WOOFi Pro’s second quarter trading volume reached $24 billion, a 375% increase from the previous quarter

2024-07-18 18:45

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This volume accounts for about 5% of the global average daily volume, and WOOFi Pro has already occupied an important position in the market.

In its latest quarterly report, the WOO ecosystem achieved strong growth in both DeFi and CeFi in the second quarter. Through new product launches and infrastructure upgrades, WOOFi and WOO X trading platforms will achieve further growth in the second half of 2024.

Ben Yorke, vice president of WOO Ecosystem, said that WOOFi is about to carry out a series of deployments, including its first non-EVM, to increase protocol transaction volume and expand coverage in different ecosystems.

Ben said: "The next phase of WOOFi will expand to new networks and add features to the Swap function, significantly expanding the original sPMM. A series of expansions, including our first non-EVM network, will bring us new user groups while strengthening the fundamentals of the entire WOO ecosystem by increasing DeFi market share."

Chief Product Officer Bryan Chu emphasized that designated market makers have increased their participation in WOO X, depth and liquidity have increased significantly, slippage on major trading pairs has decreased significantly, and platform latency has improved significantly.

Bryan said: "In the second quarter, we will develop more trading tools for traders, with a focus on improving trade execution management and discovering trading opportunities. We are recruiting top traders to ensure the success of our copy trading products, which is our most significant product launch since perpetual contracts. In addition, we are working more closely with various types of institutional market makers, which has greatly improved the depth and liquidity of our spot and perpetual contract markets. All of the above efforts will create a dynamic trading community for traders and increase the acquisition and retention of new users for us."

In addition, the quarterly report shows that the WOO ecosystem plans to reduce the release of WOO tokens used as incentives for WOO X designated market makers, and outlines the mechanism and destruction strategy for how to repurchase WOO tokens through WOOFi. The annual inflation rate of WOO tokens is expected to drop to about 5% by early 2025, and with the additional empowerment of WOO tokens by WOO X, WOO will further consolidate its fundamentals in the rest of 2024.

WOO X added 42 new employees in the second quarter, more than 85% of whom have work experience in top crypto exchanges. It is expected to continue to add 50 new employees in the third quarter to strengthen its technological innovation capabilities and achieve more growth in key areas.

About WOO X

WOO X is a leading global centralized cryptocurrency exchange that provides best-in-class liquidity and user experience. WOO X has an average daily trading volume of over $600 million and hundreds of thousands of traders. WOO X ensures thorough transparency through an industry-first real-time proof-of-reserve and proof-of-liabilities dashboard. Its unique features include tiered NFT trading, GMCI index that provides diversified strategies, RWA yield vaults that connect traditional finance with cryptocurrencies, and a rich variety of spot and perpetual contracts to meet diversified trading needs.

About WOOFi Pro

WOOFi Pro is a fee-free, multi-chain central limit order book (CLOB) perpetual contract protocol with up to 50x leverage, providing EVM-friendly cross-chain deposits, CeFi-level user experience, advanced trading tools, and revenue sharing of the protocol. WOOFi Pro leverages Orderly Network's infrastructure to provide a smooth CEX experience while still maintaining decentralized management of funds.

Disclaimer

The information provided in this interview is for general information purposes only and does not constitute legal, financial or other professional advice. This information should not be regarded as a substitute for professional consultation or legal advice, as specific circumstances vary from person to person and case to case. Appropriate professional advice should be sought before making any decision or taking any action.