Jun 30, 2022

WOOFi’s cross-chain DeFi platform launches support for Polygon

The capital-efficient swap adds support for its fourth network, aiming to be a universal DeFi tool

The ideal multi-chain app

From yield farmers to traders, today’s DeFi users need flexibility and convenience to actively manage their on-chain portfolios. One major pain point involves identifying the best venue for every chain, and relying on a series of bridges and centralized exchanges to get the correct assets there for both trading and paying gas fees. WOOFi solves this by allowing users to trade major assets, such as ETH, BTC, MATIC, USDT, USDC, WOO, FTM, BNB, and AVAX across the different chains, eliminating the need to depend on separate platforms for each network. With almost 1 billion dollars in accumulated volume, WOOFi has proven to be one of the best cross chain liquidity sources with supreme capital efficiency.

WOO Network’s history with Polygon

Polygon was an early mover in the Ethereum-scaling space with its Matic network, allowing users to take advantage of trusted dApps, such as Aave and Opensea, at a fraction of the cost and speed of Layer-one Ethereum. Recognizing this, WOOFi’s early prototypes were launched as proactive marketing making (PMM) pools on Polygon, connecting to DeFi aggregators such as 1inch and DODO. The pools were a success, leading WOO Network to launch a number of other prototypes, including high-performance pricing oracles with Chainlink, on the Polygon network. While there are now many new promising scaling solutions such as rollups, Polygon still stands as the biggest Ethereum scaling platform in terms of number of users and trading volume. In addition, Polygon’s mature infrastructure including oracles, bridge support, and dex aggregators makes it an ideal platform for WOOFi to build on.

WOOFi Swap and Stake on Polygon

WOOFi gives users a powerful set of tools to level up their DeFi experience, starting with the Swap feature. WOOFi Swap has a few innovative distinctions that differentiate it from the endless sea of Uniswap forks:

sPMM algorithm: Instead of depending on a simple AMM model for pricing, WOOFi pricing comes from aggregated market data on WOO Network, ensuring traders get the most accurate price available. sPMM also ensures slippage is less likely to impact the price of larger orders, with institutional hedging strategies that protect the pools from impermanent loss. In other words, WOOFi’s sPMM model is a smarter version of the basic AMM, aimed at traders and users who want to get major assets without all the guesswork and risk.
Cross-chain powered by LayerZero: The June release of cross-chain swaps leverages Stargate’s composability and liquidity to bridge assets, connecting WOOFi swap pools on different chains. This is an important step in the evolution of DeFi: Now users with assets on BSC, Avalanche, and Fantom can quickly convert those into assets like MATIC or WOO on Polygon. Seeing higher WOO staking APYs on Polygon? Quickly swap over WOO from other networks to maximize your staking returns.
Lowest fees: Unlike other AMMs that charge 0.3% or more for swaps, WOOFi does the same for 0.025%. This makes WOOFi ideal for users who want to swap frequently or in large volumes, without worrying about losing funds to compensate liquidity providers suffering from impermanent loss on other protocols.

WOOFi Stake on Polygon uses the same formula that has made it such a success on other networks: the fees go to buy back WOO each day, which are then distributed to the WOO stakers on that network. Over 141 million WOO are currently staked on WOOFi, with each new network supporting additional yield for stakers, and adding on-chain demand for WOO tokens. As trading volumes on the network grow, so does the APY, playing an important role in the WOO token ecosystem.

What’s next for WOOFi?

With the Polygon deployment, WOOFi is positioned to gradually increase its market share in the DEX space across many of the most robust blockchain ecosystems. WOOFi will continue to expand to more platforms such as Ethereum layer 2 and support more assets with its own sPMM liquidity. In addition, the WOOFi team is working relentlessly on the new innovative WOOFi Earn vaults which can further support the liquidity of WOOFi and generate even more volume.

Stay tuned for all WOO Network’s exciting developments!

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