New wave of mETH addicts anticipated, as the launch unlocks easy access
Feb. 1, 2024 - WOOFi, a global top 10 cross-chain DEX, announces its official launch on Mantle Network, the fast-growing Layer 2 scaling solution for Ethereum. This strategic move positions WOOFi as one of the very first protocols to support LayerZero-powered cross-chain swaps into Mantle Network from 8 popular chains, including Arbitrum, Optimism, and Avalanche.
The decision to launch on Mantle Network is rooted in its impressive growth, with over $2.6 billion across its ecosystem DEXs in trading volume since its mainnet release in July last year. Mantle’s substantial treasury, supported by contributions from Bybit, and the rising adoption of mETH, further solidify its position as a key player in the DeFi space.
“Mantle’s MAU surged from 14,000 in November 2023 to 370,000 in January 2024 following the launch of their LSP, and we expect the number to keep ballooning. Easier access to mETH will spur a new wave of addicts, and WOOFi will play a key role with hyper-efficient cross-chain swaps that already account for 3.7% of all LayerZero transactions,” said VP of Ecosystem Ben Yorke.
“WOOFi’s arrival in Mantle Ecosystem helps to chip away at issues caused by fragmented liquidity, and abstract away the pesky problems that often plague bridging and cross-chain transactions, allowing a much smoother overall user experience. We are delighted to have them on board to make trying out things and testing out theses on Mantle Network even more seamless for DeFi enthusiasts,” said Igneus Terrenus, public liaison of Mantle.
Yorke said WOOFi will leverage professional market makers and on-chain price feeds to provide Mantle traders with tight quotes, enhancing liquidity.
“Unlike most DEXs, in Mantle, WOOFi uses professional market makers that simulate CEX liquidity with 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,” Yorke further noted.
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.
WOOFi is a leading cross-chain DEX. It enables users 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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Mantle Ecosystem comprises an Ethereum layer 2 (L2) — Mantle Network, a decentralized autonomous organization (DAO) — Mantle Governance, one of the largest on-chain treasuries — Mantle Treasury, and an Ether (ETH) liquid staking protocol — Mantle LSP: all built on Ethereum. Mantle token ($MNT) is the unified product and governance token of the ecosystem.
Mantle’s first core product is Mantle Network, an Ethereum L2. Mantle Network strives to be compatible with the Ethereum Virtual Machine (EVM). Mantle Network’s modular architecture separates transaction execution, data availability, and transaction finality into modules — which can be individually upgraded and adopt the latest innovations. Mantle Network is the first L2 to partner with ETH restaking protocol EigenLayer for the data availability module. By adopting a rollup architecture, Mantle Network is secured by Ethereum. As the world’s first DAO-spawned L2, Mantle Network is pioneering a vision for the mass adoption of token-governed technologies.
Mantle token ($MNT) powers Mantle Network as its native gas token and ecosystem growth token and serves as the governance token of Mantle Governance. All future Mantle products will likewise be initiated by the Mantle token holder community through vote and powered by Mantle token.
Mantle’s second core product is Mantle LSP, a permissionless and non-custodial ETH liquid staking protocol deployed on Ethereum L1 and governed by Mantle. Mantle LSP combines simple and modern design with robust risk management, and leverages extensive existing Mantle Ecosystem resources to deliver a highly rewarding experience and supercharges Mantle’s status as a yield powerhouse. Mantle Staked Ether ($mETH) serves as the value-accumulating receipt token of Mantle LSP.
To support the next-generation of innovators, builders, and developers, Mantle is growing its ecosystem via Mantle Grants Program and Mantle EcoFund, a catalyzed capital pool of $200M. Mantle’s Showcase Apps program lends additional support and publicity to ecosystem projects in categories such as real world assets (RWA).
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