Diving into WOOFi Brokers, our newest way to incentivize apps to integrate WOOFi’s sPMM liquidity — and a look at what’s to come with Cross-Chain Swaps and a reinvented WOOFi Earn.
Context is key — how WOOFi is breaking barriers in DeFi
Sustainability and efficiency have always been the goals of WOOFi. Our bespoken sPMM algorithm combined with its own onchain price feed allowed WOOFi to process large volume without the need to incentivize excessive idle liquidity, which is a major painpoint for AMMs — especially in a downwards trending market. Since its launch, WOOFi has processed over $600M in volume on BSC, Avalanche, and Fantom — all achieved with just a few major assets. The ability to provide CeFi level execution made WOOFi one of the top liquidity providers in all aggregators for supported tokens.
- In just one month, WOOFi became the №1 non-stableswap liquidity source on Yield Yak swap in terms of volume and number of trades
- On Fantom, WOOFi recorded $2.6M trading volume and a whopping 1,031% turnover rate with just 300K liquidity.
Introducing WOOFi Brokers, becoming the most efficient liquidity layer across DeFi, Web3 & GameFi
WOOFi’s deep liquidity and low trading fee makes it the ideal liquidity source for DEX aggregators, in-app swap features for GameFi, Web3, and data analytics sites.
To further incentivize more apps to integrate WOOFi’s sPMM liquidity, applications can now enroll as WOOFi brokers to receive 0.5bps for all transactions routed to WOOFi in the form of stable coins. With a simple enrollment process, the broker can start seeing rebates accumulated in real-time and withdraw anytime they’d like.
This incentive program will help WOOFi become the one stop liquidity solution for a wide variety of applications. This way, WOOFi will process even more volumes, and as a result, bring more rewards for WOO stakers.
We are thrilled to have 8 projects as launch partners of the new program, who are now officially WOOFi brokers — 1inch, Paraswap, Yield Yak, Firebird, Openocean, DODO, Bitkeep, and ONTO wallet.
Pushing the envelope further
Cross-chain Swaps and WOOFi as an omni liquidity layer
A unified multichain user experience has always been a key goal of WOOFi. We will keep expanding to more blockchain ecosystems such as Ethereum L2s and other EVM chains. With WOOFi’s liquidity deployed on various blockchains, we will launch a one-click cross-chain swap feature leveraging the composability of bridges and interchain messaging infrastructure. The first release of the cross-chain swap feature will be built on top of Stargate, the cross-chain bridge powered by Layerzero. WOOFi’s extremely low swap fee will drastically improve users’ experience of converting one asset to another asset on a different chain — no more hassle and unnecessary costs with multiple swaps and bridging.
A lot of projects are deploying their token on multiple blockchains in order to get exposure to more ecosystems, however, incentivizing deep liquidity on multiple blockchains is costly and not sustainable. WOOFi’s sPMM v2 will be able to support altcoin liquidity in addition to major assets. Combining with the cross-chain swap features, WOOFi will become the omni liquidity layers for many projects and allow their token holders to enjoy the same level of trade execution on multiple blockchains and move tokens seamlessly across.
Re-inventing WOOFi Earn — so you can earn alongside professional market makers
The current WOOFi Earn vaults rely on the yields from 3rd party DeFi protocols, which does not add a lot of direct value to the swap and stake users. In order to make various modules of WOOFi more synergetic, we will pivot WOOFi Earn from relying on 3rd party DeFi yields to focusing on native yields through liquidity provision in WOOFi’s sPMM liquidity pool.
The earn vault depositors will have an extremely simple user experience where they just deposit single-sided liquidity in the vaults and earn sustainable yields from the interest paid by professional market makers. On the other hand, the additional ready-to-use liquidity will allow WOOFi to support even deeper liquidity and more assets on more blockchains. As a result, it will generate more protocol revenue hence more rewards for the WOO stakers.
Stay tuned for all WOO Network’s exciting developments!
- Socials: https://linktr.ee/WOOnetwork
- Website: https://woo.org
- Telegram Announcements: https://t.me/woonetworkann
- Medium: https://medium.com/woonetwork
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