WOO Network
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WOO Network

WOO Network partners up with Ref Finance

$WOO Liquidity gets a jumpstart in the NEAR Ecosystem with a farm on Ref Finance, learn how to earn rewards in $REF and $WOO

As the multi-chain world continues to expand, WOO Network aims to closely align with the top layer one networks. With NEAR’s large fundraising rounds breaking crypto headlines over the last few months, WOO Network is keen to not just integrate its fast blooming ecosystem, but also strengthen our existing relationship with the network. Partnering with Ref Finance, the first major DeFi application on NEAR, enables WOO DAO to deposit WOO and NEAR tokens into a pool on Ref Finance — improving WOO token’s liquidity on the NEAR network, and taking WOO further into its ecosystem.

Read till the end for a tutorial on how to bridge assets and stake in the farm, earning up to 27% APR in $WOO and $REF tokens.

What is Ref Finance?

Ref Finance is the first major DeFi application on the rapidly growing NEAR blockchain. Ref is currently an automated marker, but it has plans to expand into a complete suite of financial products including:

  • lending
  • native stablecoin integrations
  • auto-router/smart routing

Ref Finance is the protocol with the most Total value Locked (TVL) across the NEAR ecosystem, with $136.4 million at the time of writing.

Source: https://defillama.com/protocol/ref-finance

In mid-February of this year, Ref Finance completed a fundraising round led by Jump Crypto and included Kronos Research, Alameda Research, Dragonfly Capital, KuCoin, and OKX, among others.

Driven by WOO DAO

Last fall WOO DAO completed a token swap with the NEAR ecosystem to strengthen our existing partnership. With Ref Finance being one of the largest DEX’s native to NEAR, WOO DAO can improve WOO tokens liquidity on the network through their platform. WOO DAO has passed a proposal to deposit $2M TVL into the WOO/NEAR pool on Ref Finance, as well as providing liquidity mining incentives alongside Ref.

Tutorial: How to Bridge to NEAR

For those of you who are wondering how to bridge to NEAR, we’ve got you covered! First and foremost, make sure to set up a NEAR Wallet beforehand.

NEAR’s web wallet makes it easy to manage your assets from within a browser

For $wNEAR, getting on-chain is as simple as:

  1. Purchase $NEAR on WOO X
  2. Withdraw to your NEAR Wallet
  3. Be sure to convert your NEAR to wNEAR (wrapped NEAR). This can be done by going to Pulse Market and clicking the three horizontal dots in the top right, you’ll see the option to wrap/unwrap NEAR. Important: Make sure to leave a bit unwrapped to be used for gas later on.
Wrapping allows native network gas tokens to be used in applications

For $WOO, the best route will be:

  1. Send ERC-20 $WOO to your Metamask wallet
  2. Use the official Rainbow bridge to bridge your assets
rainbowbridge.app is the official bridge between Ethereum, NEAR, and Aurora

Alternatively: Use Ref Finance to purchase WOO with NEAR

Adding to the farm on Ref Finance:

  1. Go to the Pools and click ‘add liquidity’

2. Navivate to the Farms page to stake the LP tokens

Summary

First and foremost, this partnership helps to further strengthen our relationship with NEAR by partnering with one of their top ecosystem projects. Secondly, $WOO token holders now have access to liquidity within the rapidly expanding NEAR community. For all the humble farmers in our community, you now have another great option to earn on your $WOO holdings.

We look forward to our continued expansion in the NEAR ecosystem!

Stay tuned for all WOO Network’s exciting developments!

The content above is neither a recommendation for investment and trading strategies nor does it constitute an offer, solicitation, or recommendation of any product or service. The content is for informational sharing purposes only. Anyone who makes or changes the investment decision based on the content shall undertake the result or loss by himself/herself.

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