Fireblocks, an enterprise-grade platform for moving, storing, and issuing digital assets, allows institutional clients access to WOOFi, a decentralized application (DApp) for swapping popular digital assets and earning income by staking and tapping the network’s deep liquidity.
The integration of WOOFi stems from an ongoing relationship starting back in April 2022 when Fireblocks integrated with WOO X, WOO Network’s centralized exchange. To date, over 1,600 organizations utilize Fireblocks’ technology including BNP Paribas, SIX Digital Exchange, ANZ Bank, FIS, Checkout.com, and MoonPay.
“With this integration, institutional entities on the Fireblocks Network can now connect directly to WOOFi and leverage CeFi-grade prices, supercharged yields, and WOO Network’s signature deep liquidity,” said WOO Network’s head of DeFi Kevin Feng.
Managing institution counterparty and execution risk with WOOFi
Feng noted that the DeFi industry is steadily gaining attraction from institutional players because of its open-source nature, non-stop rapid innovation, and growth.
“Such players have a very specific set of wants and needs around counterparty and execution risk - many of which WOOFi is uniquely positioned to satisfy with its signature sPMM v2 liquidity,” Feng noted.
He said for example, that it is important for institutions to know who they’re trading against. Many AMMs struggle with this because their liquidity is pooled from thousands of unknown individuals. In order to trade on AMMs or Dex aggregators, institutions would need to use specialized tools to scan the liquidity pool before engaging with it. WOOFi has just one liquidity provider - Kronos Research - which better enables institutions to know who they’re up against.
Feng also noted that many institutions still rely on brokers in order to avoid the execution risk i.e. having capital on custodial trading platforms. With WOOFi, institutions will be guaranteed to receive the assets back in one single on-chain transaction due to the nature of DEXes, he said.
“Unlike other DEXes, WOOFi uses its own oracle to source liquidity straight from our centralized exchange WOO X. This means the prices on WOOFi on any chain it’s deployed are almost the same as the ones you’ll find on our CEX, making WOOFi an ideal place to convert assets and even swap assets cross-chain without the need to worry about suboptimal execution due to liquidity disparity or cumbersome operation on dexes and bridges,” Feng said.
WOOFi is the leading DEX for capital efficiency with unmatched price execution, the lowest swap fee, cross-chain swaps, and single-sided earning. WOOFi uses sPMM v2 liquidity to bridge CeFi pricing into DeFi, enabling on-chain users to trade in size at CEX rates while keeping complete custody of their assets.
Fireblocks is an enterprise-grade platform delivering a secure infrastructure for moving, storing, and issuing digital assets. Fireblocks enables exchanges, custodians, banks, fintechs, and hedge funds to securely scale digital asset operations through the Fireblocks Network and MPC-based Wallet Infrastructure. Fireblocks serves over 1,600 financial institutions, has secured the transfer of over $4 trillion in digital assets, and has a unique insurance policy that covers assets in storage and transit. Some of the biggest crypto businesses have switched to Fireblocks because it’s the only solution that CISOs and Ops Teams both love. For more information, please visit www.fireblocks.com.
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