WOO Network unveils plans to increase its market share in the upcoming quarter following recent industry-wide turbulence
Striking while the iron is hot
The second half of 2022 witnessed a violent transformation in the cryptocurrency space, leaving a market share vacuum as surviving businesses raced to improve their transparency and win back trust.
This leveled the CeFi playing field, as users pivoted away from caring about partnerships and marketing, towards focusing more on trust and transparency.
WOO Network moved quickly, building out a first-of-its-kind complete dashboard of assets and liabilities that updates every fifteen minutes, setting new standards of transparency for CeFi. Eager to now capitalize on this strong position, WOO will put its best foot forward to achieve the following outcomes by the close of Q1 2023:
- Establish WOO X as one of the most transparent venues to trade
- Make WOOFi DEX among the top orderbook DEXes by adding perpetual futures
- Improve WOOFi’s price execution by releasing v2 on more networks
- Expand the WOO ecosystem with improved tokenomics
- Onboard renowned traders to WOO X through upcoming social features
Onward and upward for WOO X
The non-stop shipping of new features like user analytics, social leaderboards, and upgraded trading tools succeeded in elevating the standing of WOO X this year. Here are some more features aimed at traders that we are working on in early 2023:
- Merkle tree proof of liabilities and assets
- USDC & BTC spot pairs to diversify user exposure to USDT
- Earn products with passive returns on assets
- Hedge mode to long and short simultaneously for one pair
- TWAP orders that execute trades evenly over a specified time period
- Trade journal to monitor your trading progress
Alongside these more traditional features will come elements of gamification as we explore new ways to bring joy to our user base. Our intentions are to make the experience of trading on WOO X even more rewarding, and we will be taking steps to achieve this by prioritizing the implementation of:
- Achievement badges to capture accomplishments
- Revamped staking that rewards active users
- A redesign of the interface for a more satisfying look
Setting new standards in DeFi
WOOFi now operates on six different networks, giving users the opportunity to swap, stake, earn yield, and even transfer assets cross-chain. This DeFi Swiss Army knife will continue upgrading to Swap v2, enhancing price execution and bolstering the real yields of WOOFi stakers through increased WOO buybacks.
Q1 of 2023 will also see the next evolution of WOOFi Stake as we enable single-chain staking, removing the need for users to worry about switching chains to chase higher yields. WOOFi stakers will not only benefit from an all-around better experience but also better yields through the power of consumable NFTs that shall be earned by completing challenges.
WOOFi DEX will also begin to come into its own with more spot markets and the long-awaited addition of perpetual futures. The DeFi perps sector is thriving with leading DEXs routinely generating more than $500M daily volume, and as much as $1B during bouts of market volatility. WOOFi DEX will aim to capture the excitement around orderbook DEXes, driving more utility and awareness for the WOO token.
Expanding the WOO ecosystem
The WOO ecosystem continues to grow at large with a keen focus on new hires, WOO X listings, WOOFi-supported chains, and broader efforts to collaborate with entities whose values synergize with our own. The new year will see these efforts intensify as we take extra steps to strengthen investor relations, explore new partnerships, and increase supported broker integrations that make it easier than ever to access WOO X. Lastly, and perhaps most importantly, we will be revamping our tokenomics to make WOO even more integral to the ever-increasing line of WOO Network products.
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