WOO Bi-weekly Roundup
WOO continues to drive innovation through strategic partnerships, feature introductions on WOO X, and a creative approach for boosting DeFi participation at WOOFi. This leadership has garnered WOO significant media attention, particularly from top finance and blockchain media outlets that sought expert insights on industry developments.
WOO enhances lending expertise through Yei partnership: WOO has partnered with Yei Finance, the largest money market on the Sei network, with $45 million in total value locked (TVL). Yei offers attractive SEI rewards for lenders and prioritizes asset security and capital efficiency, built on Aave v3’s codebase, making it a robust platform for lenders and borrowers on the Sei network.
The partnership, under the WOO Innovation Hub, benefits WOO by expanding its ecosystem with Yei Finance’s advanced protocols and enhancing its blockchain lending and borrowing solutions. For Yei Finance, the collaboration provides access to WOO’s user base and expertise, accelerating market penetration and fostering innovation in blockchain financial services
WOO X introduces social trading with an early access waitlist: WOO X has launched an early access waitlist for its highly anticipated social trading feature to meet the demand for innovative and user-friendly trading solutions. This feature allows users to diversify their portfolios or enhance performance by copying curated and verified Lead Traders, catering to novice traders seeking market exposure and experienced traders aiming to diversify their portfolios further.
WOO X COO Willy Chuang shares his insights with top media: Willy Chuang, COO of WOO X, was featured in Bloomberg and CoinDesk discussing Bitcoin's recent price decline, attributed to concerns over the German government's sale of seized Bitcoin, actions by Mt. Gox creditors, and challenges faced by crypto miners.
In a correspondence with Bloomberg, Chuang noted that the selling pressure will mostly concentrated in the short term. “It’s worth noting that despite these concerns, the long-term impact may be less severe as the market gradually absorbs the selling pressure,” Chuang said. “Short-term market fear is expected, but in the long term, these negative factors may gradually dissipate.”
WOOFi uses gaming-style NFTs to boost DeFi: WOOFi has innovatively combined RPG elements with DeFi by introducing 'Boosters', consumable NFTs on Arbitrum which users can earn through quests on the platform. These Boosters enhance revenue share for token stakers, thereby adding a unique utility aspect to their DeFi offerings.
“Over the last year, we've distributed around $5 million in USDC to people who are staking on our protocol,” Ben Yorke said in an interview with CoinDesk. “These new boosters will dictate how much of this future revenue share is distributed, so it's tied to some real value.”
WOOFi to lead liquidity hub on Monad: WOOFi announced its intention to deploy early on Monad, aiming to lead as the ecosystem's premier liquidity hub. Monad's exceptional 10,000 TPS capability promises unprecedented scalability, complemented by its efficient Superscalar Pipelining technique. WOOFi will bring its unique sPMM model for CEX-like liquidity, seamless cross-chain swaps, and enhanced trading accuracy within Monad, setting new standards for decentralized finance.
Stay tuned for further updates on all the exciting developments from across the WOO ecosystem.
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