We’re taking a deep dive into how WOOFi is leveraging Stargate Protocol to deliver the next generation of cross-chain swaps!
A cross-chain conundrum
Blockchains have often been described as straight, parallel lines that do not cross paths. Decentralised by nature and designed to work independently, they remain largely siloed making it challenging for on-chain users to access an untapped wealth of trading, lending, borrowing and yield opportunities that await in this burgeoning multi-chain ecosystem.
As more projects launch, more tokens deploy, and more users flock to the world of DeFi, the need for cutting-edge cross-chain interoperability has never been greater. Networks such as Solana, Avalanche and Arbitrum have even tried to bridge the gap themselves by building their own bridges, but problems still persist. Convenience is compromised by forcing the user to complete multiple transactions across multiple dApps, and fees can be fierce.
What if there was a way to unify liquidity across every chain and enable anyone and everyone to hop from chain to chain seamlessly, with just a single click?
The Stargate solution
By creating unified liquidity pools shared between chains, Stargate eliminates the need for wrapped tokens, thus allowing users to send native tokens directly to non-native chains. For example, a user seeking to swap ETH from Mainnet to USDC on Avalanche would previously have had to bridge ETH to wETH, and then manually swap wETH for USDC via a decentralised exchange. Stargate removes the need for this final step, eliminating unnecessary friction and fees, all while saving you precious time and money in the process.
In addition to the above, Stargate liquidity pools are fully unified meaning all deposits and withdrawals occur from one single pool. Not only is this optimal for LPs, removing the burden of having to stake into each liquidity pool separately, but it also allows for better scaling, and provides users with much-needed instant guaranteed finality - a destination chain guarantee unique to Stargate. Users shouldn’t have to worry about their cross-chain swaps failing, and with Stargate Finance, they no longer have to.
Most cross-chain solutions feature just one or two of these properties, whereas Stargate comprises all 3.
A match made in the stars
At its core, WOOFi was designed to give on-chain users more by opening the door to a hassle– and headache– free DeFi trading and earning experience. Stargate, and Layerzero’s underlying cross-chain messaging infrastructure is the ideal technical solution to help deliver this, culminating in the creation of WOOFi cross-chain swaps in June of this year.
Since then, WOOFi has seen more than 7521 unique cross-chain transactions across BNB Chain, Avalanche, Polygon and Fantom. Kevin Feng, Lead for WOOFi said:
“WOOFi aims to provide a unified multi-chain application user experience, and Stargate is best placed to help us empower on-chain users so that they can interact with DeFi’s multi-chain ecosystem via simple and easy-to-use infrastructure.”
With the integration of Stargate Protocol, it is now possible for WOOFi users to seamlessly traverse a previously fragmented ecosystem in a way that is fast, reliable and most importantly, convenient. With cross-chain transactions that complete in as little as thirty seconds as well as guaranteed execution for popular blue-chip assets, the benefits speak for themselves.
We are also thrilled to announce that Stargate’s native token STG is now available to trade via WOO’s institutional liquidity network. Simply head over to WOOFi, or ditch the fee and trade STG for free at WOO X.
Stay tuned for all of WOO Network’s exciting developments!
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