WOOFi, bullish on Layer 2s as it joins Hong Kong Web3 Festival
HONG KONG, April 12, 2023 /PRNewswire/ -- One of the top 15 DEXs by 24-hour trading volume and 30 most widely used protocols in all of DeFi, WOOFi takes the center stage at the sidelines of the Hong Kong Web3 Festival and speaks about the bullish prospects of Ethereum-based Layer 2 Networks as a result of the Shanghai upgrade and investors' increasing interest.
Kevin Feng, Head of DeFi at WOO Network was a panel member at the LiquidityTech Protocol (LTP) Summit to discuss the topic "Is the future of finance decentralized?" where he was joined by representatives from Nomura Laser Digital, Foresight Ventures, MetaWeb Ventures, Bitget, and Bluefin.
The summit, which will feature a roster of industry leaders, top trading institutions, digital currency asset banks, exchanges, custodians, investment banks, and regulators, will tackle cutting-edge trends and visions for the future of the digital asset field, from the perspective of institutional traders. Meanwhile, the Hong Kong Web3 Festival, expected to attract more than 10,000 participants, will cover other topics in the Web3 space including blockchain, metaverse, NFTs, and fintech.
"The Shanghai upgrade will be one of the drivers [of DeFi and Layer 2 projects]. Several high-profile projects will go live in the next few months, including Base, zkSync Era, Polygon zkEVM, Scroll, and Linea. This will attract significant user attention and capital.
The bullish sentiment is also tied to growing interest in the industry because of its open-source nature, fast innovation, and incessant growth. We're also excited about the level of interest of investors in the region and glad that WOOFi is at the intersection of these developments," Feng said in a statement.
Before the formal opening of the Hong Kong Web 3 Festival, Hong Kong Financial Secretary Paul Chan already said that while the crypto markets have been highly volatile, it's the "right time" to push Web3 adoption in the region.
Meanwhile, Feng said barely nine months have passed since WOOFi became the first DEX to deploy one-click cross-chain swaps powered by cutting-edge Stargate technology. He added that the DEX has overseen more than 100,000 cross-chain transactions, grown to support six chains, and saved traders countless hours that would have been otherwise lost in the painful process of manually bridging.
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