WOO Network Announces WOOFi's Shift from Near Protocol to Ethereum EVM
Jessie A Ellis Sep 12, 2023 10:14
WOOFi, a decentralized exchange platform owned by Woo Network, has announced a strategic shift from the NEAR Protocol to Ethereum Virtual Machine (EVM) compatible networks. The move aims to develop a version 2.0 omnichain DEX, integrating centralized finance and decentralized finance sectors. WOOFi Pro will offer a mobile-friendly interface, gasless orderbook trading, and integration with Orderly Network's order books. The platform is set to launch with 10 crypto trading pairs in October.
WOOFi, a leading decentralized exchange platform owned by Woo Network, has announced its strategic shift from the NEAR Protocol to Ethereum Virtual Machine (EVM) compatible networks. This transition is aimed at the development of its version 2.0 omnichain DEX.
WOOFi's decision to transition was unveiled at TOKEN 2049. Jack Tan, WOO's Founder and CEO, emphasized that this move is indicative of a more robust offering in both centralized finance (CeFi) and decentralized finance (DeFi) sectors. Tan envisions a seamless integration between the two crypto exchange realms in the upcoming bull run. WOOFi's objective is to amalgamate major chains, centralize liquidity, and foster a cooperative ecosystem. This will enable WOOFi Pro users to trade across their preferred applications and blockchain networks. For instance, a trader on Arbitrum can execute trades against counterparts on chains like Polygon or Optimism without exiting Arbitrum.
WOOFi Pro's design leverages the platform's extensive experience in developing trading products. It promises a mobile-friendly interface, allowing traders to conduct transactions seamlessly. WOO X, WOOFi's centralized exchange counterpart, boasts a daily trading volume ranging between $150 million to $500 million. It has been at the forefront of several industry innovations, including the introduction of a live transparency dashboard. This initiative is geared towards preserving the trust of its expanding community of professional traders. One of the standout features of WOOFi Pro is its gasless orderbook trading, which eradicates transaction fees. This not only enhances accessibility for users but also negates the requirement for Know Your Customer (KYC) verification. Furthermore, users maintain complete autonomy over their funds, eliminating dependence on external custodians.
Another noteworthy integration is with Orderly Network's institutional-grade order books. This ensures that users have consistent access to a substantial liquidity pool. Orderly Network, a decentralized liquidity network, has garnered support from notable backers such as Pantera, Dragonfly Capital, and Sequoia Capital China.
Tan highlighted the synergy between WOO X and WOOFi, stating, "The combination of WOO X and WOOFi provides users with a fully-featured off-chain or on-chain orderbook trading system." He further observed an uptick in traders seeking both traditional and cryptocurrency trading avenues. This trend has been particularly evident in the recent cycle, with a pronounced inclination towards Real World Assets (RWAs).
WOOFi Pro is set to debut with 10 crypto trading pairs in its October mainnet launch. However, there are plans to diversify its asset offerings, potentially including cryptocurrencies, stocks, commodities, and forex. To date, WOOFi has successfully facilitated over 2.9 million cross-chain swaps. With the platform's user-friendly interface, it is anticipated that this number will surge as users can effortlessly navigate the ecosystem and diversify their asset portfolio with a single click.
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