A monthly Wootrade roundup: March 2021

A monthly Wootrade roundup: March 2021

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

medium.com

WOO X

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…

medium.com

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:

  1. WOO X Help Center is established
  2. WOO X deposit and withdrawal modules were optimized, and Wootrade’s withdrawal speed improved
  3. The risk algorithm was optimized and will not add exposure of total account assets during a single close order
  4. Stream WebSocket service was launched
  5. The overall system performance was optimized with better order routing and more effective order matching mechanism to minimized slippage
  6. 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:

https://medium.com/wootrade/empowering-wootrade-the-first-community-content-contest-a99c41b526c8

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…

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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…

medium.com

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

  • Wootrade’s COO, Ran Yi, joined Cointelegraph’s webinar, during which he discussed digital asset investment trends in Asia along with other industry leaders:

Community

Wootrade family welcomed 3 new communities this month! Indonesia, India and France — welcome aboard!

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:

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