WOOFi Review 2023
WOOFi is a popular decentralized exchange created by WOO Network in 2022.
It runs on 7 different chains including Ethereum, Polygon, BNB Chain.
WOOFi offers features such as staking, yield farming, spot trading and more.
We rated WOOFi 4/5, based on it's features, security, and future prospects.
WOOFi Features
Staking
Has staking for it's native token; allows you to earn passive income.
Yield Farming
Hosts incentivised yield farms. You can earn boosted rewards from staked LP tokens. This is a great way to earn more crypto. Projects put up tokens for you to earn, often for marketing efforts.
Spot Trading
This means you can buy and sell the real thing. Actual crypto. Not a futures contract or derivative.
WOOFi Fees
Trading Fees
All DEXs charge trading fees. WOOFi is no different.
Trading fees incentivise liquidity providers to provide liquidity to WOOFi. This enables people like you to freely trade between tokens without incurring too much slippage.
Withdrawal Fees
WOOFi does not charge withdrawal fees.
DEXs, generally, do not require you to deposit funds onto them. Therefore there is nothing to withdraw. This is one of the many great things about dencentralized exchanges. You get to be the sole custodian of your funds.
How to use WOOFi?
- Get a crypto wallet that supports web3 on one WOOFi's of supported chains.
- Deposit crypto into the wallet, ensuring you have tokens for gas
- Navigate to WOOFi's homepage
- Connect your wallet to the website
- Goto Swap/Trade
- Choose a token that you'd like to swap to
- Finally, swap!
FAQ
Where can I buy WOO ?
You can by WOO direct from WOOFi. It is the native token of WOOFi, and they will therefore offer the most liquidity.
Is WOOFi safe?
Yes, WOOFi is safe to use. However, you should be aware that crypto trading carries inherent risk. dApps are vulnerable to exploits, so make sure to DYOR before investing.
What chains do WOOFi support?
WOOFi supports Ethereum, Polygon, BNB Chain, Arbitrum, Fantom, Avalanche, Optimism.