The WOOFY token is the blue dog companion token of YFI. Utilizing special Woof technology, it allows two-way conversion between the two tokens, allowing holders to be exposed to YFI in a fluffier package.
At its core, WOOFY solves two problems: YFI not being dog themed, and the price of a single YFI being too high in USD terms.
1 YFI = 1,000,000 WOOFY. YFI and WOOFY can always be exchanged with one another at that fixed rate using either the WOOFY contract, or the Woofy website.
How to Woof and Unwoof
WOOFY can be created ("woofed") by depositing YFI on the Woofy website. It can also be redeemed ("unwoofed") for the equivalent amount of YFI at any time.