WOOFi has launched on Fantom, continuing its journey into the multichain world!
We initially launched on BNB Chain (formerly BSC) in October 2021 and more recently on Avalanche. Next up is Fantom, which has proven itself as another top layer one in the space, with a staggering $5.86B in TVL at the time of this writing. WOOFi is joining well-respected DeFi protocols like Curve, Yearn Finance, and Aave that have already deployed there.
What is WOOFi?
If you are reading this, you are probably familiar with the term Automated Market Maker (AMM). This was a new alternative for market-making popularized by Uniswap back in 2020. WOOFI on the other hand uses a different strategy dubbed Synthetic Proactive Market Making (sPMM). This is a capital-efficient method that uses CeFi market data and advanced hedging strategies to determine the price of a swap, rather than the available liquidity in the pool. In other words, WOOFi is able to match WOO Network’s centralized order book (through our own price oracles) for our on-chain DEX.
WOO Network helps decentralized exchanges and market makers by bridging the liquidity between CeFi and DeFi with a combination of liquidity pools, on-chain price feeds, and hedging strategies. This toolset has been consistently powering on-chain market-making strategies with an aggregate average daily volume of $300M. These trading strategies span multiple blockchains and scaling solutions, including DEXes like DODO, dYdX, 0x, and Paraswap. In turn, this approach has allowed WOO Network to internalize a portion of on-chain transaction volume.
WOOFi embracing multichain
In just about a month’s time, WOOFi’s trading on Avalanche is catching up very quickly and now often exceeds that on BNB Chain. The 30-day volume is almost at the same level already — $68M on Avalanche vs. $73M on BNB Chain. The data shows WOOFi has a strong competitiveness in bootstrapping deep liquidity on major assets such as BTC and ETH, for which the trade execution is not ideal on alternative layer 1s.
WOOFi also has been improving its UI to support the multichain user experience that was envisioned — starting with a multichain dashboard for Swap, Earn and Stake. WOOFi will continue pushing for the holistic multichain experience to allow our users to access the best liquidity and yield opportunities no matter which chain they are holding assets on.
Aligning firmly with Fantom and its ecosystem
Today WOOFi launched the full product suite including Swap, Earn and Stake on Fantom and it builds a solid foundation for us to partner with more Fantom ecosystem projects.
As mentioned above, WOOFi chose Fantom as the next blockchain to deploy on because of its robust ecosystem. Ranking #6 in total value locked on-chain, Fantom has done a remarkable job establishing a grassroots community of investors, developers, and Fantom-native projects.
WOOFi Earn will continue developing yield farming strategies to help our users deploy capital and get exposure to Fantom ecosystem projects. WOO holders can now choose to stake their WOO on Fantom and get rewarded from the swap fees generated there, and we will include stakers on Fantom for the distribution of 100K WOO additional monthly rewards proportional to the staking TVL.
WOO Network plans to take a bigger role in being part of the Fantom community going forward. This includes the full weight of the ecosystem, including the centralized exchange WOO X, WOO Ventures, and WOO DAO.
We are thrilled to be working with the Fantom team and are excited to explore other avenues to work together!
Stay tuned for all WOO Network’s exciting developments!
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