WOOFi Earn
Rejected venues wait the longest for re-review; a rejection has to earn another look before the scheduled date.
WOOFi Earn permits its sPMM pool manager to borrow as much as 90% of Supercharger assets without collateral, deploy them as swap inventory, and hedge through WOO X before repaying principal plus a fixed rate. Depositors therefore underwrite manager credit, exchange hedge and settlement risk that cannot be independently reconciled on chain. The version-1 off-chain-credit dossier is dispositive regardless of the approximately $2.48M observed across nine chains on 2026-08-15.
- Independent reports reconcile each manager borrowing balance to WOO X accounts and hedges, with enforceable collateral, guarantees or first-loss protection and no unexplained shortfall
- Authority, custody, audit and loss-allocation evidence is complete and a proposed-size withdrawal clears both instant and seven-day settlement paths under stress
The research file
Mechanism applicability
WOOFi Earn accepts single-asset deposits into Supercharger vaults, deploys idle balances into third-party yield strategies, and permits the WOOFi sPMM pool manager to borrow as much as 90% without collateral for swap liquidity. The manager hedges on-chain inventory through WOO X and owes principal plus a fixed borrowing rate back to the vault. The unsecured manager receivable and exchange-dependent hedge directly meet the shared v1 off-chain-credit dossier.
Current observation and perimeter
The DefiLlama protocol API read on 2026-08-15 classified WOOFi Earn as Yield and reported approximately $2.48M across Arbitrum, Avalanche, Optimism, Base, Polygon, BSC, Mantle, zkSync Era and Fantom. Fantom is added to the registry perimeter. WOOFi’s current site and user guide still display Earn vaults and deposit or withdrawal workflows, supporting an active rather than archived lifecycle.
Control and exit applicability
WOOFi explicitly acknowledges trust in the sPMM pool manager, which can borrow uncollateralized and manages hedges across on-chain pools and WOO X. Standard withdrawals enter a seven-day settlement cycle and depend on manager repayment; only a 10% reserve supports instant weekly withdrawals, with a 1% fee. External farming contracts, block reorg or hedge delay can produce loss or unavailable funds, and emergency recovery returns only the user’s proportional vault share.
Why the class rule decides
The defining risk is not only the roughly $2.48M scale: depositors become unsecured creditors of the pool manager while the corresponding WOO X hedge, exchange balances and manager capitalization are not independently observable from vault contracts. The shared v1 off-chain-credit dossier therefore controls. Reopen only with independently reconciled manager assets, liabilities and exchange hedges, enforceable credit protections, authority and custody evidence, audited loss allocation and successful stressed proposed-size withdrawals.
Sources
The claims above trace to these. Where a number could not be independently verified, the thesis says so.
- WOOFi — Earn vault mechanics and risks · primary · accessed 2026-08-15
Supports: single-sided vault, 90% uncollateralized borrowing, sPMM manager, WOO X hedge, seven-day settlement, instant withdrawal reserve - WOOFi — Earn user workflow · primary · accessed 2026-08-15
Supports: live vaults, chain filter, deposit, unstake, withdrawal request - WOOFi — smart-contract architecture · primary · accessed 2026-08-15
Supports: SuperChargerVault, LendingManager, WithdrawManager, YieldFarmingStrategy, access manager - WOOFi — current Earn interface · primary · accessed 2026-08-15
Supports: current lifecycle, Supercharger, vault interface, single-asset yield - DefiLlama — WOOFi Earn survey record · secondary · accessed 2026-08-15
Supports: current TVL, nine-chain perimeter, Yield category, survey observation
Inherited controls
The verdict above grades the protocol layer. Every position also inherits the asset it holds and the chain it settles on. The least safe layer sets the position’s grade, and the position table names which one that is.
| Chain | Verdict | Grade | Control constraint |
|---|---|---|---|
| Arbitrum One | Approved · limits | hybrid | a single sequencer orders >99% of transactions and admin keys can upgrade bridge contracts on a ~7-day timelock. |
| OP Mainnet | Rejected | hybrid | Ethereum forced inclusion limits sequencer censorship, but the Foundation and Security Council can co-sign an immediate upgrade before a client can exit. |
| Avalanche | Approved · limits | crypto-backed | no party can freeze or seize C-Chain funds, but one vendor writes the only production client and Messari measured over a third of stake hosted on AWS. |
| Polygon PoS | Rejected | hybrid | a public validator set orders transactions, but a 5-of-9 multisig can instantly upgrade staking and canonical bridge contracts, while a 5-of-8 controls custom child tokens. |
| Base | Approved · limits | hybrid | Coinbase — one regulated US company — operates the only sequencer, and admin keys can upgrade bridge contracts within ~7 days. |
| BNB Smart Chain | Rejected | freezable | the validator set concentrates around one company, and the chain has been halted by decision. |
| Mantle | Rejected | freezable | the team can push instant upgrades — there is no exit window a client could use. |