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WOO Network

WOO launches with 60% APY on Loopring’s WOO/USDT pool

DeFi users and WOO token holders will be able to earn additional rewards when the WOO/USDT pool goes live on Wednesday. Loopring is a layer-two Ethereum AMM and orderbook exchange. Users wishing to trade or swap assets in a scalable and cheap environment can deposit to Loopring’s smart contracts, which then transfers the tokens to a second layer or ‘side-chain’ on top of Ethereum. On this second layer, transactions are not constrained by the high gas fees and slow confirmations of the main Ethereum chain.

The WOO token will be one of the first tokens launched on Loopring’s v2 protocol. Other tokens include USDT, UNI, YFI, 1INCH, ETH, DAI, LINK, and WBTC, YFII, and other popular DeFi tokens.

We are excited about listing on Loopring, as it’s one of the top decentralized exchanges in the space and one of the few live on layer-two. Their upgrade to v2 has shown tremendous growth in both performance, usage and TVL, to the point where listing on Loopring should be a priority for any ERC20 token. We expect its innovative protocol to make our token more accessible to DeFi users, a demographic that should grow exponentially in the next few years. WOO Listing on Loopring is also a strategic move for our DeFi and layer-2 development, and we are looking closely at how we can provide more efficient liquidity to their layer-two Ethereum swapping solution.
Jack Tan, co-founder at Wootrade

Liquidity Mining rewards:

With any AMM, users must provide tokens (liquidity) for other users to swap with. By providing liquidity, you are entitled to a portion of the trading fees. As a further incentive to early liquidity providers (LPs), you can earn bonus rewards in the form of WOO and LRC tokens:

Details:

  • The incentive will be 60% APY in WOO tokens based on the amount of WOO tokens staked, prorated for 14 days.
  • In addition to the WOO token rewards, an additional 5% of the value of WOO rewards will be given in LRC to stakers in the pool.
  • This will run for 14 days and might be extended, at the discretion of Wootrade and Loopring.

For detailed instructions on how to become a liquidity provider, check out the Loopring blog in English or in Chinese. Note: The tutorial is for LRC/ETH, not WOO/USDT.

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