WOOFi, a number one decentralized trade platform owned by Woo Community, has introduced its strategic shift from the NEAR Protocol to Ethereum Digital Machine (EVM) suitable networks. This transition is aimed on the growth of its model 2.0 omnichain DEX.
WOOFi’s choice to transition was unveiled at TOKEN 2049. Jack Tan, WOO’s Founder and CEO, emphasised that this transfer is indicative of a extra sturdy providing in each centralized finance (CeFi) and decentralized finance (DeFi) sectors. Tan envisions a seamless integration between the 2 crypto trade realms within the upcoming bull run. WOOFi’s goal is to amalgamate main chains, centralize liquidity, and foster a cooperative ecosystem. This can allow WOOFi Professional customers to commerce throughout their most well-liked purposes and blockchain networks. For example, a dealer on Arbitrum can execute trades towards counterparts on chains like Polygon or Optimism with out exiting Arbitrum.
WOOFi Professional’s design leverages the platform’s in depth expertise in growing buying and selling merchandise. It guarantees a mobile-friendly interface, permitting merchants to conduct transactions seamlessly. WOO X, WOOFi’s centralized trade counterpart, boasts a each day buying and selling quantity ranging between $150 million to $500 million. It has been on the forefront of a number of trade improvements, together with the introduction of a dwell transparency dashboard. This initiative is geared in the direction of preserving the belief of its increasing group {of professional} merchants. One of many standout options of WOOFi Professional is its gasless orderbook buying and selling, which eradicates transaction charges. This not solely enhances accessibility for customers but in addition negates the requirement for Know Your Buyer (KYC) verification. Moreover, customers keep full autonomy over their funds, eliminating dependence on exterior custodians.
One other noteworthy integration is with Orderly Community’s institutional-grade order books. This ensures that customers have constant entry to a considerable liquidity pool. Orderly Community, a decentralized liquidity community, has garnered assist from notable backers similar to Pantera, Dragonfly Capital, and Sequoia Capital China.
Tan highlighted the synergy between WOO X and WOOFi, stating, “The mix of WOO X and WOOFi gives customers with a fully-featured off-chain or on-chain orderbook buying and selling system.” He additional noticed an uptick in merchants searching for each conventional and cryptocurrency buying and selling avenues. This development has been significantly evident within the current cycle, with a pronounced inclination in the direction of Actual World Property (RWAs).
WOOFi Professional is ready to debut with 10 crypto buying and selling pairs in its October mainnet launch. Nonetheless, there are plans to diversify its asset choices, doubtlessly together with cryptocurrencies, shares, commodities, and foreign exchange. Up to now, WOOFi has efficiently facilitated over 2.9 million cross-chain swaps. With the platform’s user-friendly interface, it’s anticipated that this quantity will surge as customers can effortlessly navigate the ecosystem and diversify their asset portfolio with a single click on.
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