Celer is delighted to announce yet another new partnership! We have partnered with WOO Network and have completed the integration of their WOO token on cBridge. Through this, users will be able to bridge their WOO in a liquidity-pool-based model directly between Ethereum, BSC, Avalanche, Polygon, Fantom, and Arbitrum—allowing them to gain access to cBridge’s fast finality speeds and extremely low costs!
Cross-chain liquidity on the WOO token is in high demand due to WOO Network’s network-agnostic approach to liquidity provision. WOO was created on Ethereum Mainnet, but after WOOFi Swap was launched on BSC, a portion of the supply began shifting via centralized exchange bridges. The token is now active in DeFi applications on Avalanche, Polygon, and Fantom. By bridging the WOO token between all these various networks, Celer can acquire a large new segment of active users, liquidity providers, and protocol revenue.
WOOFi is a unique DEX running on BSC that has developed a novel on-chain market-making algorithm (sPMM) which enables WOOFi to provide competitive pricing with a fraction of TVL compared to other AMMs. In addition, WOOFi charges swap fees of only 0.025% across all pairs, compared to the normal 0.3% fee you would normally see.
Enabling bridging of the WOO token is the first step in the aligned vision of Celer and WOOFi. With Celer’s generalized message passing SDK coming close to its release, the two teams will discuss more opportunities in offering WOOFi users access to a wide spectrum of DeFi scenarios on different chains with a unified user experience. Celer’s native CELR token is already listed on WOO Network, providing liquidity support in CeFi on its flagship CeFi exchange WOO X and over 40 institutional clients.
About WOO Network
WOO Network is a deep liquidity network connecting traders, exchanges, institutions, and DeFi platforms with democratized access to the best-in-class liquidity, trading execution, and yield generation strategies at lower to zero cost. WOO Network was incubated by Kronos Research, a multi-strategy trading firm that specializes in high-frequency trading (HFT), arbitrage, and CTA, averaging around $5-10 billion of daily trading volume on global cryptocurrency exchanges. WOO Network also received strategic investment from Binance Labs and Three Arrow Capital in its recent Series A round.
Learn more about WOO Network: https://www.woo.org
About Celer Network
Celer Network is a layer-2 scaling platform that brings fast, secure and low-cost blockchain applications on Ethereum, Polkadot and other blockchains to mass adoption. Celer launched the world’s first Generalized State Channel Network and continues to push the frontier of Layer-2 scaling with advanced Rollup technology. Core applications and middleware like cBridge, layer2.finance, and more ecosystem applications built on Celer have attracted large audiences in the DeFi, blockchain interoperability, and gaming spaces.