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 focused on the development of version 2.0 omnichain DEX.
WOOFi’s decision to make the switch was revealed at TOKEN 2049. Jack Tan, Founder and CEO of WOO, emphasized that this move is indicative of a more robust offering in both the centralized finance (CeFi) and decentralized finance (DeFi) sectors. Tan foresees seamless integration between the two crypto exchange worlds in the coming bull run. The goal of WOOFi is to merge major chains, centralize liquidity and promote a cooperative ecosystem. This allows WOOFi Pro users to trade via their favorite applications and blockchain networks. For example, a trader on Arbitrum can transact against counterparts on chains such as Polygon or Optimism without leaving Arbitrum.
WOOFi Pro’s design leverages the platform’s extensive experience in developing trading products. It promises a mobile-friendly interface, allowing traders to transact seamlessly. WOO It has been at the forefront of several innovations in the sector, including the introduction of a live transparency dashboard. This initiative aims to maintain the trust of the growing community of professional traders. One of the standout features of WOOFi Pro is gas-free order book trading, which eliminates transaction fees. This not only improves accessibility for users but also eliminates the need for Know Your Customer (KYC) verification. Additionally, users retain full autonomy over their funds, eliminating dependence on third-party custodians.
Another notable integration is with Orderly Network’s order books at an institutional level. This ensures that users have consistent access to a significant liquidity pool. Orderly Network, a decentralized liquidity network, has received support from notable lenders such as Pantera, Dragonfly Capital and Sequoia Capital China.
Highlighting the synergy between WOO He further observed an increase in the number of traders looking for both traditional and cryptocurrency trading opportunities. This trend is particularly evident in the recent cycle, with a pronounced tilt towards Real World Assets (RWAs).
WOOFi Pro will debut with 10 crypto trading pairs during its mainnet launch in October. However, there are plans to diversify the asset offering, potentially including cryptocurrencies, stocks, commodities and forex. To date, WOOFi has successfully facilitated more than 2.9 million cross-chain swaps. With the platform’s user-friendly interface, this number is expected to increase as users can effortlessly navigate the ecosystem and diversify their asset portfolio with a single click.
Disclaimer and Copyright Notice: The content of this article is for informational purposes only and is not intended as financial advice. Always consult a professional before making any financial decisions. This material is the exclusive property of Blockchain.News. Unauthorized use, duplication or distribution without express permission is prohibited. Any permitted uses require appropriate credit and direction to the original content.
Image source: Shutterstock