Announcing the WOO X referral program, WOO staking update, and additional yield challenges.
For weeks, we’ve wanted to bring clarity on the upcoming releases for WOO X. The trader-friendly exchange launched in Beta at the end of March, allowing anyone who staked WOO to access over 30 assets with deep liquidity and zero-fee trading. Below are the new announcements, as well as some of the changes made to encourage more active participation and sustainable tokenomics.
Taking the next steps
Starting on June 25th, WOO X Beta will move to the next phase as we add some key features and give the power back to the users. The WOO X team will no longer be the limiting factor on who signs up and trades. This power will be given to the early WOO stakers on WOO X Beta.
Refer your friends, earn when they trade
The concept is simple. When a WOO X Beta user refers someone, they can get a portion of the revenue the platform generates from trading activities. Even though WOO X has zero fees for users, the platform still generates revenue from market makers and rebates on other platforms. You can read more on the zero-fee model below.
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Market makers share revenue with Wootrade, who can then share that with users in the referral program. This might not be as high as referral programs on other high fee networks, but the goal is to target high volume, frequent traders. This creates a healthy and positive connection between WOO X usage and WOO tokenomics. Edit: Referral rewards come from the ecosystem reward wallet, and are offset by the buyback and burn program.
During the period between June 25th and the end of July, closed Beta users will be the gatekeepers of WOO X. All other registration methods will be closed. Codes will be limited to WOO stakers, with more codes allocated to stakers at higher tiers (i.e. Tier 1 stakers get 1 invite, Tier 2 stakers get 2 invites, etc). There will be a snapshot of staking amounts in late June to determine how many codes will be allocated per user. Users who don’t stake will not be eligible for the referral codes. WOO staked after the snapshot will not be counted towards the allocated codes.
Updated staking on WOO X
The staking program will no longer have a fixed rate APY in WOO, as that contributes to token supply inflation and encourages passive staking. Instead, there will be a variable rate, with only a small base rate allocated for passive staking. Multipliers will be added on for:
- the duration of staking
- frequency of trading
- other challenges
The 240,000 WOO cap will be removed, and users can stake as much as they choose. However, similar to APY in DeFi applications, the more WOO that gets staked, the lower the APY will be per WOO. WOO X will reserve the right to adjust the rate of rewards and multipliers to align with feedback from the community and encourage platform growth. Exact tier amounts will be released at a later date.
The goal is to make staking an active process that encourages engagement with the platform, while only adding a minor contribution to the inflation of the circulating token supply. Users seeking to passively earn higher APYs can take advantage of the much more attractive yields in DeFi. The result will be a healthy, sustainable, and engaging token economic model, with the aim to have a deflationary structure where monthly token burns exceed the reward inflation rate.
What happens in July?
Towards the end of July, WOO X will fully open up, even to users without an invite code. That includes the Beta version of the WOO X Mobile app. WOO X Futures is also targeting a July or August release. This will complete a foundation of products that can satisfy the needs of a typical trader. The referral program will be expanded, meaning users that referred others in June will continue to earn commission on their trades.
Product release dates and upcoming milestones
- Open Beta launch on June 25th
- Open Beta includes an updated staking program with trading incentives
- Open Beta features an initial referral program for WOO X Beta stakers
- Open Beta will have a pure spot mode for non-leveraged trading
- Open Beta will have support for API trading and other features
- WOO X Mobile Beta coming end of July
- WOO X Futures in late July or August
- Social trading still to come in Q4
Is it too late to sign up for the Beta?
Not necessarily. WOO X will probably do a few more “last call” waves of invites prior to the snapshot in late June, after which Beta sign-ups will be closed without a referral code. If you want to get involved, please take a few minutes to fill out the survey below.
Make your survey a piece of cake!
We will have many more updates still to come, including more details on the staking program. Be sure to follow our other channels to stay up to date: