Weft Overview

With Decentralized exchanges, lending dApps are a mainstay for Decentralized Finance (DeFi) ecosystems. However, lending dApps and all DeFi Applications available at the moment face many challenges and limitations inherited from the underlying infrastructure such as scalability, security, and usability. To help overcome all major issues preventing DeFi from reaching its true potential, RDX Works built Radix Decentralized Ledger Technology, a layer 1 network built specifically for DeFi needs. As we believe in the feature of DeFi with Radix DLT, we built Weft, a novel lending platform that leverages the features and capabilities of Radix DLT.

Overview of Radix DLT

Radix is a decentralized network that provides a full stack for building and deploying DeFi applications. Radix enables developers to create fast, secure, and scalable solutions for DeFi applications. Radix also rewards everyone who contributes to the network’s growth and security, creating a positive feedback loop for innovation and adoption.

Radix has four key components that make it radically different from other DeFi platforms:

• Cerberus: A shared consensus algorithm that can scale initially with low latency, short finality time, and infinite scalability.
• Radix Engine: A virtual machine that executes Scrypto code and enforces the rules of the network, ensuring the correctness and security of DeFi applications with its built-in primitives for asset management, composability, and security.
• Scrypto: A new programming language designed for DeFi that leverages possibilities unlocked by the Radix Engine. It is an Asset-Oriented programming language that makes building DeFi applications drastically easier and safer.
• Radix Wallet: A user-friendly interface that connects users to the Radix network and allows them to interact with DeFi applications seamlessly.

By leveraging these components, Radix aims to revolutionize the future of decentralized finance by making it ready for mainstream adoption.

What is Weft?

Weft stands as a decentralized lending platform, harnessing the capabilities of Radix DLT to offer a swift, secure, and inventive approach to borrowing and lending assets. With Weft, users can effortlessly create and manage collateralized debt positions (CDPs) encapsulated within NFTs named Wefties. This platform facilitates lending digital assets, earning yields, locking collateral, and accessing loans, all while prioritizing security through a distinct method of storing and managing loan and deposit-related states.

Community-Driven Endeavor

Weft represents a collective journey driven by the passion and dedication of a core team of contributors. This collaborative effort entails management of key components such as the code base, dApp definition accounts, validation nodes, domain names, and an exhaustive array of resources essential for the seamless operation of our dApps. Our unwavering commitment to transparency finds expression in our pledge to open-source the source code before the official launch, thereby welcoming external contributions that elevate the project to new heights.

Our Vision for DeFi lending

With its unique features, particularly the utilization of Wefties to represent loan and collateral positions, Weft unlocks a realm of fascinating possibilities and applications. In essence, Wefties serve as practical financial instruments from their inception, that can be linked in a delegation-delegatee relation and capable of accruing yields rooted in deposit APY and loan interest. The implications are wide-ranging, from a parent allocating resources to their child through a delegated Wefty to companies employing Wefties with collateralized assets to facilitate loans for new employees. Financial institutions can also leverage Wefties to symbolize lent assets, directly enabling the sale of these assets as financial instruments, thus bypassing cumbersome traditional finance costs and delays. In essence, Weft has the ambition to pave the way for an innovative future in decentralized finance targeting everyday people, offering a range of applications that embrace flexibility, security, and efficiency.