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Trader Joe partners with WOO Network to accelerate growth towards a unified vision of an omnichain future
Trader Joe and WOO Network have joined forces to bolster the liquidity of the WOO token on Arbitrum. This collaboration brings together their resources and innovative capabilities to strengthen market presence and expedite growth towards a joint vision of a unified, omnichain future.
In light of this collaboration, WOO traders and liquidity providers now have the opportunity to trade and earn WOO on Trader Joe's decentralized exchange through the Liquidity Book - the most capital-efficient AMM in DeFi. Liquidity Book facilitates zero-slippage swaps and offers liquidity providers unrivaled ease and flexibility in deployment and management, perfect to help power WOO to new heights.
WOO has opted to enhance its Arbitrum-based liquidity using Liquidity Book, a bespoke Automated Market Maker (AMM) developed by Trader Joe. This AMM, which employs a discretized bin architecture, offers several significant improvements over current concentrated liquidity AMMs. Firstly, it maintains fungibility of all liquidity, thereby enhancing composability and facilitating the creation and deployment of unique liquidity strategies by users. Secondly, a constant sum invariant is employed during trading, allowing for a 1:1 swap with zero slippage within bins. Lastly, a novel volatility accumulator applies a variable fee to trades that induce volatility, generating a higher yield for liquidity providers. This partnership is set to bolster WOO's on-chain presence substantially.
The WOO Token
WOOFi - the decentralized exchange of WOO Network, has recently updated its staking offering to a 2.0 version, integrating LayerZero's cross-chain messaging technology for a unified experience. Although staking with WOO is accessible across seven chains, the 2.0 upgrade aggregates rewards and makes them claimable on Arbitrum, simplifying the process for multi-chain users and those seeking yield without having to navigate complexities. This is also where Trader Joe steps in, by supporting seamless trading of the WOO token on Arbitrum through the creation of a WOO/ETH liquidity pool - now live.
More to come from Trader Joe and WOO
Trader Joe and WOO Network are initiating this partnership by collaborating on Arbitrum. This partnership is also conceived with a long-term perspective that is focused on fostering mutually beneficial multi-chain growth. Respective community members have lots of exciting opportunities to look forward to as Trader Joe and WOO start to grow together. Including the the recent launch of $5k of WOO incentives for the WOO/ETH LP on Trader Joe, rewarding quest experiences (more on that soon) and community calls where the teams will come together to share updates and news.
About WOO Network
WOO Network connects traders, exchanges, institutions, and DeFi platforms with democratized access to the best-in-class liquidity and superb trading execution at a competitive cost. Its flagship products - WOO X, an innovative centralized exchange for active crypto traders, and WOOFi, a top 15 DEX with more than 400K executed cross-chain swaps and over $4.5B trading volume - are all linked by the $WOO native token. The WOO Network ecosystem serves as a vital link connecting traders, exchanges, and institutions with the support of prominent industry players, including Kronos Research, Binance Labs, and Crypto.com Capital.
About Trader Joe
Trader Joe is a leading multi-chain decentralized exchange and the inventor of Liquidity Book, the most capital efficient AMM in DeFi. Trade your favorite tokens, access one-click yield farming and shop for the latest digital collectibles at the Joepegs NFT Marketplace. DeFi has never been easier thanks to Trader Joe.