50,000 MNT incentives will be distributed in the coming months
554k users, 114 projects
WOOFi charts new DeFi territory today with its launch on Mantle Network — the fast-growing Layer 2 scaling solution for Ethereum. Mantle Network uses MNT for gas, and WOOFi is one of the first cross-chain protocols to enable cross-chain swaps into this token from 8 popular chains including Arbitrum, Optimism, Avalanche, and more. WOOFi users also have the freedom to cross-chain swap to a different recipient address on Mantle Network, or arrive already fuelled up with MNT using WOOFi’s gas top-up feature.
A DEX With Ambitions
In addition to providing quick and easy access to Mantle Network, WOOFi aims to become a leading liquidity hub in Mantle Ecosystem. Unlike most DEXs, in Mantle, WOOFi leverages professional market makers that simulate CEX liquidity using on-chain price feeds. Mantle traders benefit from tight quotes, and, since there aren’t traditional liquidity providers that need feeding, WOOFi stakers enjoy 80% of the fees from Mantle swaps, with the other 20% going back to aggregators as part of WOOFi’s broker program. Prepare for levels of capital efficiency hitherto unseen in the Mantle ecosystem.
Why Mantle? Why now?
Of the Layer 2s which WOOFi is yet to deploy on, Mantle Network has exhibited the strongest growth, racking up $2.6b in trading volume across its various DEXs since its mainnet release in July of last year. Having over $2.5b in its treasury, thanks to contributions from Bybit, has put Mantle on the map of DeFi builders everywhere, and the rising adoption of mETH (capping out at 333,333 mETH) is building an increasingly sticky TVL. Based on their track record, everything appears to point upward for Mantle, and WOOFi is proud to support them in their efforts to become an all-encompassing DeFi hub.
Next Steps and MNT Incentives
At launch, Mantle traders will be able to swap blue chips with WOOFi, and, eventually, any token on Mantle Network. WOOFi users will also be able to earn a share of 50,000 MNT incentives provided by Mantle EcoFund by cross-chain swapping assets into Mantle and depositing in WOOFi’s single-sided MNT and USDT Earn vaults. More details on these incentives, including how to qualify and claim, will be unveiled within the next two weeks.
About WOOFi
WOOFi is a leading cross-chain DEX. It enables anyone to cross-chain swap any tokens between 9 major chains, earn single-sided yield, and share 80% of protocol revenue by staking the WOO token. As of November 2023, its suite of features now also includes WOOFi Pro — a gasless perpetual futures trading platform with up to 20x leverage, accessible via any popular EVM chain.
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