DeFi
WOOFi tops top 8 DEXs in 24-hour volume, reflecting rapid growth in DeFi sector
WooFi
KINGSTOWN, Saint Vincent and the Grenadines, June 13, 2024 (GLOBE NEWSWIRE) — WOOFithe omnichain decentralized financial platform offering swaps, reached an important milestone by obtaining 8th position on Ranking DeFi Llama perps with a 24-hour trading volume of $419 million, highlighting its exponential growth and significant presence in the decentralized finance (DeFi) space.
Note: WOOFi Pro is not yet tracked on DeFi Llama, but our claim can be verified using the WOOFi Pro Dune Dashboard.
WOOFi tops top 8 DEXs in 24-hour volume, reflecting rapid growth in DeFi sector
Source: https://woostats.io/
WOOFi exhibited robust trading activity, with impressive 24-hour perpetual volume reaching $405 million and spot volume of $29 million on 06/11/24. This puts WOOFi ahead of well-established DeFi protocols GMX and ApeX, both of which averaged half of WOOFi’s volumes for the day.
This rise to #8 solidifies WOOFi’s position as a burgeoning competitor in the on-chain derivatives scene, now holding nearly 5% market share of all DeFi trading volumes.
“One of the factors of WOOFi’s success is its flagship offering, WOOFi Pro, which has become the preferred platform for traders looking for optimal locations to exploit the merits of the orderly network. This success is powered by WOOFi Pro’s competitive pricing structure, further enhanced by the ability to reduce fees through WOO token staking. Notably, several East Asian countries have emerged as top countries for WOOFi Pro traders, reflecting the platform’s growing influence in East Asia,” said George Heath, Head of Marketing at WOOFi.
Since January 1, WOOFi Pro has seen remarkable growth across several key metrics. The platform’s gross revenue increased from $28,000 to $2.66 million, a 95x increase. The 28-day average daily active users (DAU) increased 26x, from 48 to 1,235. The cumulative number of users increased 12-fold, reaching 67,000 from 5,618 initially. The cumulative trading volume increased 219 times, from $114 million to $25 billion. The 28-day average trading volume increased from $3.1 million to $310 million, a 100-fold increase.
“Our most exciting features aren’t even available yet, so we’re still a long way from seeing the true potential of what WOOFi Pro can achieve,” Heath noted.
For more information, please visit WOOFi
Contact: media@woo.network
About WOOFi
WOOFi is a leading DEX with a cumulative trading volume of over $14 billion and over 250,000 monthly active users. It supports 11 blockchains and offers a diverse range of products, including earning vaults, simple swaps, cross-chain swaps, and perpetual futures. WOOFi’s native token is WOO and it can be staked to share 80% of all protocol fees.
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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.
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