Wootrade scaled on all fronts with WOO X Beta testing, WooFi pools on BSC, and various strategic cooperations. The biggest bright spot was the increase in organic community activity, something Wootrade’s entire team is extremely proud of.
April was a month of records on both the CeFi and DeFi sides. The 5 pools on BSC, with only about $3.7m in TVL, were turned over to the tune of around $900m in trading volume — all with a fee of just ~0.05% per transaction. That’s the capital efficiency that Wootrade’s experience in centralized finance can bring to the DeFi space, making the protocols we build on more attractive to the institutional space.
- $345 million — new single day record (April 23)
- $4.5 billion —new monthly record
April was also a very productive month for scaling business development. Several significant partnerships were formed and collaborative growth plans outlined.
The WOO Token
The number of WOO token holding addresses eclipsed 6,000!
The third WOO buyback and burn event was completed with 537,166 tokens sent to the burn address in a single transaction on April 8: View on Etherscan.
A huge shoutout for Bancor’s community (BancorDAO) which voted in favor of listing WOO. From now on, the token is available for swapping or staking in the WOO/BNT pool on: https://app.bancor.network/eth/data/. Bancor’s platform is unique in that it offers single-sided staking with impermanent loss protection. Not sure what that means? Check out an explanation here.
The team deposited an additional $6 million in WOO and ETH to the WOO/ETH pool on Uniswap. This move will help traders on DEXs have easier access to WOO, without being impacted by slippage. As always, the team wallets are exempt from bonus rewards.
What the heck is HECO?
This month, Huobi also activated WOO on HECO (Huobi ECO Chain). This developing ecosystem lets users experience DeFi at a fraction of the cost on Ethereum and can be accessed using the Metamask plugin on compatible browsers.
Explore WOO on HECO: https://hecoinfo.com/token/0x3befb2308bce92da97264077faf37dcd6c8a75e6.
Staking WOO on HECO opens an opportunity to earn other LPs and tokens.
MDEX opened a WOO/USDT pool on HECO. Liquidity mining is available on https://mdex.com/#/liquidity.
MDEX has also rolled out a listing campaign with $20,000 in WOO up for grabs: https://twitter.com/Mdextech/status/1387016116573143040.
Decentralized Finance products on BSC (Binance Smart Chain) will be able to integrate the WOO/USD price with the help of Chainlink’s oracle technology: https://docs.chain.link/docs/binance-smart-chain-addresses/#mainnet
The WOO token was whitelisted on the O3 Wallet.
Wootrade’s zero fees trading model was re-explained and the role of WOO token in it defined here:
How does Wootrade provide traders with zero fees and still keep the lights on?
An updated explanation of Wootrade’s zero-fee model and how it can align the goals of traders, platforms, and regular…
WooFi expanding on BSC
BNB/BUSD, DOT/BUSD, BTC/BUSD, ETH/BUSD, LINK/BUSD went live on BSC and can be accessed via DODO, 1Inch, and Open Ocean aggregators.
First invites to WOO X Beta were sent just over a month ago. Since March 31, WOO X Beta has hosted a small group of beta testers.
WOO X beta testing is currently hosting 556 participants with different trading backgrounds from various regions. The system is accumulating a modest $5–10m in daily trading volume with 63 million WOO tokens already staked on the platform.
DODO, UNI, ALGO, ADA, DOGE, BNT, and BAND were listed for spot and up to 2x margin trading.
WOO X implemented a system upgrade to support the Ethereum Berlin hardfork. Some of the other upgrades include:
- The withdrawal process was optimized for institutional customers
- The new system of zero-fee internal transfers was set up for WOO X users
- Auto-compounding mode was implemented for WOO staking program
- UI was improved: new order entry widget, staking yield history widget added, “Total account value” and “Available buying power”
- Improved the display logic of the leverage gauge
- “Change password” was secured with email verification
- The notification system was improved
- Auto-extension of a log-in period was implemented
- Fixed PNL and order display inaccuracy caused by staking
- The order matching system was improved
- Other minor bugs were fixed
The team is currently adding KYC support and other features that add to the security of the platform. The comprehensive overview of security measures used on WOO X was explained in this article:
Taking security seriously: How WOO X protects the user
A look at the different systems, controls, and tools that Wootrade uses to defend assets on the network
Wootrade’s CTO Terence Wu shared his approach to building a scalable and robust trading system in the last “Let’s talk liquidity” video on YouTube:
Strategic cooperations and events
Wootrade formed a strategic cooperation with Algorand. Apart from listing ALGO, WOO X will begin accepting both USDT and USDC deposits on the Algorand blockchain in the near future.
Wootrade to back Algorand in the pursuit of their vision for ‘FutureFi’
Wootrade will provide liquidity support for both the ALGO token and assets on the Algorand mainnet
After ADA listing on WOO X, Wootrade signaled their intent to create further development with the Cardano Foundation and their community.
Wootrade to explore the benefits of Cardano’s emerging decentralized community
Wootrade’s network will support the ADA token and work with the Cardano Foundation and the wider Cardano ecosystem on…
Wootrade joined the DeFi Alliance in a mission to grow side by side with other emerging industry leaders.
home - DeFi Alliance
The CDA was founded in 2020 by representatives from a number of prominent trading firms operating in Chicago, including…
Wootrade Network social activity just broke 1-month highs at the beginning of April, according to Lunarcrush. Wootrade is extremely proud to be growing such a strong community of active and passionate supporters — we recognize the value a community brings to a project and are committed to working transparently alongside the community to build better products and create value for the WOO token.
WOO - Wootrade Network Insights | LunarCRUSH
Real-time Wootrade Network (WOO) social metrics including social engagement and sentiment. Understand cryptocurrency…
The first Community content contest ended on Apr 12. Congrats to the winners and many thanks to all the contributors!
Empowering Wootrade: Community contest winners announcement
The first community content contest has ended with Wootrader’s creating, writing, translating, tweeting, and even…
Building WOOtopia: the first town hall meeting was hosted on Clubhouse and live-streamed on YouTube. Team members discussed Wootrade’s fundamentals in a free talk with community members. More meetings are to come on a regular basis.
That’s it for April — be sure to follow our socials for the important month up ahead as we head towards the midpoint of Q2.