WOOFi expands to tenth network - Polygon zkEVM
On track to become an omni-liquidity layer connecting best L2s, empowering traders with CeFi-grade execution for ETH - USDC swaps
WOOFi, a top 10 cross-chain DEX by 24-hour trading volume and top 30 most widely used protocols in all of DeFi, is on track to become the omni liquidity layer connecting best Layer 2 networks with the expansion to Polygon zkEVM, a fast-growing zero-knowledge scaling solution for Ethereum.
With over $5B volume traded, 5 million WOO tokens bought back, 1.6M cross-chain swaps executed, and 10 networks supported, more features are set to go live soon too, including the launch of Supercharger vaults, cross-chain swaps, and the listing of other assets such as liquid staking derivatives.
Why Polygon zkEVM
Our reasoning for prioritizing Polygon zkEVM above other L2s is threefold:
- Our relationship with the Polygon team is both long-standing and robust. The evidence resides in how closely our two ecosystems are intertwined with WOOFi now having captured $600M+ in total trading volume on Polygon POS - enough to generate $150,000 in swap fees for WOOFi stakers. The staunch support of an ecosystem is invaluable from a growth perspective, and we know that if we call, Polygon will always answer.
- Polygon is famously home to some of the biggest brands in Web 2.0, including giants like Starbucks, Nike, Disney, and more. Polygon was the most popular destination for brands in the first quarter of 2023, accounting for 41% of all blockchain projects launched. This bustling hive of activity at the application layer is a mammoth pull factor for new users - all of whom we can strive to convert into WOOFi enthusiasts.
- Polygon zkEVM has shown strong signs of organic growth since Mainnet Beta went live on March 27th. It achieved the largest TVL increase of any blockchain in May and then went on to see its daily transactions climb to an all-time high of 70,543 on June 13th. With more catalysts on the horizon like EIP - 4844 which is set to further reduce fees, the user experience will only improve with time, and we are skating full speed to where the puck is going.
The primary benefit of Polygon of zkEVM comes from the zero-knowledge tech underpinning it which reduces transaction costs and accelerates network speeds, effectively replicating and enhancing the experience of Mainnet. Unlike what happens on the mainnet, transaction costs decrease as traffic increases on Polygon zkEVM. If you want to learn more about the intricate technical details of Polygon zkEVM, check out this blog.
No time like the present
Identifying early-stage ecosystems before they explode is what we do best, and we believe Polygon zkEVM fits that description to a tee. Layer 2s are booming in popularity and we expect this trend to continue, so by deploying on Polygon zkEVM now ahead of the curve, WOOFi stands to become a dominant destination in what we believe will become one of the most frequented blockchains in the coming years.
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