WeDeFi FSN Interest Offline for Scalability Rebuild

Wedefi Inc
Jul 28 · 2 min read

Our Interest product has seen tremendous growth since launch, growing to over 20k+ users and 6+ million of FSN deposited in the 3 short months. We thank all our users for their support in getting us here.

This unexpected growth was a strong validation that our product was filling an unmet need and WeDeFi was on the right track to crypto mass adoption. However, in the last two weeks, the product ran into challenges handling the volume of transactions related to this growth, and the experience we provided our users fell short of our goals.

After various attempts at fixing the issue over the last 5 days, we are making the difficult decision today to temporarily shut our Interest product while we rebuild from the ground up with a stronger technical framework.

What will happen to my deposits?

Over the next few days, we will refund everyone’s deposited FSN. The speed of refund is based on how quickly our staking tickets are selected and their relevant funds released. Everyday, we will pay out the interest earned with the remaining staking tickets along with pro-rated refund of FSN deposited. Our current estimate is that all deposits will be refunded within 4 days.

Can I deposit/withdraw?

Deposits and withdrawals will be disabled tomorrow. Processing withdrawals was one of the areas of instability that our users experienced in the previous 5 days.

Will FSN Interest be back?

Yes, we are rebuilding Interest from ground up to be snappier and more stable than ever. We learned valuable lessons from user behavior as well as challenges around handling protocol nuances for time lock “stubs”, which will be put to use in v2.0.

When will FSN Interest v2.0 be ready?

We do not have information on timing at this stage, but we want to get back to giving users high teens interest in FSN as soon as we can.

Is Safebet still Working?

Yes. Safebet is unaffected and we will continue to run Safebet games during this time.

We thank everyone for their understanding and support. Follow us on Twitter or WeDeFi news for updates on the deposit refund and news on Interest v2.0.

Wedefi Inc

Written by

No Risk, All Reward Use your crypto assets to earn interest and play in lottery jackpots without ever giving up control or compromising on security

Wedefi Inc

Written by

No Risk, All Reward Use your crypto assets to earn interest and play in lottery jackpots without ever giving up control or compromising on security

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