What Is WOOFi?

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Introduction

Since 2020, decentralized exchanges (DEXes) have experienced rapid growth. In August 2022 alone, the monthly DEX total trading volume exceeded $66 billion. To meet the ever-growing demand for low-fee on-chain trading, WOO Network launched WOOFi in October 2021 and WOOFi DEX in June 2022. Together, WOOFi and WOOFi DEX provide a suite of tools from those enabling simple swaps to professional trading interfaces.

How does WOOFi work?

WOOFi is a digital asset trading platform designed to provide DeFi users with competitive prices, low fees, tight bid-ask spreads, as well as a variety of yield opportunities.

The platform offers three main features:

Swapping:

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With WOOFi Swap, you can swap multiple blue-chip assets within or across chains that are currently supported by our platform.

Earning

Who likes to keep their assets at home? Not WOOFi! We make staking easy with a single-sided staking structure. All you have to do is deposit any cryptocurrency on our platform that can be staked, and we’ll secure the coins for you.

Staking

Token holders can stake their WOO tokens on the WOOFi platform to gain revenue from our minuscule 0.025% swap fee, which is 50% lower than industry standards.

WOOFi Swap

WOOFi is different from other DApp’s in a unique way. It simulates the deep liquidity found on our centralized exchange, WOO Network, meaning that users can enjoy DeFi services with more affordable and CeFi-grade prices.

It’s a strong advantage of using this model that you get lower slippage. That’s because there is a big price difference between what the market sets and what it actually sells for on delivery. This is more of an issue when things are volatile or when there is low liquidity, as traders tend to buy or sell their assets for more or less than expected.

WOOFi DEX

WOO Network has announced the launch of its decentralized WOOFi DEX in June 2022. The platform was designed to bring a high liquidity, customizable user interface, advanced trading tools and lower fees to NEAR protocol. It aims to connect traders with a platform that offers speedier execution and less pocket-book impact.

WOOFi DEX is a decentralized exchange that facilitates the spot trading of popular blue-chip assets like Bitcoin and Ethereum. This platform is seen as the next step in crypto trading, with future plans to expand their services and implement market-changing functionalities like margin trading, perpetual swaps, lending, and even borrowing. Fully powered by leading developers from Kronos Research, AGBuild, and Ledger Prime, WOOFi DEX can deliver an improved crypto trading experience with features like centralized exchanges.

WOOFi Supercharger vaults

Using WOOFi, you’ll be able to earn a competitive yield while maintaining complete exposure and control over your portfolio of assets.

The Supercharger network decentralizes its entire liquidity pool to provide liquidity to users at a fixed rate. The remaining assets are deployed to third-party decentralized protocols for yield farming. Hedging on the overall distribution on a centralized exchange, WOO Network’s X will always remain market-neutral. As a result, liquidity providers can ensure that there are always sufficient funds for withdrawals when requested.

At WOOFi, depositors gain the ability to withdraw their money on the 7th day of the week automatically. Though withdrawals are subject to a fixed withdrawal fee (to discourage abuse), ten percent of each individual account’s Total Value Locked is set aside each week and automatically withdrawn by our system.

What makes WOOFi unique?

sPMM liquidity model

With the AMM model, trading volume is often reduced by as much as 80%. WOOFi uses synthetic proactive market-making to achieve deeper liquidity and increase trading volume with minimal slippage.

The sPMM Model will help simulate the deep liquidity on the centralized exchange, WOO X, allowing users to offer more competitive DeFi prices while keeping the decentralized spirit of WOOFi.

Protection against sandwich attacks

A sandwich attack occurs when an investor places one order before and after a pending DeFi transaction to manipulate asset prices. This will cause the victim’s transaction to be at a higher price than the attacker’s price. When the victim buys, the attacker can sell their asset at the new price, which is artificially inflated.

Attackers are able to take advantage of AMM’s transparency. Equity swaps are much lower risk for attackers who use a DEX with an AMM liquidity pool to inflate prices.

WOOFi’s sPMM uses the blockchain to make sure there aren’t any price pumps or dumps based on a single person or company has a large amount of tokens. By using the blockchain, we’re able to eliminate these prodcuts of bad actors who are trying to manipulate prices and take advantage of token holders without their knowledge.

The DEX that pays for order flow

WOOFi currently pays a 0.5% rebate on the volume sent by third-party DApps, providing a great opportunity to both earn reward and pay them as well, on behalf of WOOFi.

What is WOO?

WOO is the native token used by WOOFi and the larger suite of WOO products. It provides staking rewards, fee discounts, and governance rights on the WOO Network ecosystem.

Why people invest in cryptocurrencies is different for every person, but there’s one thing that is a necessary requirement: keeping your cryptocurrency account secured. Here’s how to buy WOO on Binance so you can keep your cryptocurrency account secure.

How to buy WOO on Binance?

WOO is available for purchase on cryptocurrency exchanges like Binance.

1. To start trading, login to Binance and go to [Trade] -> [Spot].

What Is WOOFi

2. Click on the “Trading” tab. You’ll see a list of all available pairs, and we’ll use WOO/BUSD as an example.

3. To buy WOO, go to the Buy spot and enter how many you want to purchase. In this example, we will use a Market order. Click the Buy spot and confirm your order, and the purchased WOO will be credited to your Spot Wallet.

Closing thoughts

WOOFi’s unique liquidity model mimics a traditional exchange’s order book with benefits like deeper liquidity, more competitive prices, and overall a better experience with DeFi trading.

 

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