Our users and community have become familiar with the name Wootrade, both as a service and as a brand. However, with the WOO X launch imminent, it is time to consider what we call ourselves for the many years to come.
Trading is just one of many services that make up the centralized and decentralized offerings running on our industry-leading liquidity network. Trading is ubiquitous throughout the space, but our network is what makes us unique and forms the backbone for our competitive advantages.
Growing the scope
In the early days, the Wootrade name was used as the zero-fee liquidity network, primarily connected across institutional clients such as Gate.io, MEXC, AscendEx, and Hoo. However, ever since the introduction of WOO X and WOOFi, access to the network has been further expanded to include retail users from both the CeFi and DeFi worlds. Additionally, WOO Ventures has already begun supporting early-stage projects that show the potential to bring value to the blockchain ecosystem.
Considering our ever-broadening scope, it makes sense to adopt a name that adapts. WOO Network is not limited to being a centralized exchange — it molds to the demands of the fast-changing, dynamic, and cutting edge crypto space: the flexibility of a network that mimics the inherent decentralization of crypto.
WOO Network aims to revolutionize what a single network can provide both its users and the greater crypto space, building tools beyond just trading that help users generate yield, manage their assets, and offer a wider range of products for their investing needs. We can provide these under our market-leading vision of democratizing access to best-in-class liquidity, trading execution, and yield generation strategies at a lower or zero cost.
So, let us use this opportunity to introduce the current products of WOO Network:
WOO Network is a deep liquidity network connecting traders, exchanges, institutions, and DeFi platforms with democratized access to the best-in-class liquidity, trading execution, and yield generation strategies at lower or zero cost. WOO Network was founded by Kronos Research, a multi-strategy trading firm averaging around $5–10 billion of daily trading volume on cryptocurrency exchanges
- Wootrade is a gateway for institutional clients such as exchanges to access WOO Network’s liquidity to immediately upgrade their order books to a depth deeper than top exchanges and tighten their bid/ask spread.
- WOO X is the front-end trading interface powered by WOO Network, aimed at providing retail and professional traders the ultimate trading platform by offering deep liquidity for superior order execution, lower to zero-fee trading, and fully customizable trading workspaces.
- WOOFi provides enhanced DeFi trading execution at lower cost and slippage by bridging the best of WOO Network’s off-chain pricing feed, quantitative trading, and hedging strategies with on-chain liquidity pools.
- WOO Ventures is the venture arm of WOO Network, aimed at identifying early-stage projects that can add strategic value to WOO Network’s products, the WOO token, and the blockchain space in general. A portion of the invested tokens accrued from WOO Ventures will be returned to WOO holders through WOO X.
- WOO (token) is a utility token deeply embedded within all of WOO Network’s products to provide access to zero-fee trading, various staking, discount, yield, and governance utilities. 50% of revenue generated across all of WOO Network’s products contribute to the monthly buyback and burn.
Of course, we couldn’t update the name and logos without refreshing the website. Head over to www.woo.org to learn more about WOO Network.
A trip down memory lane
For those who are interested in the evolution from Wootrade to WOO Network, here is a piece of our growth journey:
Wootrade was founded in 2019 by Kronos Research, a multi-strategy trading firm that specializes in market making, arbitrage, CTA, and high-frequency trading (HFT), averaging around $5–10 billion of daily trading volume on global cryptocurrency exchanges.
Kronos Research gained a reputation as a prominent market maker after providing deep liquidity across various global exchanges. Soon, other exchanges became interested in engaging Kronos Research’s market-making services to improve their platform’s liquidity. While initial clients’ requests were met, scaling across even more exchanges brought on higher custodian risks and opportunity costs as assets have to be diversified across many exchanges.
This bottleneck led to the birth of Wootrade. The priority in 2019 was to create a deep liquidity pool accessible at zero fees by exchange clients instead of Kronos Research market-making directly on the exchange.
Co-founder Mark Pimentel’s background in high-frequency trading during his time in Citadel, and his experience in creating and operating the largest dark pool in the United States and Europe during his time in Knight Capital’s electronic market development group (now part of Virtu), helped to provide leadership in the creation of Wootrade.
The liquidity network is powered by intelligent order matching and routing engines, aggregated liquidity from global exchanges, and organic liquidity from top market makers like Kronos Research itself to solve the problems of shallow liquidity, high slippage, and sizable trading fees in the cryptocurrency industry.
After perfecting the deep liquidity network in early 2020, the focus shifted towards raising the liquidity standard across the industry by providing exchanges with democratized access to deep liquidity for improved trading depth, and market-leading order books at zero fees. The immense fee savings that exchanges can save from using the liquidity network saw adoption among exchanges such as Gate.io, Hoo.com, Ascendex, MEXC, and others connecting to the liquidity network.
In late 2020, the WOO token was introduced to provide the public with a chance to capture the value of the liquidity network. In 2021, two additional CeFi and DeFi products: WOO X and WOOFi were introduced, further augmenting the use cases for the WOO token and providing retail and professional traders in CeFi and DeFi with access to the best trading execution at zero or the lowest cost.
May 2021 proved the liquidity network’s ability to scale massively across CeFi and DeFi when WOO Network’s 24-hour volume reached a combined high of 650M across Wootrade, WOO X, and WOOFi.
With WOO X features such as futures trading and social trading to be released in Q4 2021, more institutional clients such as exchanges and institutional trading desks to be onboarded through Wootrade, and WOOFi scaling across more blockchain platforms to capture more DeFi order flows, all of WOO Network’s products are on the path of scaling towards higher volumes which will generate higher revenues to contribute towards monthly WOO token buyback and burns.
Stay tuned to WOO Network’s exciting developments!
- Reddit: https://www.reddit.com/r/WOO_X/
- Website: https://woo.org/
- Twitter: https://twitter.com/WOOnetwork
- Discord: https://discord.gg/woonetwork
- Telegram: https://t.me/woonetwork
- Telegram Announcements: https://t.me/woonetworkann
- Medium: https://medium.com/wootrade
The content above is neither a recommendation for investment and trading strategies, nor does it constitute an offer, solicitation or recommendation of any product or service. The content is for informational sharing purposes only. Anyone who makes or changes the investment decision based on the content shall undertake the result or loss by himself/herself.