Wootrade’s network will support the ADA token and work with the Cardano Foundation and the wider Cardano ecosystem on more efficient digital asset trading and improved capital market infrastructure.
Cardano’s sustainable focus on scalable public blockchain technology and peer-reviewed research has positioned itself strongly between financial, corporate, and government organizations. Since being founded in 2017, the Cardano Foundation has grown a passionate community of builders and believers, eager to experience improved financial technologies through decentralization and on-chain governance.
On April 15th, the Cardano Foundation released a token registry, signifying the first step towards creating a digital token landscape. Cardano’s blockchain mints and manages tokens natively instead of via smart contracts, making it easier to deploy and transact assets. This has the potential to unlock more efficient DeFi ecosystems that could quickly attract billions of dollars in assets and daily trading volume. This follows the March 31st announcement from IOHK, founding member and core development arm of Cardano, that the Plutus Pioneer Program would be launched.
This program is a free 10-week training program focused on teaching developers more on functional programming languages, and specially Plutus; the smart contract programming language for Cardano. Close to 500 developers have signed up in preparation of the official smart contract launch occurring later this year, a promising sign that a rich third-party dApp ecosystem will be built around these technological developments.
Where does Wootrade fit in all this?
Naturally, where there is an influx of trading volume, there is a greater demand for liquidity. Wootrade can quickly leverage its institutional liquidity provision strategies to bring assets on chain, delivering a professional trading environment to any network. This includes reducing fees on swaps and DEXs, lowering slippage, and making the decentralized trading experience more closely resemble that on centralized platforms. With these solutions in place, any network can be poised for large-scale adoption, particularly by institutions and fee-sensitive professional traders.
Wootrade is actively exploring how best to work with the Cardano Foundation and independent projects building on the blockchain. As a first step, Wootrade is making Cardano’s native ADA accessible to the 20 institutions and exchanges using the network for liquidity support and as a primary venue for trading. This includes WOO X Beta, a first-party trading platform that attracts professional and active traders through commission-free trading.
About the Cardano Foundation:
The Cardano Foundation is an independent Swiss not-for-profit organization that oversees and supervises the advancement of Cardano and its ecosystem. The Foundation’s core focus is in developing a Cardano adoption strategy through integration and execution, to enable fast-track value creation for both inclusive and equitable growth. As the custodian of the protocol and the owner of the Cardano brand, the Foundation works to drive adoption and partnerships, grow the wider blockchain community, shape legislation, and commercial standards, and ensure stakeholder accountability. Find out more: www.cardanofoundation.org
The Wootrade Network combines global liquidity and top market-makers to provide ultimate liquidity for exchanges, wallets, DeFi platforms, and large traders. Wootrade was founded by Kronos Research, one of the top market makers and quantitative trading firms in the world, which processes more than $5 billion in trading volume per day.
Wootrade’s trading platform, known as WOO X (Beta version), empowers users with a zero-fee trading model. Wootrade is building a diverse product set that touches both CeFi and DeFi verticals, including trading platforms, pricing oracles, investment products, social trading, and other functionality that will augment use cases for the WOO token.