A monthly Wootrade roundup: May 2021

A monthly Wootrade roundup: May 2021

The Wootrade Network marched through May, partnering with leading projects, growing in volume, scaling WOO X, and onboarding community advocates.

The month of May started for Wootrade with a new all-time high in volume, traded mainly by the institutional clients on the network. For the first time, the 24-hour trading volume surpassed half a billion dollars, hitting $654,480,959 on May 4. The network’s monthly volume almost doubled April’s figure and set a new record at $8.45 billion.

A lot of this volume came from strong global trading activity prior to the May 18th correction. Wootrade acquires trading volume from three sources: Institutional clients, WooFi pools, and WOO X Beta users. The source of trading volume was explained in more detail here:

Increasing volume: A look at liquidity and a taste of what’s to come next for Wootrade

Answering some of the most frequently asked questions from the Wootrade community — Where is trading volume coming from…

medium.com

Business Development

Wootrade’s ecosystem has been growing as fast as its volume!

Wootrade and Kronos Research announced they would join the dYdX ecosystem as a liquidity provider and market maker.

Wootrade to bring institutional liquidity to dYdX and their leading DeFi derivatives platform

Wootrade and dYdX strategically partner on liquidity management, institutional market making, and user growth…

medium.com

Exploring new opportunities in the DeFi space, Wootrade announced they’d be supporting liquidity on Polygon’s network.

Wootrade and Polygon reach strategic agreement to enhance liquidity on ‘Ethereum’s Internet of…

The two companies will collaborate on a wide range of activities encompassing the DeFi and CeFi sphere, bringing better…

medium.com

Wootrade listed VET and announced their intention to support VeChain’s upcoming enterprise-NFT and DeFi ecosystem.

Wootrade to provide liquidity support for VeChain’s eNFT Ecosystem

VeChain is building an enterprise NFT and DeFi ecosystem. Wootrade will be ready to support it with Wootrade’s powerful…

medium.com

WOO X Beta

In order to provide the fastest and cheapest way to move funds, WOO X now supports USDT deposits in the ERC-20, TRC-20, and Algorand token standards.

BAL, MATIC, VET, XLM, NEO, ATOM, and ONT joined the Wootrade family in May. 34 trading pairs are currently supported on the network via WOO X with many more still to come this summer. All assets are featured on the WOO X Markets page.

Tech updates

  • Stop Loss and Take Profit order types added on WOO X
  • ASK and BID Market order types added on WOO X
  • WOO X Staking page UX improved
  • KYC-related functionality added on WOO X
  • WOO X order book widget improved to display limit order function
  • Wootrade’s WebSocket interface was enhanced for security and stability
  • Risk control improved with a price limit check function for order placement
  • The withdrawal process was optimized

WOO X Beta is preparing to scale starting from June 25 with:

WOO X Update: Staking, launch timeline, referrals, mobile and futures

Announcing the WOO X referral program, WOO staking update, and additional yield challenges.

medium.com

An incident happened on May 19, during which the WOO/USDT price temporarily dislocated from other exchanges’ indexes, causing a wave of liquidations on WOO X Beta. To stay fully transparent, the Wootrade team shared a detailed report of the event.

WOO X Beta incident transparency report — May 19th

medium.com

The WOO Token

The monthly WOO token burn for April was completed on May 10 with 372k WOO removed from the total supply forever in the transaction: 0xdca5578836d9c2e5b83aae43fcc903ed9a8e163bd2e8dbaff2fd410aea66eff4.

Meet WOO on BSC! WOO launched on Binance Smart Chain, with the bridge from ERC-20 to BEP-20 already available on WOO X. It’s planned that the bridge will be given a frontend in the future to allow everyone to transfer WOO between Ethereum and BSC. In the meantime, users can buy and sell the token on Dodo.

  • WOO token contract on BSC: 0x4691937a7508860F876c9c0a2a617E7d9E945D4B
  • Explore the bridge address on Etherscan.

The WOO token launches on Binance Smart Chain (BSC)

Community members have been asking to use the WOO token on BSC’s vibrant DeFi ecosystem. Now the token will be entering…

medium.com

WooFi expanding on BSC

Pool #6 went live on Binance Smart Chain. After bridging the WOO token to BEP-20, a WOO/BUSD pool found its place on the network and can be accessed via DODO, 1Inch, and Open Ocean aggregators.

WOO rapid adoption

After the Bancor community (BancorDAO) voted for whitelisting WOO, the WOO/BNT pool has rapidly gained popularity in the Wootrade community. The BNT community subsequently voted to size up the pool with a co-investment limit of 500k BNT and then voted to add BNT liquidity mining rewards. Bancor’s platform offers single-sided staking with impermanent loss protection. By the end of the month, it had surpassed even Uniswap for the most WOO liquidity in DeFi.

Bancor offers unique single-sided staking with impermanent loss protection

CREAM holders voted for listing WOO as a collateral asset on Cream Finance. Voting closed on May 21. Check the report on Snapshot.

WOO coin-margined swaps rolled out on Huobi Futures. Using WOO as the margin currency, WOO/USD swaps support bi-directional trading and up to 75x leverage. Tap here for the announcement.

KINE Protocol has listed WOO for staking, minting kUSD, and leverage trading. Like Wootrade, Kine Protocol is also a member of the DeFi Alliance.

https://kine.io

Argent opened a new gateway to the WOO token by adding it to its wallet.

Community and events

Wootrade’s Marketing VP, Ben Yorke, appeared with dYdX’s Head of China, Yiran, to discuss the partnership, liquidity issues, and DeFi growth in a talk organized by LunarCRUSH.

Wootrade joined the Onsen AMA series of SushiSwap. Wootrade previously established WOO/USDC pool on SushiSwap.

After the WOO token was launched on HECO (Huobi ECO Chain), Ben Yorke answered all the community questions during the AMA session hosted in HECO’s Telegram chat.

Wooracle was presented during the DoraHacks and Binance Smart Chain’s Blockchain Hackathon. More information about Wootrade’s tradeable oracle will be revealed soon.

Wootrade’s community welcomed Sir Thomas WOOdison, who joined Telegram chat as the FAQ expert bot. He’ll help the team out by quickly finding exactly what the community needs. Wonder about staking? Volume? Zero fees? Sir WOOdison is in https://t.me/wootrade for you!

Last but not least, Wootrade started delivering Weekly recaps directly to mailboxes. Subscribe to the Wootrade Weekly or check the previous issues here:

Wootrade Weekly — Revue

Wootrade Weekly — The only platform to offer ZERO trading fees and DEEP liquidity: https://woo.network WOO X…

www.getrevue.co

That caps off a busy May. Follow all our channels to experience another exciting month as we head into the tail end of Q2.

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