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PRNewswire
Singapore, September 12: TOKEN 2049 - WOOFi, a top 15 decentralized exchange platform by 24-hour trading volume, announced a strategic transition from the NEAR Protocol to Ethereum Virtual Machine (EVM) compatible networks for building version 2.0 of its omnichain DEX. In a statement, WOO Founder and CEO Jack Tan noted that the transition signals a stronger CeFi and DeFi offering from WOO, predicting that the next bull run will be a smooth flow between the two crypto exchange worlds. WOOFi aims to integrate all major chains, concentrating liquidity, and building a collaborative ecosystem. WOOFi Pro users can trade on their preferred applications and blockchain networks, promoting a diverse and user-driven ecosystem. A trader for example, on Arbitrum would be able to trade against traders on other chains like Polygon or Optimism, without leaving Arbitrum. CEX on steroids Leveraging engineering capabilities rooted in years of developing trading products, WOOFi Pro will offer a user-friendly mobile interface, enabling traders to execute transactions on the go. WOO X, a centralized exchange, is an established platform with USD 150-USD 500 million in daily trading volume that has pioneered a number of industry firsts including a live transparency dashboard with a mission to maintain the trust of its growing community of professional traders. WOOFi Pro will feature gasless orderbook trading, eliminating transaction fees, and making trading more accessible for users without the need for Know Your Customer (KYC) verification. Users have full control over their funds with self-custody, removing reliance on third-party custodians. Institutional-grade, omnichain order book trading for crypto and tradfi assets WOOFi Pro will seamlessly integrate Orderly Network's institutional-grade order books, providing users with a robust and readily available source of liquidity. Orderly Network is a decentralized liquidity network, backed by Pantera, Dragonfly Capital, and Sequoia Capital China, that connects permissionless orderbooks with top market makers. "The combination of WOO X and WOOFi provides users with a fully-featured off-chain or on-chain orderbook trading system. This comes as we've observed a growing subset of traders that demand access to both traditional investments and cryptocurrency trading, which has become especially prominent in the latest cycle, with a strong appetite for Real World Assets (RWAs)," Tan noted. Initially launching with 10 crypto trading pairs on October mainnet debut, WOOFi Pro plans to expand its asset selection, potentially encompassing cryptocurrencies, stocks, commodities, and forex.For reference, WOOFihas already executed more than 2.9 million cross-chain swaps, and we anticipate more as WOOFi users take advantage of being able to enter the ecosystem quickly and seamlessly from a diverse range of assets in a single click. The content above is neither a recommendation for investment and trading strategies nor does it constitute an offer, solicitation, or recommendation of any product or service. The content is for informational sharing purposes only. Anyone who makes or changes the investment decision based on the content shall undertake the result or loss by himself/herself. The content of this document has been translated into different languages and shared throughout different platforms. In case of any discrepancy or inconsistency between different posts caused by mistranslations, the English version on our official website shall prevail. (Disclaimer: The above press release has been provided by PRNewswire. ANI will not be responsible in any way for the content of the same)
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