WOO Network
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WOO Network

WOO Ventures to airdrop 500,000 DODO to WOO X stakers

Until the end of 2021, WOO stakers on WOO X will enjoy an additional reward pool of 500K DODO, airdropped daily to their WOO X wallets. This initiative is part of how WOO Ventures is able to share rewards with WOO X stakers from identifying early-stage opportunities.

One of the benefits of staking on WOO X is accessing token airdrops from investments by WOO Ventures. WOO Ventures spends extensive time scanning the industry for promising early-stage projects that can add value to WOO Network’s rapidly scaling ecosystem. One of the earliest projects WOO Ventures invested in was DODO, a decentralized exchange and liquidity protocol.

What is DODO?

DODO is a decentralized exchange platform powered by a Proactive Market Maker (PMM) algorithm. The platform features highly capital-efficient liquidity pools that support single-token provision, reduce impermanent loss, and minimize slippage for traders. DODO removed all roadblocks hindering liquidity pool creation for the issuance of new assets — asset ratios, liquidity depths, fee rates, and other parameters can all be freely customized and configured in real-time.

In early 2021, DODO and WOO Network began collaborating using DODO’s PMM smart contracts and WOO Networks’ core strength of trading. Since then, these WOOFi pools have witnessed over $3.6 billion in volume on BSC, and $650 million on Polygon. This volume was traded with just a fraction of the TVL compared to other major DEXes, with the capital efficiency attributed to WOO Network’s on-chain liquidity.

How will the airdrop work?

The airdrop distribution of DODO tokens will take place over 11 weeks, starting on Oct 15, 00:00 (UTC) and ending Dec 30, 23:59 (UTC). A random weekly snapshot will determine each user’s daily rewards for the subsequent week. For example, each daily distribution for the week of Oct 15 to Oct 21 will be determined by the random snapshot taken between Oct 8 to Oct 14. All users who are staking WOO on WOO X at the time of this random snapshot will be eligible for the airdrop over the course of the subsequent week.

To qualify for the daily airdrops simply:

  1. Sign up to WOO X or be an existing WOO X user
  2. Have WOO tokens staked on WOO X at the time of each random weekly snapshot (11 weekly snapshots total)

The airdrop will be distributed daily alongside your WOO staking rewards. The DODO tokens will be distributed proportionally to the amount of WOO staked by the user, compared to the total amount of WOO staked on WOO X, at the time of the weekly snapshot. Any changes in WOO staked on WOO X after this snapshot will not be taken into account until the next random weekly snapshot.

We are exploring alternative distribution methods for future WOO Ventures Airdrops, which may include rewarding using WOO holders across blockchains and being active in DeFi.

About WOO X

WOO X is a trading platform for professional traders, featuring fully customizable modules, and lower to zero-fee trading complete with deep liquidity sourced from the WOO Network, which connects traders, exchanges, institutions, and DeFi platforms. The WOO Token is used in the network’s CeFi and DeFi products for staking and fee discounts. WOO Network was founded by Kronos Research, a multi-strategy trading firm that specializes in market making, arbitrage, CTA, and high-frequency trading (HFT), averaging around $5–10 billion of daily trading volume on global cryptocurrency exchanges.

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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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