KINGSTOWN, Saint Vincent and the Grenadines, October 24, 2024 (GLOBE NEWSWIRE) — WOOFi, the omnichain decentralized exchange platform, has launched its synthetic proactive market maker (sPMM) on the Solana network, supporting SOL and USDC trading pairs. This will strengthen Solana’s institutional-grade liquidity offerings, utilizing centralized market-making strategies while preserving the self-custody benefits of decentralized finance.

“Solana is the largest onchain user hub having surpassed Ethereum in volumes in 2024, and we cannot overstate how excited we are to finally be able to deploy there. Once we are confident in the initial liquidity provision strategies, WOOFi will scale to support more Solana native assets, including staking derivatives like Staked SOL (S-SOL) and other tokens major ones, as well as WOOFi Pro, the decentralized perp dex. This progressive deployment is strategic to ensure a stable and impactful long-term presence for WOOFi on the Solana network,” said Ben Yorke, VP of Ecosystem.

WOOFi’s long-term vision is to become a DeFi hub, offering services such as spot trading, futures, and staking through a self-custodial platform that mirrors the functionality of centralized exchanges. Already present on 11 EVM networks, WOOFi is building an omnichain platform where users can access the trading and earning tools of their favorite chain, simplifying the process while ensuring network reliability.

This deployment marks the start of WOOFi’s strategy to introduce institutional liquidity and advanced DeFi tools into Solana, optimizing performance and improving the overall user experience by leveraging Solana’s Rust-based infrastructure. As a high-performance, low-cost blockchain, Solana elevates WOOFi’s growth potential. Solana aims to match the speed of traditional financial systems like NASDAQ, ensuring that critical market data reaches all users simultaneously and without delay. The platform achieves this thanks to the Nakamoto coefficient, which evaluates the level of decentralization in a blockchain network.

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About WOOFi
WOOFi is a leading decentralized exchange (DEX) with over $42 billion in cumulative trading volume and over 250,000 monthly active users. It supports 11 blockchains and offers a diverse range of products, including earnings vaults, simple swaps, cross-chain swaps, and perpetual futures. WOOFi’s native token, WOO, can be staked to share 80% of all protocol fees.

Disclaimer
The content above constitutes neither a recommendation of investment and trading strategies nor an investment offer, solicitation or recommendation of any product or service. The content is intended for information sharing purposes only. Anyone who makes or changes an investment decision based on the content will bear the result or loss themselves.

WOOFi does not endorse, guarantee or provide advice for the products or services of its business partners. This cooperation should in no way be interpreted as an assurance or guarantee for the release of any token, whether currently existing or to be generated in the future, on WOOFi or any associated platform, and does not imply any commitment from WOOFi to airdrop tokens. on its platforms or others.

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