Understanding WOO: Q1 2024 report and outlook for Q2
Executive summary from our CPO
The first quarter of 2024 was massive for the institutionalization of crypto assets, and here at WOO X, we paved the way for a huge increase in scalability by finalizing the transformation from a single market maker to an open, designated market maker model. This massive lift pushed us to improve many aspects of our tech stack, particularly latency, throughput, and stability. With this successful change, we are confident that now we can achieve growth through the upcoming release of more retail-focused products like RWA earn vaults, copy-trading, and the listing of popular early-stage projects.
In Q1, results were mixed but positives came in the form of spiking volumes and an influx of new listings, with broader efforts focused on compliance and license acquisition, institutional onboarding, and regionalized expansion strategies. With my recent appointment as Chief Product Officer, I undertook the task of ensuring that WOO X can competitively serve the needs of crypto traders while pushing on two fronts: transparency and innovation. The first one goes without saying - users come to WOO X because we are responsive and have demonstrated through past events both our integrity and honest approach. Our live Proof of Reserves dashboard is now over a year old and is still unmatched in the industry, and we continue to add to it with every new product like our Earn vaults most recently.
Innovation is a more difficult concept - most centralized exchanges have now reached a period of stagnation, where new features are pushed to optimize user onboarding or retention, rather than building something new and useful. We are trying to balance this by leveraging our assertive ecosystem and listing teams, who find new partners and integrations that give users more control over their trading experience. Two great examples we worked on in Q1 were the first-ever fractionalized NFT listings and our partnership with Wintermute and GMCI to launch index perps. Traders on WOO X can now trade every blue-chip NFT collection, while also longing or shorting baskets of correlated assets. We will be relentless in Q2, as we collaborate with more innovative projects to deliver an experience you can only find at WOO.
Furthermore, we always try to think a few steps ahead of the competition, particularly when it applies to embracing decentralization and the ethos of crypto. DeFi has long been a WOO strength, and in Q1, we have prioritized adding resources to accelerate our development in this area. We don’t want to simply build an exchange that monetizes our users while extracting fees from projects - our vision is to build a platform that solves the needs of investors and traders, positively impacting the way people interact with financial products, and enhancing everyone’s success as a result.
Lastly, I appreciate the responsibility the team and community have entrusted me with in my new role. Rest assured you won't find a harder-working, more talented team than the one we are assembling. This is our commitment and one we won’t be deterred from.
Best,
Bryan Chu
WOO X Chief Product Officer
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