WOOFi DEX and Orderly have launched on the Near Protocol’s mainnet, enabling users to trade real-time spot assets at fast speed and low cost, per a recent update.
Kronos Research launched the Woo Network in 2019, intending to build a liquidity hub that every crypto community member can key into, whether they are casual users, established institutions, or crypto projects.
They aim to be the link that joins traders, crypto platforms, and exchange institutions into one, making deep liquidity both affordable and accessible.
How would they achieve it?
One by forging strong relationships with other projects like the Binance platform and the Near protocol. Two, by providing an array of tools to service every member of the community.
To that end, The Near Foundation and the Woo Network performed a $5 million token swap to form a partnership. enabling the Woo Network to participate in the Near protocol’s environment.
Orderly’s mainnet is now LIVE 🔥
⛓️ Built on @NEARProtocol
⚡️ Powers @WOOnetwork’s WOOFi DEX
✅ Access to deep liquidity
⚒️ More integrations & features coming soon
Read more: https://t.co/JkfvbTyRIe pic.twitter.com/2c3Y9NnEGE— Orderly Network (@OrderlyNetwork) October 11, 2022
Near protocol is a layer 1 proof-of-stake blockchain that provides the infrastructure and incentive for developers to create decentralized applications. Its design uses a concept called sharding.
Similar to the AWS (Amazon Web Services) structure, Near allows developers to deploy their codes without creating their own infrastructure.
Earlier this year, the Orderly Network, a decentralized exchange protocol, came into the limelight. It runs on the Near protocol.
Near Protoocl helped incubate Orderly, and Kronos Research of the Woo Network also had a hand in developing the protocol. The first decentralized app (dApp) to launch on the Orderly Network is a user-friendly interface called Woo Dex, which will offer trading tools to users.
On the 12th of October, WOOFi DEX and Orderly officially migrated to Near Protocol’s mainnet, according to the Woo Network. This followed a successful testnet with 75,000 users and a total trading volume of $232 billion.
Utilizing the Near Protocol’s high speed and low trading fees, thanks to its Nightshade shading technology, WOOFi DEX would have all the tools needed to storm the swap trading scene.
With features like perpetual swaps, margin trading, borrowing, and lending on the way, WOOFi DEX’s platform has limitless potential.
