WOO Network Partners With Chainlink

Published on: 31.10.2021

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 introduced 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).

WOO Network is leveraging Chainlink infrastructure to build its own independent DONs, which consist of a range of on-chain data feeds and trading parameters derived from WOO network itself.

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.

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 connects traders, exchanges, institutions, and DeFi platforms with democratized access to the best-in-class liquidity and trading execution at zero or low cost.

RESOURCES
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