#BTC

what is WOOFI

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 offer a suite of tools from those enabling simple swaps all the way to professional trading interfaces.

How does WOOFi work?

WOOFi’s product offerings are designed to help DeFi users access competitive prices, low fees, tight bid-ask spreads, as well as a variety of yield-generating opportunities.

The platform offers three main use cases:

Swapping 

By paying a minimal 0.025% fee with WOOFi Swap, users can swap popular, financially-sound, blue-chip assets within or across chains supported by WOOFi.

Earning

Anyone can deposit digital assets to earn competitive APYs through WOOFi’s single-sided staking solution, Supercharger Vaults. Single-sided staking requires users to stake only one type of token. This model incentivizes asset holders to provide liquidity to WOOFi, in turn enabling WOOFi to offer better liquidity to traders.

Staking

Token holders can stake their WOO tokens on the WOOFi platform to earn revenue from WOOFi’s minimal 0.025% swap fee.