as the platform evolves. Initially it will be of benefit to users by reducing fees through staking $WEAVE. It will also have governance function and will be used as a means to reward users who stake.
The max total supply is 200,000,000 $WEAVE tokens and will be released into circulation over a period of time. However, it is also designed to be deflationary.
- 65% is for community (majority for community daily rewards pool, smaller sums for bonuses)
- 35% is for platform (majority is for team, then; treasury, seed investors and future hires)
Team funds are being released over 2 years; 30% at 6 months, 30% at 12 months and 40% at 24 months. Seed investors are released after 6 months.
In terms of being deflationary, there is a buy/sell tax of 2.5% on $WEAVE tokens.
- 1.5% goes to staking & liquidity
- 0.5% goes to the platform
- 0.5% is burned forever (the ‘deflationary’ bit!)
Which brings me on to…
Where can I buy $WEAVE tokens?
$WEAVE is on BSC, Binance Smart Chain so you can purchase on PancakeSwap – just remember there is a 2.5% buy and sell tax so you need to set slippage to 3% or more…ie. 2.5% for the tax + whatever slippage you are happy with. This is a fairly new token, so 0.5% might not be enough; you might need to try 3.5% or even 4% depending on volume etc.
Do I need MetaMask?
Yes. You will need MetaMask with the BSC network added to interact with Weave Financial. If you’re not sure what that means please read this article on MetaMask and adding extra networks such as Binance Smart Chain (BSC).
A “no KYC” crypto platform
Because everything happens in the blockchain and via smart contracts there is no need to have an account or complete any KYC to use Weave or to purchase the $WEAVE token.
How much can I earn from Weave Financial?
That’s a tricky one as you may already have guessed.
However, outside of the Weave Pro product (see details in previous section for information), it mainly comes down to passive platform rewards…
$WEAVE community daily rewards
A total of 108,000,000 WEAVE tokens have been allocated to this and will be released linearly over 10 years. Ie. 10.8M per year (but released daily). These will be spilt 40% as platform rewards and 60% for staking and liquidity rewards and may be adjusted over time.
What you receive from this depends on what you have staked relative to others.
There will also be some gamification built in such as multipliers and milestone bonuses eg for committing to stake for an extended period of time.
During 2022 there will also be bonus rewards for early community staking and a referral program will be launching which will reward referrals 1-5% of fees from the people they refer.
Weave Financial fees
Weave have kept their fees to a minimum, below are the current rates.
Weave Pro: 0.1% entrance fee, 1% controller fee (for gas when compounding) and up to a maximum of 4% of yield performance fee.
Weave Passive: 0.1% entrance fee, 1% controller fee (for gas when compounding) and up to a maximum of 8% of yield performance fee (which is share with the Pro user you are copying).
The preformace fee will vary based on staked or LP $WEAVE tokens and the total value locked in the dapp (TVL) — the more staked, the lower the fee.
Social good & charity
Weave Financial is commitied to good causes. Of gross company profits, 2% will be given to carbon-reducing initiatives, with the aim of being a carbon-negative company. A furter 2% will be given to other good causes which will be voted on by the community.
The company and team
Weave Financial are a fully doxed team of seasoned professionals and the company Weave Defi Limited is registered in the United Kingdom. You can see shareholders and Directors etc here: https://www.gov.uk/get-information-about-a-company (Company number is: 13813209).
For team-member profiles, check out the website: https://weave.financial/#team
As with any new project, it’s impossible to say how successful they will be however I feel Weave Financial are working on a great project, have shown fantastic progress in just a few months, not only in the technology, but the partnerships too, and they are very transparent and genuine in their intentions.
At time of writing, February 2022, the platform products are still in development or private beta so this is very much “early stage”.
Do your own research and check them out at: https://weave.financial (here you’ll find links to Discord, Telegram, Twitter etc)