ANI PR Wire
12 Sep 2023, 19:51 GMT+10
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, WOOFi has 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)
Get a daily dose of Nepal National news through our daily email, its complimentary and keeps you fully up to date with world and business news as well.
Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Nepal National.
More InformationNEW YORK, New York - Easing pressure on U.S. Treasury yields boost stocks on American markets Thursday. Gains however were ...
DEARBORN, Michigan: Due to concerns about its ability to operate competitively while it is locked in broader union contract negotiations, ...
OTTAWA, Canada: As part of its plan to capitalize on strong travel demand and deploy fuel-efficient airplanes, this week, Air ...
LONDON, UK: This week, Adidas' newest running shoes, the Adizero Adios Pro Evo 1, went on sale for US$500. Worn ...
NEW YORK, New York - U.S. stocks remained on a slippery slope on Wednesday as interest rates continued to hover ...
SAN FRANCISCO, California: In a major update that will move it closer to popular artificial intelligence (AI) assistants, such as ...
BEIJING, China - China and Nepal signed several agreements on Monday. The agreements were signed during a bilateral meeting between ...
DHAKA, Bangladesh - According to new research that ranks political violence worldwide, Bangladesh ranks 22nd out of the world's 50 ...
RAWALPINDI, Pakistan - Army Chief General Asim Munir met with members of Pakistan's Christian community on Monday, emphasizing the importance ...
DHAKA, Bangladesh - The BNP has given the government an ultimatum to release BNP Chairperson Khaleda Zia, who is being ...
ISLAMABAD, Pakistan - Caretaker Foreign Minister Jalil Abbas Jilani stated on Saturday that Pakistan's decision to establish relations with Israel ...
MANDALAY, Myanmar - According to local sources, Junta soldiers kidnapped over 60 civilians from a village in Mandalay Region's Myingyan ...