The Waifer (WAIFER) protocol claims to be the world's first DeFi token backed by a community and its own social media platform. Each transaction has three accessible functions during each trade: burn, reflection, and LP (liquidity provider) Acquisition. Waifer is uniquely placed to drive mass adoption via various services and products. Waifer aims to create a platform that welcomes cryptocurrency and helps move the technology forward. As per the whitepaper, the Waifer obtains its name and looks from the word ‘Waif.’ 

As per the whitepaper, waif has numerous meanings, but the meaning that the platform refers to the most is any ‘shipwreck survivor that makes it to the land.’ Most people face the same issue of how and where to spend the cryptocurrency. The Waifer and Red Waif seeks to resolve this problem by creating a decentralized crypto marketplace. Binance Smart Chain (BSC) was the intelligent choice as the integral blockchain because the cost is low and manageable, specifically during early adoption and development. The platform created a team wallet used for any expenses linked to the project, for example, exchange listing costs, marketing, dev costs, etc. Everyone can witness the transactions of this wallet because it is in the public domain; furthermore, the platform seeks to let everybody know of any significant transactions that are to be drawn from this wallet.

WAIFER token is native to the platform. Waifer platform developed the token as a deflationary BEP-20 smart contract token that functions on the Binance Smart Chain (BSC) called proof-of-staked authority (or PoSA). Participants stake Binance Coin for becoming validators. The platform created a token that aims to reward the holders for holding it without manually staking it. The platform puts no limit as to how many tokens can be burned.

Rick Mano and Zachariah Vershay are the cofounders of the Waifer platform. Vershay works as the developer for the platform. The founding team further includes Nabeel Saghir as a developer and Kavan Singh as the adviser of the platform.