WOO Network
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WOO Network

A monthly WOO Network roundup: August 2021

The Wootrade monthly roundup is no more! Our new name means a new monthly roundup title, and the first month of ‘WOO Network’ saw the launch of WOO X, the WOO X Mobile Beta (iOS), Margin v2, the official referral program, and a liquidity partnership with leading global exchange KuCoin!

Say goodbye to Wootrade and hello to WOO Network! In line with our ever-broadening scope of products, it makes sense to adopt a name that adapts. WOO Network is not limited to being a centralized exchange — it instead molds to the demands of the fast-changing, dynamic, and cutting edge crypto space: the flexibility of a network that mimics the inherent decentralization of crypto.

Alongside our rebrand, WOO Network is happy to present a new and improved website (woo.org), and the much-anticipated launch of WOO X, both desktop and mobile beta (iOS)!

WOO X

August saw our official launch of WOO X and the beginning of the zero-fee revolution! Register and complete KYC to experience the lowest or even zero-fee trading and deep liquidity.

Trade on the go! The WOO X Mobile Beta (iOS) was launched on TestFlight, allowing users to take part in the zero-fee revolution outside the confines of their homes!

The WOO X launch means the launch of Margin v2 — trade with up to 5x leverage on spot-margin.

The launch of WOO X also saw the launch of our official referral program. Sign up for WOO X using a referral code and experience 2 weeks (14 days) of zero-fee trading without having to stake WOO tokens. Referrers may also customize the commission split between themselves and their referees on each code they generate.

Listings, listings, listings! More coins and tokens were added to the WOO X arsenal, with our users now able to trade COMP, RUNE, SAND, UMA, GRT, BADGER, AVAX, and ENJ.

More networks mean more options! WOO X now supports BEP-20 deposits and withdrawals for USDT, BUSD, and BNB.

Regulation for crypto exchanges changes fast and so must compliance. WOO X has every intention of being compliant with regulatory bodies worldwide in order to scale globally long term. In order to accomplish this, all WOO X users must now complete KYC to trade on the platform. The WOO Network team is working to bring more KYC options as soon as possible, including a KYC tier that doesn’t require proof of address, as well as more ID options alongside passport verification. We have also reserved the grandfather status of all Closed Beta stakers that have had to leave the platform for when they are able to return!

With the launch of WOO X desktop, mobile, and margin v2, the WOO X team was busy keeping everything up to scratch for users.

Front-end updates include:

  1. WOO X launched iOS TestFlight
  2. Staking modules are now modified to show Official Staking rules
  3. The login module is modified to add additional authentication
  4. Optimized the transaction module, adding locking and other functions
  5. Added the referral module
  6. Improved the KYC module
  7. Optimized the performance of K-line in weak network scenarios and add more time options
  8. Additional language keyboard support added for WOO X mobile
  9. Wallet module: modified the interest display and added the function of automatic interest repayment

Back-end updates include:

  1. Margin V2 is online and support risk control functions such as Haircut and IMR Factor
  2. Launched a new interest module, which can set interest rates and charge interest according to different tokens, as well as an automatic interest charging function
  3. Launched a new liquidation module, added BLP mechanism, and reduced the impact of liquidation on the order book
  4. Optimized the order processing module, transformed from a single process to distributed processing, and improved the load and performance of the system
  5. Archived historical order and transaction data, optimized the query efficiency of order and transaction data
  6. Added online referral module and automatic airdrop of referral commission

The WOO Token

Trading volumes were down across all exchanges during July, but the monthly WOO token burns must happen nonetheless. 48,930 WOO tokens were forever removed from the circulating supply. The burn can be found in this transaction

0x3732bf616a347f7ffef3b2ec0f744c28ad9974bede8d6167405878a32a027bd4

WOO comes to KuCoin! Leading exchange KuCoin lists the WOO token, and to celebrate the listing, KuCoin has launched a competition to win a share of 28,000 WOO.

Plenty of pools to cool off in this summer! Put your WOO tokens to use and stake on centralised exchanges such as WOO X, AscendEX and Huobi, or provide liquidity on DEXs, and receive some blazing hot rewards like these on SushiSwap

Business Development

As part of WOO Network’s democratization of liquidity, leading exchange KuCoin has now partnered with WOO Network to provide their users with better liquidity on popular trading pairs.

WOO Network is proud to be included as one of the main liquidity providers since the dYdX Protocol launch. Congratulations to the dYdX foundation on the launch of the dYdX token!

Community

Building Wootopia (Volume 4) took place on Twitter Space, where our community got a chance to talk to CEO Jack Tan and COO Ran Yi about Kronos Research, marketing, compliance, and growth. You can watch the replay below:

WOO Network COO Ran Yi made an appearance in the Smart Contract Summit held by Chainlink, discussing making new markets.

The Woorios have come out in full force, with WOO Network displaying an impressive social dominance increase on Twitter!

The community got an inside look at the WOO Network offices with a series of behind-the-scenes posts, bringing them closer to the magic.

Stay tuned for all WOO Network’s exciting developments in September!

The content above is neither a recommendation for investment and trading strategies nor does it constitute an offer, solicitation, or recommendation of any product or service. The content is for informational sharing purposes only. Anyone who makes or changes the investment decision based on the content shall undertake the result or loss by himself/herself.

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WOO Network

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