A detailed overview of Orderly Network Omnichain and WOOFi Pro
The last month has probably been the busiest period of Orderly Network’s history as a project, seeing the introduction of Orderly Omnichain and various community initiaitives. The Orderly Omnichain product release brings the infrastructure and liquidity Orderly Network is known for on $NEAR to EVM, and opens the door to many more traders, developers and everyday users!
In this article, I am going to deep dive into all areas of the first product to launch on Orderly Network, WOOFi Pro. The incredible work by the WOO Network team highlights the quality product that has been developed by Orderly Network, and I am incredibly excited to see how this grows over the coming months. So let’s take a look at how you can get started and explore all the elements that have been released so far!
Orderly Network — A Summary
Orderly Network is a project that was incubated by WOO Network and NEAR, and recieved a staggering $20m of strategic funding in mid 2022 from many key players in the crypto investment space.
Since this investment, Orderly Network has established itself as a critical player in the NEAR ecosystem and expanded to EVM where volumes and the user base are larger. The launch of Orderly Omnichain marked the introduction of their expansion to the EVM ecosystem, and is set to be the foundations for future development for the Orderly Network team.
Orderly Network itself serves as an orderbook-based trading infrastructure and a robust liquidity layer offering spot and perpetual futures trading. Unlike traditional platforms, Orderly doesn’t have a front end; instead, it operates at the core of the ecosystem, providing essential services to projects built on top of it. This means that Orderly Network, and the volumes that flow through it are not limited to a specific project, the oppurtunities are truly endless as more and more people choose to tap into Orderly Network and their offering!
For all updates (and there is a lot, this team builds fast) you can check out the below official links:
X/Twitter: https://twitter.com/OrderlyNetwork
Website: https://orderly.network/
WOOFi Pro — A Summary
WOOFi Pro is the first (of hopefully many) projects to integrate the EVM Orderly Network Omnichain infrastructure to deploy their gasless CLOB DEX on mainnet that offers CeFi-grade UI/UX and revenue share with $WOO stakers (a staggering 80% of net revenue!)
Using the Orderly Network infrastructure, users can now trade like a pro (or in my case, think I am a pro but continue to get liquidated like before…) on WOOFi Pro, retaining self-custody of assets through the permissionless DEX protocol. WOOFi Pro enables users to deposit major assets from 7 major EVM chains into USDC on Arbitrum in one transaction, reducing friction and gas fees via this seamless process!
This article explores WOOFi Pro and it’s features in further detail, but to get started with it, you can check out the video I made showing how you can connect and begin to interact with the protocol:
You can access WOOFi’s official links through the below, I definitely would encourage trying out the platform for yourself to experience the power of Ordelry Network Omnichain first hand!
X/Twitter: https://twitter.com/_WOOFi
WOOFi Pro Website: https://dex.woo.org/en/trade/BTC_PERP
Depositing funds into WOOFi Pro
In the video above, I deposited USDC directly from Arbitrum into WOOFi Pro (which is actually into the Arbitrum vault by Orderly Network underneath this interface), however one of the slickest features offered by WOOFi Pro is the integrated cross chain swap, which allows users to easily deposit into the Arbitrum vault that is currently deployed by Orderly Network. In the near future, it will be even easier and cheaper to deposit as Orderly Network intends to release vaults across more chains!
In the example below, you can see that I have connected my MetaMask on Optimism to WOOFi Pro, and have selected that I would like to deposit a small amount of $ETH into WOOFi Pro. The LayerZero messaging technology behind all of this is what powers the seamless communication between chains, significantly simplifying the trading experience for users!
Trading on WOOFi Pro
Trading on WOOFi Pro is extremely quick, offering a truly CeFi like experience. Users currently have the option of trading either through Market or Limit Orders, either through the BTC-PERP or ETH-PERP markets.
WOOFi have stated that in the near future the trading options are going to greatly expand. Users will soon be able to set up more sophisticated order types to suit any traders needs. The variety of assets is another area that will look to expand, and as Orderly Network’s offering of assets grows, WOOFi will be sure to incorporate these into their WOOFi Pro product.
Unlike many DEXs, through Orderly Network’s infrastructure, WOOFi Pro is also able to offer API trading options to enter positions. This is certainly not my area of expertise, but I expect in the coming months to see trading platforms start to offer connections to WOOFi Pro to allow trading bots and strategies to be implemented from outside of the application itself.
For more detailed API information, you can visit the following Orderly Network site: https://docs-api-evm.orderly.network/#introduction
Account Information
The final area that I want to highlight is the “Account” tab of WOOFi Pro, which is filled with all sorts of useful information and is definitely worth familiarising yourself with before using WOOFi Pro and Orderly Network.
In this section you have useful metrics that show how much you have traded, what your current leverage is set to (one of the most important part of this section for risk management) and other useful options such as the ability to bind your email to so you recieve notifications. Users can also go to this page to monitor their Margin Ratio when trades are open to ensure this is within your risk tolerance.
Summary & What’s next
The next steps for Orderly Network and WOOFi Pro are to engage with users and expand use of this new platform. Currently volumes are low but this is expected to increase as users adopt this new technology, we are truly in the infancy of this product!
In general, PERP volumes tend to be about 5x higher than Spot volumes for CEXs so if we see a similar ratio for WOOFi Pro in the future, based off recent WOOFi spot volumes we could expect anywhere between $100m-$150m in daily volume from WOOFi Pro alone! Couple this with other projects building, releasing on and contributing to Orderly Network volumes in the future, the potential is staggering! To get to this point though, we need to spread the word and let traders know what is now available to them!
If anybody has any further questions either about Orderly Network or WOOFi Pro, please drop me a DM on twitter (Twitter: CoolestG_123) or leave a comment under this article! As an Orderly Ambassador and #WOOForce member, I can reach out to the teams to assist with anything that may be required!
Thank you all for reading and enjoy experiencing Orderly Network and WOOFi Pro, trade safely all!
