#CPIWatch WOOFY is a digital currency created as a playful and community-oriented token version of the famous YFI currency. It was launched by the Yearn Finance team with the aim of attracting a younger user community that prefers currencies with a lower value per unit, but without changing the overall market value.
WOOFY represents an attempt to link two tokens (YFI and WOOFY) through a conversion mechanism of 1 YFI = 1,000,000 WOOFY, allowing users to feel like they own a larger quantity of the currency. This idea relies on the psychological factor where some traders prefer owning millions of units instead of small parts of an expensive asset.
Although it is not an independent currency with a specific project, WOOFY represents a symbolic and community experiment in DeFi. Its trading is limited today compared to its launch days in 2021, but it remains an example of the creativity of decentralized finance projects.