WOO X Beta testing and staking preview
The zero-fee trading platform for active traders is preparing for launch. Here’s everything you need to know, and a little more.
Let’s start with the basics. What’s WOO X?
WOO X is our professional trading GUI. The goal of WOO X is to let traders access all that liquidity aggregated on the Wootrade network, while also giving institutional clients a portal to manage their accounts.
Wait, so like, an exchange?
Essentially, yes. But unlike existing platforms on the market, which often cater to a wide range of clients, WOO X is uniquely suited to people who trade a lot, and prefer not to lose money to fees. That’s not to say we discriminate against smaller traders and hodlers — of course they are welcome also. It’s just that the benefits and design, particularly in advanced mode, are better suited for people who like to push the trading platform harder and faster.
One major competitive advantage is that Wootrade can charge zero fees on spot trading. We do this with the help of the market makers, who rebate Wootrade for order flow. These rebates are able to subsidize the regular users, making a more equal market opportunity. In a traditional exchange, the roles are reversed, where market makers are incentivized by lower fees. This is because the exchanges lack liquidity, and need liquidity to attract users. For Wootrade, liquidity is what we do best.
What are we testing?
Beta testing is a necessary part of identifying bugs, verifying design choices, and stress-testing the performance at scale. The goal is not to give priority to certain users, but to receive valuable feedback in a contained environment, at least until we feel confident enough to launch officially. We expect to hit some bumps along the way, but this will help align WOO X with the needs of our users so that we can deliver a superior product in June.
All testing will be done with spot trading and margin trading (2x) enabled for all the pairs on the platform (BTC/USDT, ETH/USDT, WOO/USDT, BCH/USDT, BNB/USDT, BSV/USDT, DASH/USDT, DOT/USDT, EOS/USDT, ETC/USDT, FIL/USDT, HT/USDT, LINK/USDT, LTC/USDT, OKB/USDT, SUSHI/USDT, TRX/USDT, XRP/USDT, ZEC/USDT). Users will be able to deposit, withdraw, and place limit and market orders.
Note: Before we go any further, it’s a good time to point out that the details in this article are merely guidelines to give the community clarity. As with any Beta program, the details listed are subject to change.
How is Beta testing organized?
WOO X will onboard a limited number of users who preregistered on our website. For reference, we received more than 3,000 early registration applications. Note: The registration for the Beta testing is now closed. A confirmation email with the survey was sent to the early registrants on March 18th.
- March 18: Beta test registration is closed, survey sent out
- End of March: Wave 1 of onboarding for community users
- April — May: Additional waves will add new members weekly, dependent on the platform hitting key technical and performance milestones
- June: WOO X Official Launch
Am I eligible?
WOO X is working to be compliant within existing regulatory frameworks. Due to regulatory restrictions, we will be unable to accommodate users from the following countries: Antigua and Barbuda, Cayman, Balkans, Belarus, Burma, Cote D’Ivoire (Ivory Coast), Cuba, United States of America, Crimea and Sevastopol, Democratic Republic of Congo, Iran, Iraq, Liberia, North Korea, Sudan, Syria, Zimbabwe. We may further restrict the provision of our services in other regions or countries to be in compliance with applicable laws.
Let’s skip to the good part — what benefits do early participants have?
The economic model of WOO X is based on users staking WOO to access the network. In June, during the official launch, users will be able to stake to earn yield and other additional benefits. As a thank you to our early Beta participants, we will offer significant discounts on the various tiers, that will allow them to be grandfathered into the official staking program. We will have more specific rules about this later, so be sure to read the fine print when signing up.
Users staking at higher levels will be eligible for higher yields and larger discounts on the official staking tiers in June. The final column is a bonus yield specifically for Beta stakers through the duration of the Beta program.
In return, we will ask testers to provide their feedback via email, telegram, or ticketing systems. We depend on honest feedback because it will help to make WOO X a better place for traders.
Update: April 29th
After one month of Beta access, we are happy to report that most of the feedback has been very positive. However, the number of stakers has exceeded our expectations, particularly among early investors and supporters who have backed the project for a long time. This creates an unhealthy relationship between stakers and WOO reward inflation, something we are eager to avoid.
For this reason, we are limiting the Tier Five stakers to 240,000 WOO. Placing a cap means that WOO held over 240k won’t generate yield each day. This has two benefits:
- Everyone will benefit from slower supply inflation
- Excess WOO can be put into DeFi yield-earning applications, such as Uniswap, SushiSwap, Bancor, Mdex, and many more still to come.
With more liquidity in DeFi, traders should have lower slippage and more support from the vibrant DeFi communities. For the few users who have staked more than 240,000 WOO, their excess funds will be unstaked. Rewards exceeding 240,000 WOO will be subject to the 7-day locking period and then accessible in their WOO X accounts. For users holding less than 240,000 WOO, the rewards will remain unaffected.
What is staking?
Staking on WOO X will involve locking tokens on the platform that are accessible with a 7-day unbonding period. Users who stake will be entitled to a number of perks including zero-fee trading and bonus yields in WOO. In the future, the staked WOO will have even more utility, as users will be able to delegate the assets to be used in voting, governance, and other investment services. We will also work to gamify the system by potentially including more retail-friendly branding, NFTs, token airdrops, and incorporating other popular cryptocurrency trends. All this functionality can be added later, but will require analyzing user behavior on the platform to prioritize certain features.
Follow the socials below to stay up to date on the latest with WOO X’s Beta release. If you have questions on the information above, feel free to join the Telegram channel: