A monthly Wootrade roundup: February 2021

A monthly Wootrade roundup: February 2021

News, tech updates, and a community recap from the middle month of Q1, 2021.

With the end of March targeted for a closed beta launch, the product team had their heads down working on finishing up WOO X, the first party exchange being designed in-house. That didn’t stop the rest of the teams at Wootrade from making some solid milestones — here are some of the more important events below:

Growth on the B2B trading network continued for the eighth month in a row. The Wootrade network is liquidity aggregated from many different exchanges, trading teams, and market makers. In February, $1.48 billion dollars worth of volume passed through the Wootrade Network thanks to the 15 institutional clients already connected.

$110 million in one day. The Wootrade network has set a new record in daily trading volume which broke last month’s peak of $90 million. Daily unique transactions on the network surged to over 230k in a single day.

The initial WOO token buyback and burn was completed on February 10th: 5,247,767 WOO were sent to the burn address in a single transaction. Each month, a similar event should occur as Wootrade commits a portion of their income to reversing the effects of supply inflation.

Burn transaction ID: 0xdc78a6ec44e7deb8b37979f3720c1c52e75a8515b2d72ddf4ada0e420cb37e81.

Creating consistent token demand and incentivizing healthy growth: The WOO token buyback and burn

On February 10, Wootrade completed the first monthly buyback and burn of the WOO token. Read here for all the details:

medium.com

Wootrade partnered with API3 to make better market data transparency for clients:

How Airnode Benefits Businesses: API3 Partnership with Wootrade Network

At the heart of the API3 value proposition is bridging the gap between traditional businesses off-chain (Web 2.0) and…

medium.com

Wootrade’s Co-Founder and Co-CEO, Jack Tan, commented on ETH’s supply and highlighted the importance of liquidity aggregation in Cointelegraph’s article.

LINKPAD VC, a DeFi-focused fund, announced they were going to be supporting Wootrade with business development. They didn’t produce a fancy graphic, so we simply added a screenshot of the tweet here.

Taiwan-based BTSE announced a strategic partnership.

Tech updates:

Screenshot of WOO X, Wootrade’s CeFi product slated for Beta release at the end of March
  • Launched the new WebSocket market data service
  • Launched the Iceberg Order feature
  • Optimized performance during market fluctuations
  • Optimized the risk control rules for placing orders to prevent users from opening positions when funds are insufficient
  • Optimized the order routing engine to avoid order being executed at unreasonable prices
  • Some modules were redesigned and implemented
  • Fixed the 24h Change and 24h Change % values in WatchList
  • Optimized the withdrawal process
  • Added platform and WOO Token-related data displayed on the Wootrade official website

The WOO token:

Analytics picked up over the last month with the end of February seeing strong finishes for accounts, transfers, and transfer amounts.

  • The number of token holding addresses doubled in February, with over 2200 unique addresses on the Ethereum blockchain.
  • WOO 24hr trading volume on Uniswap spiked over $3million as the WOO/wETH pair shot up inside the top 25 most traded tokens on Feb 23.
  • Wootrade increased WOO rewards on Uniswap to 100,000 WOO per month: https://medium.com/wootrade/woo-rewards-to-increase-liquidity-on-uniswap-609c84fd3136
  • Gate.io hosted a WOO/USDT volume-based trading competition with a prize pool of $20,000 in WOO.

Social metrics were also massively improved as an influx of supporters on Twitter shared info about Wootrade and the WOO token. This spiked during a YouTube interview with Three Arrows Capital co-founder Su Zhu, who mentioned his fund had invested in a seed round for Wootrade live on an interview with Up Only TV and Crypto Cobain, an influencer with around 250k followers on Twitter.

There will be a lot more news and notes coming from the final month in Quarter 1— don’t forget to follow our socials to stay updated:

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