The Woo Network-owned WOOFi, a top decentralised exchange platform, has declared a strategic switch from networks that support the NEAR Protocol to those that do. The goal of this transformation is the creation of its version 2.0 omnichain DEX.
TOKEN 2049 saw the announcement of WOOFi’s changeover. WOO’s founder and CEO, Jack Tan, emphasised that this action is a sign of a more complete service in the sectors of centralised finance (CeFi) and decentralised finance (DeFi). Tan believes that during the forthcoming bull run, the two crypto exchange sectors would seamlessly integrate. WOOFi’s goals are to combine significant chains, centralise liquidity, and promote an environment of cooperation. Users of WOOFi Pro will be able to trade using their favourite applications and blockchain networks thanks to this. For instance, without leaving Arbitrum, a trader on that chain can make deals against counterparts on chains like Polygon or Optimism.
The design of WOOFi Pro makes use of the platform’s wealth of expertise in creating trade goods. It guarantees a mobile-friendly user experience that will make conducting transactions easy for merchants. The daily trade volume on WOO X, the centralised exchange that competes with WOOFi, ranges from $150 million to $500 million. When a live transparency dashboard was first introduced, it was at the forefront of many industry breakthroughs.
The goal of this project is to maintain the confidence of the growing community of professional traders. WOOFi Pro’s gasless orderbook trading, which eliminates transaction fees, is one of its unique characteristics. This improves user accessibility while also doing away with the need for Know Your Customer (KYC) verification. Additionally, users retain exclusive control over their money, removing the need for outside custodians.
The institutional-grade order books from Orderly Network are another integration worth mentioning. Users will always have steady access to a sizable liquidity pool thanks to this. Decentralised liquidity network Orderly Network has received backing from well-known investors like Pantera, Dragonfly Capital, and Sequoia Capital China.
Tan emphasised how WOO X and WOOFi work together, saying that “the combination of WOO X and WOOFi provides users with a fully-featured off-chain or on-chain orderbook trading system.” He also noticed a rise in the number of traders looking for traditional and cryptocurrency trading platforms. Real World Assets (RWAs) have seen a noticeable inclination in the recent cycle, which has highlighted this pattern.
In its October mainnet launch, WOOFi Pro plans to make its debut with 10 cryptocurrency trading pairings. There are plans to diversify the assets available, perhaps including cryptocurrencies, equities, commodities, and foreign exchange. Over 2.9 million cross-chain swaps have been successfully completed with the help of WOOFi so far. It is projected that this number will increase due to the platform’s user-friendly interface, which will allow users to easily explore the ecosystem and diversify their asset portfolio with a single click.