This volume represents approximately 5% of the average daily global trading volumes, underscoring WOOFi Pro’s significant market presence.
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 poised for further growth in the latter half of 2024.
WOO is an ecosystem of integrated products, including the WOOFi protocol, a leading DEX protocol with over $50 billion in cumulative trading volume and more than 250,000 monthly active users, and WOO X, a top global crypto centralized exchange. All products are 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, aim to boost protocol trading volume and expand 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 WOO’s fundamentals through increased DeFi market share,” Yorke explained.
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 improvements 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, leading 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 quarterly report revealed plans to reduce 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. With additional utility mechanisms to be introduced via WOO X, WOO is positioned to strengthen its fundamentals throughout the rest of 2024.
WOO X also announced the addition of 42 new hires in Q2, with over 85% having previous experience at major crypto exchanges. Plans are in place to continue adding up to 50 new hires in Q3 to bolster tech improvements and facilitate further growth in key regions.
