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A monthly Wootrade roundup: July 2021

July was another eventful month for Wootrade, hitting a total of 50 assets listed on WOO X and the institutional network, plus key tech updates leading up to the WOO X launch on August 20th

The WOO Token

Wootrade completed their monthly WOO token burn on July 10th with 121k WOO forever removed from the total supply, bringing the total burn across the first half of 2021 close to 8 million tokens. The burn can be found in this transaction:

0x084d4612039e6f3227933c9c9739dcd8b0e989c64eda4d2f97af5fa447ad9009

Safe and secure! 100 million custodied WOO tokens were moved to Gnosis Safe multisig wallets as part of a scheduled measure to mitigate risks on WOO X. The transaction can be found below:

0xe53a3e21a7b85f80c2cefd7468dcf0fd6079fedf6d531eb0ea2c2b45c0547b9b

AscendEX launched a WOO perpetual futures contract, WOO-PERP, denominated in USDT, allowing users to trade WOO with up to 50x leverage.

July also saw Bitrue’s listing of WOO/USDT, as well as a unique mining opportunity, where users staked their WOO for 7 days to mine either WOO or BTR at anywhere from 50% up to 90% APR

Tradfi products make a splash into the deepest liquidity pool of crypto, with Index Finance bringing the WOO token into their DEGEN index, selected through a snapshot vote.

SIL Finance brings more opportunities for WOO holders to passively earn on their investment, with their WOO/BNB mining pool on their SIL hedging mode.

The WOO token arrives on more decentralized exchanges! Cryptocurrencies.Ai lists the WOO token on their user-friendly Solana based DEX

As Wootrade’s service and product offerings expand across CeFi and DeFi, so does WOO token utility. We’ve updated our knowledge base to include the major current and future token utility upgrades. Study up over at:

WOOFi

The new WOOFi pool WOO/USDC went live on the Polygon ecosystem, being the fourth pool available alongside BTC/USDC, ETH/USDC and MATIC/USDC. These pools are all part of Wootrade’s efforts to improve capital efficiency in the space, by linking CeFi market-making and liquidity with all the benefits of DeFi.

WOO X

Wootrade hit a big milestone of 50 assets now tradable on the network. Community favorites such as USDC, AXS and AVAX came onboard, alongside MKR, ASD, YFI, KSM and XTZ.

Following WOO X going into Open Beta in June, July saw lots of updates for the platform, both on the front end and back end, as it prepares for the WOO X live launch on August 20th. Back-end updates include:

  1. Optimization of the API private key, improving security on WOO X
  2. Optimization of the Order/Trade query interface to improve query efficiency
  3. Airdrop function added
  4. Websocket and staking fixes

On the front end of WOO X, users saw updates on:

  1. Optimization of position related logic
  2. Optimization of the order logic, avoiding repeated ordering
  3. Optimization of the rate display logic
  4. Development of the WOO X Mobile main logic, which is about to enter its internal testing phase

Business Development

Wootrade hosted their third episode of the “Let’s Talk Liquidity” series, with guests Mark Richardson and Nate Hindman from Bancor, who unveiled the world of DeFi, DEXs, and Layer 2 solutions. Watch or listen in below:

Missed the June AMA with dYdX Protocol? Catch the recap here, where Wootrade COO Ran Yi and Marketing VP Ben Yorke discuss risk management, the future of the Wootrade ecosystem, macro-environment in Asia, and trading on dYdX vs. CEX vs. AMMs.

As Wootrade’s Partnership Series continues, we delve into how a partnership with exchange HOO.com allowed HOO to scale transaction volumes by 10x through Wootrade’s liquidity service as part of the democratization of liquidity access. Read more about what this means for Wootrade, HOO, and the crypto space as a whole below:

Transparency with the community is vital at Wootrade, and this month saw a deep dive into how Wootrade dealt with the large decrease in exchange volumes following the May market correction, and how Wootrade is built for resilience in any market conditions. Read the thread here:

Community

Building Wootopia (Volume 3) took place on Twitter Space, where our community got another chance to talk to and ask questions with Marketing VP Ben Yorke, Julia from the Social Media and Marketing team, and COO Ran Yi. Listen in below:

Hot WOO Summer kicked into gear in July. The Wootrade community shared their summer activities on Twitter, from working out and getting their beach bodies ready, to walking dogs or trading in the sun! Some of the ‘Wooriors’ who took part in the challenge were sent a WOO summer box, full of merch and goodies.

Twitter user @koshkoi_ showed great commitment to the WOO Community with their custom-made WOO rings and low ball glasses. Amazing work!

The community is getting ready for the WOO X live launch on August 20th, and Twitter user @0xInverseDump showed his excitement with this amazing graphic. Remember the date — August 20th!

Stay tuned to Wootrade’s social media throughout Q3 for many exciting developments!

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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