First testers got their hands on WOO X Beta, Wootrade launched WOO Ventures, and WooFi started supplying DeFi with centralized liquidity on BSC.
The WOO token
Let’s start this edition with some token-related topics. The second WOO buyback and burn event was completed with 817,564 tokens sent to the burn address in a single transaction on March 10. Check out the burn transaction ID to see for yourself: 0x0695b1814e92ed9402517c1d19b5eb9976c3cb26dcabc3f0ce6fad70bf6bab20
Also during the month, the Zealous Rhinos staking address for institutional clients got a deposit of 870k WOO.
Wootrade also introduced WOO Ventures — a strategic investment program that will support emerging blockchain startups and share the income with WOO token holders. According to it, 50% of tokens received from the investments will be given back to WOO holders through WOO X, staking, or DeFi applications.
WOO Ventures to invest in projects providing strategic value to Wootrade, will share rewards with…
Benefits to be distributed partially among WOO token holders, sharing the value throughout the ecosystem
The first testers entered WOO X Beta with some exclusive staking opportunities. The newly designed WOO X staking program allows Beta users to earn zero fees and up to 30% APY. Currently, 0% interest is charged on 2X margin, which will last throughout Beta testing. If you haven’t been invited, please be patient. More invite codes to enter the program will be sent out each week until launch.
WOO X Beta testing and staking preview
The zero-fee trading platform for active traders is preparing for launch. Here’s everything you need to know, and a…
DODO, SUSHI, and UNI tokens were added to existing trading pairs on WOO X in March.
Here’s the list of tech updates implemented in the platform over the last month on WOO X:
- WOO X Help Center is established
- WOO X deposit and withdrawal modules were optimized, and Wootrade’s withdrawal speed improved
- The risk algorithm was optimized and will not add exposure of total account assets during a single close order
- Stream WebSocket service was launched
- The overall system performance was optimized with better order routing and more effective order matching mechanism to minimized slippage
- The order entry tab was improved with the easy switch between the spot and margin trading modes
The registration for WOO X Beta testing are closed now. But there’s still a chance to get one of the 100 extra invites by taking part in the community content contest running till April 8:
WooFi and the Wooracle
Wootrade took the first steps towards bridging DeFi and CeFi. The WooFi pools are a combination of DeFi swaps but use the more accurate pricing mechanisms from the Wootrade network itself. The first pools were established on BSC in early March.
Despite holding less than 150k split between six assets, the pools still managed some impressive daily trading volume, hitting almost $6 million right after the launch.
The best of both worlds — Wootrade bridges CeFi liquidity with DeFi trading
Part one of Wootrade’s DeFi Manifesto explains how Wootrade is leveraging its leading liquidity and top market makers…
Wootrade partnered with SushiSwap and announced they would establish FranchisedPools (originally called SubPools) using the Mirin proposal coming out later in 2021.
Wootrade to bring bottomless liquidity to SushiSwap via SubPools
Wootrade commits to joining SushiSwap’s Mirin protocol for on-chain SubPools, and the WOO token will join the Onsen…
In addition, the WOO/USDC pool was established on the SushiSwap Onsen menu, along with some lucrative LP yields, WOO, and SUSHI rewards. These are available now over on SushiSwap.
Partnerships and events
- Perpetual Swaps on WOO/USDT were activated on Huobi Futures with up to 75x leverage
- BitMart held a WOO trading competition at the beginning of the month as a part of its 3rd birthday
- Wootrade supplied price data to Big Data Protocol
- Paraswap whitelisted the WOO token
- dFuture announced using the Wooracle to obtain the most accurate price data
- Wootrade’s Co-CEO, Mark Pimentel, fielded questions from Ben Yorke and the community in the very first video of the series “Let’s talk liquidity” on YouTube:
- Wootrade’s COO, Ran Yi, joined Cointelegraph’s webinar, during which he discussed digital asset investment trends in Asia along with other industry leaders:
Wootrade family welcomed 3 new communities this month! Indonesia, India and France — welcome aboard!
- 🇬🇧 — https://t.me/wootrade
- 🇪🇸 — https://t.me/wootrade_esp
- 🇫🇷 — https://t.me/wootrade_fr
- 🇹🇷 — https://t.me/wootrade_tr
- 🇷🇺 — https://t.me/wootrade_ru
- 🇵🇱 — https://t.me/wootrade_pl
- 🇮🇳 — https://t.me/wootrade_india
- 🇻🇳 — https://t.me/wootrade_vn
- 🇮🇩 — https://t.me/wootradeindonesia
- 🇨🇳 — add @wootrade666 on WeChat
- Trading 📈 — https://t.me/WooTraders
With WOO X Beta, we opened a new place to chat and share your thoughts about the project. Join r/WOO_X on Reddit:
That’s all for now — a new quarterly report should be out early in April to give users a better overview of the state of the project. Be sure and stay tuned to Wootrade socials for all the latest updates: