HONG KONG, April 11, 2023 /CNW/ — One of many high 15 DEXs by 24-hour buying and selling quantity and 30 most generally used protocols in all of DeFi, WOOFi takes the middle stage on the sidelines of the Hong Kong Web3 Competition and speaks in regards to the bullish prospects of Ethereum-based Layer 2 Networks because of the Shanghai improve and traders’ rising curiosity.
Kevin Feng, Head of DeFi at WOO Community was a panel member on the LiquidityTech Protocol (LTP) Summit to debate the subject “Is the way forward for finance decentralized?” the place he was joined by representatives from Nomura Laser Digital, Foresight Ventures, MetaWeb Ventures, Bitget, and Bluefin.
The summit, which is able to characteristic a roster of business leaders, high buying and selling establishments, digital foreign money asset banks, exchanges, custodians, funding banks, and regulators, will deal with cutting-edge developments and visions for the way forward for the digital asset area, from the angle of institutional merchants. In the meantime, the Hong Kong Web3 Competition, anticipated to draw greater than 10,000 contributors, will cowl different subjects within the Web3 house together with blockchain, metaverse, NFTs, and fintech.
“The Shanghai improve might be one of many drivers [of DeFi and Layer 2 projects]. A number of high-profile initiatives will go reside within the subsequent few months, together with Base, zkSync Period, Polygon zkEVM, Scroll, and Linea. It will entice vital consumer consideration and capital.
The bullish sentiment can also be tied to rising curiosity within the business due to its open-source nature, quick innovation, and relentless progress. We’re additionally excited in regards to the degree of curiosity of traders within the area and glad that WOOFi is on the intersection of those developments,” Feng mentioned in an announcement.
Earlier than the formal opening of the Hong Kong Net 3 Competition, Hong Kong Monetary Secretary Paul Chan already mentioned that whereas the crypto markets have been extremely unstable, it is the “proper time” to push Web3 adoption within the area.
In the meantime, Feng mentioned barely 9 months have handed since WOOFi turned the primary DEX to deploy one-click cross-chain swaps powered by cutting-edge Stargate expertise. He added that the DEX has overseen greater than 100,000 cross-chain transactions, grown to help six chains, and saved merchants numerous hours that will have been in any other case misplaced within the painful strategy of manually bridging.
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