Jun 16, 2022

WOOFi launches cross-chain swaps between Avalanche, Fantom, and BSC

WOOFi will leverage LayerZero’s Stargate to let users swap native tokens from chain to chain in one click

Non-stop innovation

WOOFi has long been a trend-setter for active liquidity on chain — aiming for efficiency when others were showing off their bloated TVLs. WOOFi uses an sPMM algorithm and WOO Network’s market pricing data to give users the best price execution, alongside the lowest fees out of any DEX. On Jun 13, 2022,WOOFi hit a record 24hr volume of over $24 million, garnering even more traction despite the struggling market conditions, all with just a fraction of the TVL of competing AMM swaps.

Building a multi-chain app

Many dApps are deployed on multiple blockchain platforms, but only sophisticated users are comfortable with jumping from one chain to another and getting the assets they need. WOOFi aims to build the application layer with unified multi-chain experiences that allow users to easily access various blockchains.

To do that, cross-chain, or the ability to trade assets from one blockchain network to another, has long been seen as a missing piece in the DeFi ecosystem. This problem is technical on many levels, as having the ability to swap doesn’t mean the liquidity exists on all chains to facilitate this. WOOFi is perfectly suited for cross-chain as:

WOOFi targets major assets, such as BTC, USDC, and ETH, which are found nearly everywhere in the cryptocurrency ecosystem.
WOOFi is network agnostic and facilitates users on all-chains
WOOFi specializes in capital efficiency, reducing the amount of capital required

WOOFi cross-chain swap beta release

With WOOFi’s revolutionary cross-chain swap, you can easily swap assets across BSC, Avalanche, and Fantom with one single click in the same WOOFi swap user interface. All you have to do is select the destination chain and assets you want to swap for. WOOFi will show you the route of this transaction and fees at each step. A cross-chain swap will typically take 30 seconds to a few minutes depending on how fast the confirmation of the bridge and destination chain is. You can easily check the status of the transaction in the notification panel and click to check whether the assets have arrived on the destination chain. There will be a $5,000 swap limit in the beta release to avoid any unexpected errors during the beta.

Here are just a few examples of how a cross-chain swap can revolutionize your DeFi experience:

Want to get some L1 native coins to pay gas fee but have no assets on that chain? No more bridges or CEX withdrawals needed — simply swap some of your assets onto another chain and the gas token will arrive in the same address on the chain you pick
Want to buy some WOO but the staking APR is higher on another chain? Just choose the chain you want your WOO on and swap it with just one click

This beta release leverages Stargate’s composability and liquidity to bridge assets and connect WOOFi swap pools on different chains. We want to collect more user feedback and analyze user behavior on cross-chain swap transactions. We hope to continue iterating the features and make the cross-chain capability an integral part of WOOFi in the future. We plan to explore various ways to augment cross-chain capability in WOOFi such as aggregating more bridges, leveraging WOOFi’s own liquidity for bridging, and embedding cross-chain capability in other WOOFi features such as Earn and Stake.

Stay tuned for all WOO Network’s exciting developments!

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