WOOFi Pro’s trading volume reached $24B in q2, up 3.75x from the previous quarter
26 July 2024 - 5:32PM
The WOO ecosystem experienced robust growth in DeFi and CeFi during
Q2, as highlighted in its latest quarterly report. With new product
launches and infrastructure upgrades, WOOFi and WOO X trading
platforms are positioned for further growth in the latter half of
2024.
WOO is an ecosystem of aligned products,
including the WOOFi protocol, a leading DEX protocol with over $50B
cumulative trading volume and 250k+ monthly active users, and WOO
X, a top global crypto centralized exchange - all centered around
providing innovations and tools to users while creating more
utility for the WOO token.
Ben Yorke, VP of Ecosystem, stated that WOOFi’s
upcoming deployments, including its first non-EVM deployment, are
aimed at boosting protocol trading volume and expanding coverage
across diverse ecosystems.
“The next phase for WOOFi will involve expanding
into new networks and introducing features that significantly
broaden the original sPMM swap's capabilities. These expansions,
including our first non-EVM network, offer opportunities to engage
new user communities while strengthening the WOO's fundamentals
through increased DeFi market share,” Yorke outlined.
Bryan Chu, CPO, highlighted that WOO X had seen
increased participation from designated market makers, improved
top-of-book liquidity, reduced slippage on major pairs, and marked
improvement in platform latency.
“In Q2, we began exploring additional tools for
traders, focusing on enhancing execution management and trade
discovery. We are enlisting lead traders to ensure the success of
our copy trading product, our most significant launch since
perpetual futures. We are also working more closely with a diverse
group of institutional market makers, which has led to more depth
and liquidity across our spot and perpetual futures markets. These
efforts will foster a dynamic trading community and drive new user
acquisition and retention,” Chu elaborated.
Additionally, the quarter report revealed plans
for reductions in WOO token emissions used as trading incentives
for Designated Market Makers on WOO X and outlined strategies to
match and burn WOO tokens repurchased by WOO stakers on WOOFi. The
projected annual inflationary emission rate is set to decrease to
roughly 5% by early 2025, and with additional utility mechanisms to
be introduced via WOO X, WOO is positioned to strengthen its
fundamentals throughout the rest of 2024.
WOO X revealed the addition of 42 new hires in
Q2, with over 85% possessing previous experience at a major crypto
exchange. Plans are in place to continue adding up to 50 new
headcounts in Q3, to bolster tech improvements and facilitate even
more growth in key regions.
Download the
WOO Ecosystem’s quarterly report here
Contact:
media@woo.network
About WOO
XWOO X is a global centralized crypto futures and spot
trading platform offering best-in-class liquidity and price
execution. WOO X has an average daily volume exceeding $600 million
and is home to hundreds of thousands of traders worldwide. WOO X
traders benefit from radical transparency through our
industry-first live Proof of Reserves & liabilities dashboard
and the company's mission to maintain the trust of its growing
community of traders.
About WOOFi
Pro
WOOFi Pro is an
omnichain gasless Central Limit Order Book (CLOB) perps protocol
with up to 50x leverage (BTC and ETH), featuring omnichain
deposits, CeFi-grade user experience, advanced trading tools, and
revenue sharing. WOOFi Pro utilizes Orderly Network's
Infrastructure allowing for a seamless CEX-like experience while
still maintaining self-custody of funds.
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