VICTORIA, Seychelles, July 26, 2024 (GLOBE NEWSWIRE) -- 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 X
WOO 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.
Disclaimer
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