Liquidity and trading provider WOO Network has introduced support for the Avalanche blockchain to its expansive product ecosystem.
The first step of the expansion is the integration of the Avalanche C-Chain into WOO X – a trading platform that uses liquidity from WOO Network – to provide traders with more accurate trading execution via deep liquidity and “lower to zero-fee” trading.
WOO Networks native token, WOO, will also be implemented into the Avalanche Bridge to allow bridging of the asset between the Avalanche and Ethereum blockchains.
Additionally, to help initiate token utilisation on the network and kickstart utility, WOO Network will seed the bridge with $15m in liquidity.
.@WOOnetwork is bringing its signature smart liquidity to the rapidly growing ecosystem of bluechip DeFi dApps on Avalanche, offering a unique opportunity to bring these protocols to a wider audience of traders. https://t.co/aQb1elVOtb
— Avalanche 🔺 (@avalancheavax) December 8, 2021
As the next step in the multi-chain strategy of the platform, the WOO Network will bring liquidity to Avalanche’s DeFi ecosystem that includes Aave, Trader Joe, Pangolin and Benqi and provide the platform “with a unique opportunity to bring these applications to a wider audience of cryptocurrency traders”.
WOO Ventures – the platform’s investment arm – will also be “identifying and supporting promising early-stage projects” building on the Avalanche blockchain and provide them with support, mentorship, marketing and technical expertise.
WOO Network was the recipient of “an undisclosed strategic investment” from The $200m Blizzard Investment Fund as part of WOO Network’s $30 million November Series A funding round.
Ran Yi, Chief of Ecosystem Development at WOO Network, spoke of the continued development and growth of the Avalanche ecosystem throughout the year.
“Avalanche has had tremendous growth in 2021, and their on-chain TVL, passionate community, and technical advantages makes them an ideal environment for building trading infrastructure,” he said.
“We are thrilled to have them onboard as both a partner and investor, helping us bring institutional-grade liquidity to the masses.”
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