What is Warp Finance? How to Get WARP Coins?

What is Warp Finance? WARP is a DeFi-focused Blockchain project that offers liquidity provider (LP) tokens and stablecoins as collateral.
 What is Warp Finance?  How to Get WARP Coins?
READING NOW What is Warp Finance? How to Get WARP Coins?

What is Warp Finance? Warp Finance (WARP) is a DeFi-focused Blockchain project that offers liquidity provider (LP) tokens and stablecoins as collateral. In this article, you can access answers to frequently asked questions such as what is Warp Finance, what it offers, what is WARP coin, how to get it, what is it used for. As Kriptokoin.com, we have prepared it for you. Let’s examine the project together.

What is Warp Finance?

Warp Finance is a Blockchain project that offers various products to its users in the field of decentralized finance (DeFi). The project provides unused liquidity tokens and stablecoins as collateral. Users can get loans with the crypto money they borrow from the platform as collateral. In this respect, the project works as a borrowing protocol. The native cryptocurrency of the protocol is the WARP coin. The WARP coin is used by users for reward or governance purposes.

Warp Finance set out to introduce a new use case for LP tokens. In this context, the project allows unused LP tokens to be given as collateral. Taking LP or stablecoins as collateral does not require any permission. Users can also earn returns while borrowing. Users who receive a secured loan can earn returns when they deposit LP tokens into the protocol. Tokens deposited in the protocol are received along with the interest yield when borrowed. The platform offers loans with negative interest rates.

What is a WARP coin? What is it used for?

WARP coin is a token that works as the native cryptocurrency of the Warp Finance protocol. The token was created on the Ethereum Blockchain with the ERC-20 smart contract and has a capped maximum supply of 150,000 units. WARP has two main use cases. These; governance and incentive awards. However, the governance feature will be activated after 50% of the entire supply is distributed.

After the determined supply is reached, users holding the WARP coin will be able to participate in the management of the platform. This includes features such as voting rights and presenting proposals to the community. Besides, WARP is used to encourage users. Users who actively participate in the platform and borrow money are rewarded with WARP coins. At the time of writing, the WARP coin had a market cap of around $297k and was ranked 2125 on the overall cryptocurrency list. In addition, there were 4.6 thousand WARPs in circulation, which is 3% of the token’s maximum supply.

What are the advantages?

Warp Finance users can get LP token and stablecoin loans with negative interest. In addition, users who actively participate in the platform are rewarded. The project distributes WARP coin rewards to borrowers and lenders.

What are the disadvantages?

The number of loan projects in the DeFi field is quite high. As a relatively new project, Warp Finance may not stand out from its competitors. In addition, such low-market DeFi projects are more susceptible to cyberattacks. Users can protect their funds by keeping their assets in hardware wallets rather than virtual wallets.

How to get WARP coin?

WARP coin is currently not listed by major cryptocurrency exchanges. The token is currently only traded on the BKEX exchange. Investors interested in the Warp Finance project can purchase the token by signing up for BKEX and depositing funds in their wallets.

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