Wootrade and Polygon reach strategic agreement to enhance liquidity on ‘Ethereum’s Internet of Blockchains’
The two companies will collaborate on a wide range of activities encompassing the DeFi and CeFi sphere, bringing better liquidity to Polygon and more transactions to the Wootrade network.
Polygon, which has created a thriving ecosystem of trading activity, is growing massively in popularity. This is mainly due to its composability and ability to scale Ethereum’s vibrant blockchain infrastructure. Currently, the Layer 2 Matic plasma chain is already online, with plans to link between other Layer 2 scaling solutions including Optimistic rollups, zk rollups, and Validium solutions.
The expansion of this scaling solution creates a need for liquidity providers, an opportunity that Wootrade is well-suited to fill. Wootrade can add value to Polygon by providing liquidity on trading pairs, decentralized exchanges, bridges, and other decentralized apps. In doing so, Wootrade will be able to capture even more flow, adding to the $4.8 billion that passed through the network in April.
Wootrade’s advantage in the DeFi space is its ability to provide a capital-efficient source of liquidity, giving traders the best pricing execution on swaps, trades, or other transactions. This was demonstrated by the 5 private pools that Wootrade created with DODO on BSC, where around $2.5 million in total value locked (TVL) was transacted for over $890 million dollars in April, with fees hovering near a minuscule 0.05%.
Listing the Matic token on the WOO network
Wootrade can also support Polygon in the CeFi space, by providing liquidity support for the MATIC token. Aggregating liquidity for MATIC will make it more accessible to the 20+ institutions trading on the Wootrade Network, as well as WOO X, Wootrade’s first-party exchange. MATIC was officially listed on May 6th, signaling the official start of Wootrade’s support for the Polygon ecosystem. Wootrade’s WOO token has also been mapped to the PoS Matic network, meaning that WOO will be able to capture utility from dApps running on Polygon.
“The collaboration with Wootrade is monumental in increasing efficient liquidity on Polygon, which is a need of the hour with the top DeFi protocols launching on Polygon. We look forward to working closely with Wootrade and eliminating any liquidity worries for our users,” said Sandeep Nailwal, Co-Founder at Polygon.
“Polygon was always on our radar as they were quick to launch a highly composable Ethereum Layer 2 solution, said Wootrade COO Ran Yi. “After seeing the user growth in 2021, we were eager to build stronger ties to the Polygon developer and trading communities. Polygon gives us unique opportunities to build better trading infrastructure for Ethereum-based digital assets, and we see this as being a major value addition to both sides.”
About Polygon
Polygon is the first well-structured, easy-to-use platform for Ethereum scaling and infrastructure development. Its core component is Polygon SDK, a modular, flexible framework that supports building and connecting Secured Chains like Plasma, Optimistic Rollups, zkRollups, Validium etc and Standalone Chains like Matic POS, designed for flexibility and independence. Polygon’s scalability solutions have seen widespread adoption with 200+ Dapps, ~35M transactions, and ~400K unique users.
If you’re an Ethereum Developer, you’re already a Polygon developer! Leverage Polygon’s fast and secure transactions for your Dapp, get started here.
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About Wootrade
The Wootrade Network combines global liquidity and top market-makers to provide ultimate liquidity for exchanges, wallets, DeFi platforms, and large traders. Wootrade was founded by Kronos Research, one of the top market makers and quantitative trading firms in the world, which process more than $5 billion in trading volume per day. Wootrade is building a diverse product set that touches both CeFi and DeFi verticals, including first-party trading platform WOO X, pricing oracles, investment products, social trading, and other functionality that will augment use cases for the WOO token.
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