Lately, WOOFi launched on the Mantle Community to spice up mETH adoption. This enabled WOOFI to change into one of many very first protocols to assist LayerZero-powered cross-chain swaps into the Mantle Community from eight widespread chains, together with Arbitrum, Optimism, and Avalanche.
On this unique interview, Ben Yorke, WOOFi’s VP of Ecosystem, and Gabriel Foo, Mantle’s DeFi Progress Lead, clarify WOOFi’s and Mantle’s newest enterprise. Each Yorke and Foo level out on this interview how this newest transfer may additional enhance the DeFi house.
- Lately, WOOFi introduced its official launch on the Mantle Community. May you each touch upon the rationale behind this partnership?
Ben Yorke: Our resolution to launch on Mantle Community is rooted in its spectacular development, with over $2.6 billion throughout its ecosystem of DEXs in buying and selling quantity since its mainnet launch in July final yr. The rising adoption of $mETH (Mantle Staked ETH) fuels tangible demand for hyper-efficient cross-chain swaps, which is the place we are available to reveal prowess. This integration positions WOOFi as a key participant within the mETH ecosystem to additional assist our development ambitions whereas catering to vital person demand for broader DeFi entry.
Gabriel Foo: WOOFi’s arrival within the Mantle Ecosystem alleviates points brought on by fragmented liquidity whereas abstracting away issues that generally plague bridging and cross-chain transactions. As a prime 10 cross-chain DEX, WOOFi’s deep-seated expertise and confirmed capabilities align with Mantle Ecosystem’s ethos to empower skilled builder groups with a powerful innovation core. By means of our newest integration with WOOFi, Mantle customers are capable of navigate their DeFi journey seamlessly whereas testing out myriad theses on the Mantle Community.
- What elements contributed to WOOFi selecting Mantle Community?
Ben Yorke: Following the launch of Mantle LSP and $mETH, Mantle Community skilled a major MAU surge from 14,000+ in November 2023 to 370,000+ in January 2024. Consumer demand is exhibiting no indicators of slowing, given the most recent bull run pushed largely by liquid restaking innovation and intents-based protocols.
There are deep synergies to discover with Mantle Community’s deal with ecosystem composability, unparalleled liquidity, and capital efficiencies. This presents a strategic launchpad for WOOFi to energy ultrafast cross-chain swaps into Mantle and change into a number one liquidity supplier on the Mantle Community.
Furthermore, rising volumes, rising adoption of $mETH, and having one of many largest treasuries in DeFi ($2.5B) have positioned Mantle on the map of builders in every single place. Every thing factors up for Mantle, and WOOFi is proud to assist its goal of turning into an all-encompassing DeFi hub.
- With Mantle’s substantial treasury, supported by contributions from Bybit, and the rising adoption of mETH, may you clarify how this precisely additional solidifies its place as a key participant within the DeFi house?
Gabriel Foo: The may of Mantle Treasury permits us to assist promising DeFi tasks by grants, investments, and incentives, culminating in initiatives such because the $200 million Mantle EcoFund and Mantle Showcase Apps. The treasury mitigates potential liquidity issues and acts as a buffer in opposition to surprising prices; this monetary stability protects customers and builders in opposition to market volatility, fostering belief and sustainability to keep up an unequivocally vibrant Mantle Ecosystem.
$mETH has gained sizable traction in lieu of the most recent slate of LSDFi breakthroughs, rising the ranks to change into a prime 5 liquid staking protocol. This interprets to a utility flywheel that brings extra transactions onto the community, producing income and attracting builders to construct complementary DApps.
General, Mantle’s substantial treasury, rising $mETH adoption, and Bybit’s assist create a considerably constructive suggestions loop. Mantle’s deal with reinvigorating blockchain communities and promising dApps by strategic investments from the $200M Mantle EcoFund attracts tasks and customers, mETH adoption will increase community exercise and liquidity, and Bybit’s involvement provides credibility and attain. This seismic mixture considerably solidifies our position as a key participant throughout the ever-evolving DeFi panorama, and one which’s right here to remain.
- In a report, it defined WOOFi’s utilization {of professional} market makers and on-chain value feeds in Mantle. May you clarify how this strategy differs from conventional DEXs and the advantages it brings to Mantle merchants by way of liquidity and charges?
Ben Yorke: Not like most DEXs, WOOFi makes use of skilled market makers that simulate CEX liquidity with on-chain value feeds. Mantle merchants profit from tight quotes, and since there are not any conventional liquidity suppliers that want feeding, WOOFi stakers get pleasure from 80% of the charges from Mantle swaps, with the opposite 20% going again to aggregators as a part of WOOFI’s dealer program. This in flip enhances liquidity for Mantle merchants resulting from improved capital efficiencies and high-quality buying and selling execution with out liquidity bootstrapping, permitting for a a lot smoother general person expertise.
- Are you able to elaborate on the promotional provides designed to draw customers to your platform? May you additionally present insights into the assorted incentives and methods carried out to encourage person engagement and adoption of your companies?
Ben Yorke: WOOFi is proud to have been granted 50,000 $MNT incentives from Mantle’s EcoFund, wherein WOOFi customers will have the ability to earn $MNT by cross-chain swapping property into Mantle and lending capital in WOOFi’s Mantle Earn vaults. Final yr, Mantle Community additionally launched Mantle Journey, an open-access, incentives-driven mannequin to provoke energetic participation all through the Mantle Ecosystem. This has launched a singular index to measure person engagement, permitting for off-chain reward aggregation by social media integration to finally create a extra complete, web3-ready group engagement technique.
- With the market and regulatory panorama evolving, how do WOOFi and Mantle hope to adapt to this ever-changing market?
Ben Yorke: At WOOFi, our purpose is to offer liquidity on top-tier buying and selling platforms whereas contributing to the rising adoption of digital property throughout the globe. We’re dedicated to assembly the various wants of our customers whereas constructing safe and modern infrastructure to foster belief and reliability inside the thriving DeFi ecosystem. Trying forward, we are going to proceed to enhance our enterprise mannequin and reinvest the funds into bettering our product suite, acquiring regulatory licenses throughout key markets, and offering customers with sturdy liquidity.
Gabriel Foo: As Mantle Community strives to guide and innovate inside the DeFi house, we stay dedicated to constructing a strong permissionless DeFi ecosystem with a security-first strategy. Our latest collaborations with cutting-edge firms resembling Lagrange Labs, Clearpool, EigenLayer, and now WOOFi reveal our voracity to facilitate decentralization with out compromising community safety. Every thing that we do finally ladders as much as our imaginative and prescient of proliferating the mass adoption of token-governed applied sciences for a extra accessible and environment friendly monetary future.
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