WOO Network x Chainlink Integration
The research-driven initiative combines WOO Network’s liquidity provision strategies with Chainlink’s robust oracle technology to create customized Chainlink oracles based on WOO’s market data.
WOO Network announced WOOFi Swap, a new capital-efficient DEX powered by institutional hedging and market-making techniques. Since Spring of 2021, the WOOFi Swap proof of concept on BSC and Polygon has traded nearly $4 billion in volume, demonstrating the effectiveness of the market-making algorithm known as Synthetic Proactive Market Making (sPMM).
By combining the experience and technical expertise of Chainlink oracles with the rich market data of WOO Network, it is possible to create customized oracles for WOOFi based on the institutional data and liquidity provisioning strategies of WOO network. WOOFi is just the first example of the on-chain products that can be created using Chainlink and advanced datasets to benefit DeFi users by delivering institutional-grade liquidity-providing strategies, offering users low fees, deep liquidity, and competitive prices. In the current stage, Chainlink and WOO Network have deployed and are testing these market data oracles on Polygon, a network well suited for trading activities due to its high throughput and scalability.
Moving forward, WOO Network will work with Chainlink to make these market pricing oracles available to third-party decentralized trading platforms. These platforms may utilize the oracle’s pricing to provide reliable price feeds across a wide range of cryptocurrencies, including the WOO Token.
About WOO Network
WOO Network is a fast-growing Fintech startup and a deep liquidity network with a mission to empower individuals with the right to freely trade, invest, borrow and lend to better their lives.
About Chainlink
Chainlink is the industry standard for building, accessing, and selling oracle services needed to power hybrid smart contracts on any blockchain. Chainlink oracle networks provide smart contracts with a way to reliably connect to any external API and leverage secure off-chain computations for enabling feature-rich applications. Chainlink currently secures tens of billions of dollars across DeFi, insurance, gaming, and other major industries, and offers global enterprises and leading data providers a universal gateway to all blockchains.
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