Staking is the key to accessing zero-fee trading on the Wootrade Network. The WOO token is now just one month old but it’s already off to a quick start.
- 20.5 million WOO tokens have already been staked by institutional partners and exchanges
- The address is publically viewable on Etherscan at: 0x1e6….b1c4b05
The Zealous Rhino staking program was announced on November 6th, with partners Hoo.com, MXC, BitMart, Gate.io, and OneBoat Capital announcing their participation. Since then, AKG Ventures and BitMax have also announced their involvement. The rules were simple: stake WOO, and get access to lower fees, zero-fees, or even negative fees on the liquidity-rich Wootrade network.
These institutional traders are already spending as much as $27 million per day on the network, making zero-fee trading a major cost-savings for them. With that in mind, it’s no surprise that institutions are eager to sign up for a place on the network, an opportunity that will be extended to professional traders early in 2021. As we round off 2020, even more Zealous Rhinos partners will be announced, leading to more tokens locked in the wallet. In the event that a partner chooses to drop out of the program, the tokens will be returned to the private sale wallet to continue the normal vesting schedule.
Early demand for the network is a positive sign that the Wootrade model is bringing valuable benefits to traders. As the product is improved and scaled, the community should expect to see more lockups and reduced token velocity through these initiatives, including the retail token staking that is currently available on the BitMax platform.
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