WOO X partners with Wintermute to increase liquidity

December 12, 2023 06:58 AM PST | By Invezz

WOO X partners with Wintermute to increase liquidity — Image source: Invezz

WOO Network teams up with Wintermute

According to an announcement Woo X published today, the partnership will initially focus on perpetual swaps, before expanding to spot markets and later decentralised finance (DeFi).

WOO X’s collaboration with Wintermute comes as the crypto exchange seeks to revamp its business model, including by onboarding major liquidity providers in the industry.

Commenting on the development, WOO Co-founder Jack Tan said:

“In addition to being well-known for their technical aptitude, Wintermute has always impressed with their pursuit of innovation as it relates to decentralization of infrastructure and governance. These two areas are core to our mission at WOO, so naturally, we believe that our synergy can create a positive environment for both businesses and communities.”

While WOO X originally launched with a single market maker model, it has looked to designated market makers to increase liquidity. Per details in today’s blog post, designated liquidity providers account for 60%-70% of the platform’s futures volumes.

One of the key providers has been Selini Capital, whose support for WOO X has included 15-25% of the platform’s maker volumes on perps.

According to details on the WOO website, DMMs earn weekly payouts when they maintain more than 7.5% share of the maker trading volumes on all perpetual futures markets. The annual rewards pool allocation is 9 million WOO.

WOO traded around $0.28 on Tuesday, up nearly 13% in the past 24 hours and 22% in the last week.

The post WOO X partners with Wintermute to increase liquidity appeared first on Invezz

Disclaimer

The content, including but not limited to any articles, news, quotes, information, data, text, reports, ratings, opinions, images, photos, graphics, graphs, charts, animations and video (Content) is a service of Kalkine Media LLC (Kalkine Media, we or us) and is available for personal and non-commercial use only. The principal purpose of the Content is to educate and inform. The Content does not contain or imply any recommendation or opinion intended to influence your financial decisions and must not be relied upon by you as such. Some of the Content on this website may be sponsored/non-sponsored, as applicable, but is NOT a solicitation or recommendation to buy, sell or hold the stocks of the company(s) or engage in any investment activity under discussion. Kalkine Media is neither licensed nor qualified to provide investment advice through this platform. Users should make their own enquiries about any investments and Kalkine Media strongly suggests the users to seek advice from a financial adviser, stockbroker or other professional (including taxation and legal advice), as necessary. Kalkine Media hereby disclaims any and all the liabilities to any user for any direct, indirect, implied, punitive, special, incidental or other consequential damages arising from any use of the Content on this website, which is provided without warranties. The views expressed in the Content by the guests, if any, are their own and do not necessarily represent the views or opinions of Kalkine Media. Some of the images/music that may be used on this website are copyright to their respective owner(s). Kalkine Media does not claim ownership of any of the pictures/music displayed/used on this website unless stated otherwise. The images/music that may be used on this website are taken from various sources on the internet, including paid subscriptions or are believed to be in public domain. We have used reasonable efforts to accredit the source (public domain/CC0 status) to where it was found and indicated it, as necessary.