WOO X Open Beta staking is here. What’s going to happen?
Find out about the staking benefits, rewards, and referrals happening this summer on WOO X Open Beta.
What’s new in WOO X Open Beta?
There are a few key updates coming on June 24th, at around 11 pm (UTC):
- WOO staking will switch from fixed rewards to variable rewards based on minimizing supply inflation (~1%).
- API users will be able to stake WOO to achieve fee discounts or zero fees
- Challenges will give stakers a chance to increase their yield
- WOO stakers will be able to refer users and earn commission
What is staking?
Staking on WOO X will involve locking tokens on the platform that are accessible after a 7-day unbonding period. Users who stake will be entitled to a number of perks including zero-fee trading and earning bonus yield in WOO. In the future, the staked WOO will have even more utility, such as free withdrawals, API-trading discounts, and other benefits. Users will be able to delegate the assets to be used in voting, governance, and other investment services. We will also work to gamify the system by potentially including more retail-friendly branding, NFTs, token airdrops, and incorporating other popular cryptocurrency trends. All this functionality can be added later but will require analyzing user behavior on the platform to prioritize certain features.
Staking program for the WOO X Open Beta
WOO X hopes to share more value with users in the staking program for all the continued support. The Staking program for the open beta is designed with a new calculation method based on your participation, and more benefits will be implemented continuously. The staking program will remain a rewarding experience for all types of users, with challenges rewarding long-term WOO staking and active trading. More information on these challenges can be found below in the “How’s my APY calculated?” section. The new staking program will be evaluated at set intervals and adjusted based on your feedback and our own analysis, to best benefit our users and token holders.
The staking program will not rely on inflationary fixed yields as rewards. This is to keep the WOO token’s value as healthy as possible, with rewards adjusted for the inflation rate of the WOO ecosystem as well as the total amount of all WOO staked on the platform.
Staking Tiers: What are the benefits of staking more WOO on WOO X?
As the base rate will now be fixed across all staking tiers, higher tiers will no longer have higher yields on WOO X. However, WOO X will continue to reward our supporters in higher tiers. Here are some of the ways we will reward higher tier stakers:
- Each tier is subject to different referral bonuses from the use of these invite codes. Higher tiers will earn more from their referees' trading
- Free withdrawals (coming soon): Higher tiers will earn more free withdrawals
- API fee reduction: Higher tiers will have lower API trading fees
How’s my APY calculated?
Your current APY will be varied according to the three basic rules and challenges. All WOO stakers automatically join the challenges to earn a higher yield. Users can gain multipliers to their base yield by accomplishing each requirement within a challenge. All users’ activities will be recorded at 00:00 UTC daily and updated on the staking page. The three factors that affect yield are as follows:
- Base rate — Calculated by overall staking participation
- Diamond Hands — The duration of staking
- Trade Arcade — Frequency of trading
1. Open Beta base rate — Calculated to reduce supply inflation
The Open Beta base rate is calculated using an inflation rate of 1% for the WOO ecosystem’s rewards, as well as the total amount of WOO staked by all users. This rate will be calculated daily, and every tier has the same base rate in the new staking program. The calculation is as follows:
Total circulation of WOO * 1% / 365 = daily reward pool
All my staked WOO on WOO X / All the staked WOO on WOO X = my staking percentage
Daily reward pool * My staking percentage = the Daily rewards I will receive
The Daily rewards I will receive * 365 / All my staked WOO = Base Rate
Initially, we calculate the base rate to be between 7–8%. This will fluctuate as users unstake or stake more. The reward pool and inflation rate may be adjusted based on user behaviors or feedback from the community at the end of Open Beta.
2. Diamond Hands — The duration of staking
The Diamond Hands challenge is a mechanism for users to gain benefit (staking yield) as the stake duration increases — the longer the stake period, the higher the multipliers. The multipliers of each level of stake durations will be calculated differently.
3. Trade Arcade — Frequency of trading
The Trade Arcade challenge is a mechanism for traders to gain benefits (staking yield) as the number of trades increases — the more the trades, the higher the multipliers.
What are the benefits for our Closed Beta stakers?
- Grandfathered Tiers: Closed Beta stakers will continue to enjoy the same staking requirements once they transition to WOO X Open Beta, provided they don’t unstake. As an added bonus, if a grandfathered staking participant wishes to elevate their staking tier after the transition to Open Beta, the requirements will remain in line with the discounted tiers seen in the closed beta. However, if a Closed Beta participant unstakes any of their WOO tokens after the Open Beta launch, their grandfathered discount will be removed, and Open Beta rules will apply. You will need to confirm the rules in popups while unstaking.
- Tier 6 (1,000,000 WOO): The Tier 5 stakers in Closed Beta will automatically become Tier 6 in Open Beta as an additional benefit to the top stakers. Unlike the Closed Beta, the Open Beta will have no cap on yield for staked tokens.
For example: Jay has staked 1260 tokens and reached Tier 2 in Closed Beta. In Open Beta, he can still keep his Tier 2 status even though Tier 2 now requires 3000 tokens. If Jay stakes more WOO in Open Beta and does not unstake, the Closed Beta tiering rules will still apply.
Yield calculation and distribution
T+1 calculation Rule: The WOO you staked will be calculated starting from T+1 00:00 (UTC), after the day you stake. If users stake a few times in a day, WOO X will count the sum of them.
T+2 distribution Rule: The distribution of rewards has been set on a T+2 basis at 00:00 (UTC). The rewards of staking will be sent to the user’s wallet daily, eliminating the auto-compounding feature for the Open Beta. Users will be able to track their rewards under Reward History.
Closed Beta Gatekeepers: Referral program for the WOO X Open Beta
The Open Beta will also see the introduction of our WOO X referral program. Users will be able to invite other users. To learn more about this benefit for Closed Beta stakers, read the article below:
WOO X referrals: What to expect from the end of June?
This is the last call for the WOO X Beta registrations and an announcement about referrals — the only way to get on the…
medium.com
Referral codes will be distributed to Closed Beta stakers on June 25th at 00:00 (UTC).
Am I eligible for Open Beta?
To join the Open Beta, users should look for an existing Closed Beta user with an extra code. To enquire, please join the WOO Network Discord Channel and look for the Referral Code Swapping channel.
Join The Wootrade Network Discord Server!
Check out the Wootrade Network community on Discord
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WOO X is working to be compliant with existing regulatory frameworks. Due to regulatory restrictions, we will be unable to accommodate users from the following countries: Antigua and Barbuda, Cayman, Balkans, Belarus, Burma, Cote D’Ivoire (Ivory Coast), Cuba, United States of America, Crimea and Sevastopol, Democratic Republic of Congo, Iran, Iraq, Liberia, North Korea, Sudan, Syria, Zimbabwe. We may further restrict the provision of our services in other regions or countries to be in compliance with applicable laws.
For the latest updates, follow Wootrade on social media:
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- Discord: https://discord.gg/wootrade
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