Wootrade launches on Balancer with a bonus reward pool

Wootrade launches on Balancer with a bonus reward pool

Provide liquidity in WOO and ETH to earn BAL and WOO tokens with additional bonuses for early supporters.

Highlights:

  • WOO tokens can now be staked on Balancer’s DeFi liquidity pools
  • Liquidity providers are eligible for WOO and BAL token rewards
  • Early stakers will receive rewards at a higher rate
  • A tutorial is listed at the end of the article for those unfamiliar with DeFi applications

The Wootrade team will launch and provide liquidity to a 50% ETH / 50% WOO Balancer pool on Dec 14, 2020, 12 PM GMT. This is being done to support our WOO token holders and liquidity providers with WOO staking rewards, BAL token rewards, and trading fees from being liquidity providers.

This pool will have a monthly reward pool of 50,000 WOO taken from our ecosystem fund and will be distributed pro rata on a weekly basis to stakers in the Balancer pool in addition to Balancer (BAL) token rewards.

An additional bonus of extra WOO tokens will be given for early participants in the first two months:

  • 1.4x Bonus for the first 4 weeks for a total of 70,000 WOO for the first month
  • 1.2x Bonus for the next 4 weeks for a total of 60,000 WOO for the 2nd month
  • 1.0x On subsequent weeks but can be subject to change depending on the number of stakers and popularity of the pool.

The Balancer pool will formally open on Dec 14, 2020 12:00 PM GMT and stakers will have 48 hrs until the recording of the first snapshot on Dec 16, 2020 12:00 PM GMT. WOO reward tokens will then be distributed the following week on Wednesday, Dec 23, 2020. Subsequent snapshots after the first scheduled snapshot will be randomized throughout the week and rewards will be distributed directly to staker accounts every Wednesday thereafter.

The calculation for rewards will be ((Snapshot 1 percent of liquidity staked + Snapshot 2 percent of liquidity staked + Snapshot 3 percent of liquidity staked)/3)* WOO Reward Pool.

Balancer Pool Specifications

Pool Address: https://pools.balancer.exchange/#/pool/0xa018079c61888ead5e2f2b8af8968f601224c650/

Seed Liquidity: $20,000 worth of ETH and $20,000 worth of WOO tokens — to be reduced to a minimal amount once sufficient liquidity is staked.

Pool Type: 50% ETH / 50% WOO

Fee: 0.2%

Pool Rewards: 50,000 WOO per month

Early Bonus:

  • 1.4x Bonus for the first 4 weeks for a total of 70,000 WOO for the first month
  • 1.2x Bonus for the next 4 weeks for a total of 60,000 WOO for the 2nd month
  • 1.0x On subsequent weeks but can be subject to change depending on the number of stakers and popularity of the pool.

Snapshot: 2 random snapshots throughout the week and 1 random final snapshot before distribution of rewards. Snapshot dates and times will be recorded on a Google spreadsheet and will be publicly available for viewing.

Note: Impermanent loss may occur if prices of the tokens diverge. This is less of an issue for longer-term stakers as fees from trades may make up for impermanent loss.

Please do your research!

Here is an article and a video explaining impermanent loss:

Not sure how this DeFi stuff works? Here’s a quick guide on how to deposit liquidity on the WOO/ETH Balancer pool

Balancer is an automatic market maker (AMM) with configurable pool weights and up to 8 tokens per pool. Stakers in the pool earn transaction fees from trades being routed to the pool.

Wootrade is incentivizing the WOO/ETH 50/50 pool with a monthly reward pool of 50,000 WOO tokens, including bonuses for early participants.

Tutorial — Connecting your Wallet:

  1. Go to the WOO/ETH Pool address — https://pools.balancer.exchange/#/pool/xxx REPLACE WITH BALANCER POOL ADDRESS ON LAUNCH
  2. Connect your Web3 Wallet by clicking on “Connect Wallet” on the upper right of your screen. If you don’t have one, you can add one by using Metamask plugin in a supported browser (Chrome, Firefox, Brave, Edge, iOS, Android).

3. Select your wallet on the popup that appears on the middle of your screen.

Tutorial-Depositing Assets:

  1. Before you deposit, it is advised to ensure that you have both of the assets you want to deposit on the Balancer Pool in your wallet — in this case it is ETH and WOO
  2. Click the “Add Liquidity” Button on the upper right side and a window should pop up in the middle of your screen.

3. If this is your first time using Balancer, you need to set up a proxy contract to interact with Balancer. If so, click the blue “Setup Proxy” button and send the transaction with your wallet to set up the proxy.

4. You can then select “Multi asset” if you have both WOO and ETH in your wallet. Note: Assets will be deposited in a 50/50 ratio.

5. Alternatively, you can select “Single asset” if you only have or want to deposit either ETH or WOO tokens. Note: Single asset means that any tokens you provide will be used to purchase the other token to provide a 50/50 ratio. Ex: Depositing 1 ETH will mean 0.5 ETH will be used to buy WOO at current ETH/WOO rates.

6. Enter the amounts of WOO and/or ETH you want to deposit on the “Deposit Amount” box and check the red tickbox.

7. Once you are happy with the amounts, press the blue “Add Liquidity” button down below and send the transaction with your wallet.

8. Once the transaction is mined or completed, Balancer will notify you on the bottom part of your screen with a message “You’ve successfully added liquidity”.

9. Just sit back and relax — WOO rewards will be sent to your account every Thursday, Balancer rewards weekly, and you earn trading fees from transactions sent thru the pool.

Follow our social media links for more updates and information:

Read Next

We use cookies to improve your experience. To find out more, please read our Privacy Policy. By clicking "Accept", you consent to our cookie and Privacy Policy. Or you may click “Decline”to refuse to consent.

Stay Connected

WOO Network connects traders, exchanges, institutions, and DeFi platforms with democratized access to the best-in-class liquidity and trading execution at zero or low cost.

Terms of Service Privacy Policy Information Security Statement