Wootrade commits to joining SushiSwap’s Mirin protocol for on-chain SubPools, and the WOO token will join the Onsen menu giving LPs even more rewards.
Wootrade and SushiSwap will be working to improve the state of on-chain liquidity and trade execution through the use of SushiSwap’s upcoming Mirin proposal and SubPools. SubPools are a new innovation that allows third-parties, such as exchanges, to provide yield-bearing pools to their users with unique fee structures, reward schedules, and governance parameters. The Mirin proposal was introduced in early January, and after passing, will be implemented later in 2021. Wootrade will be among the first adopters, giving Wootrade users more ways to put their assets to work, while benefiting the greater DeFi ecosystem and SushiSwap in general.
Why are we doing this? A few reasons:
SushiSwap is a major force in the DeFi space and we want to make it easy for their users to access WOO and the liquidity on Wootrade’s network.
SushiSwap’s team is innovative and open to working with other projects, giving Wootrade another strategic foothold in the DeFi space.
SUSHI rewards for LPs can give WOO holders even more value through yield-earning opportunities.
We like the taste of seafood 🍣.
Deposit WOO/USDC, earn SUSHI and WOO
As part of the partnership with SushiSwap, the WOO rewards program will migrate half its 100,000 WOO monthly rewards over to the newly-established WOO/USDC pool on SushiSwap.
In addition, LPs will also be eligible for rewards from the SushiSwap Onsen pool where you can also earn SUSHI on top of your WOO rewards.
The Wootrade team will also be subsidizing migration costs with up to $50 in WOO given to those who transfer over liquidity. Here’s a link for those wishing to claim this compensation.
The goal of the migration of the WOO/USDC pool is to provide liquidity on the SushiSwap platform and allow WOO/USDC LPs access to additional yield.
As a growing ecosystem that takes an active role in supporting listed projects, SushiSwap was an ideal location for this consolidated liquidity to be placed.
Summary:
SushiSwap will create an incentivized WOO/USDC pool under their Onsen program with 5 allocation points for SUSHI rewards
Wootrade will incentivize liquidity by providing 50,000 WOO monthly rewards that will be given to Liquidity Providers who move over to the SushiSwap WOO/USDC pool
LPs that migrate from the WOO/USDC pool on Uniswap will be credited up to $50 worth of WOO to help cover gas costs based on WOO price on Wednesday, March 24, 2021, 11:59 GMT. Please submit your transactions on this Google Form
Full rewards for the WOO/USDC and WOO/ETH pools on Uniswap will be given out on Wed March 17, 2021
The WOO/ETH pool on Uniswap will remain and will continue to receive 50,000 WOO monthly rewards
Rewards for the WOO/USDC Uniswap pool will cease after the last distribution on Wednesday, Mar 17, 2021
Migration for Current Uniswap WOO/USDC LP’s:
SushiSwap provides a migration tool to streamline this process: SushiSwap migration tool.
For a guide with screenshots, click here.
Follow the socials below for the latest information on how Wootrade is widening the gateway to cryptocurrency and DeFi adoption:
Website: https://woo.network/
Twitter: https://twitter.com/wootraderS
Telegram: https://t.me/wootrade
Telegram Announcements: https://t.me/WOOTRADEann
Medium: https://medium.com/wootrade
