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WOOFi Pro's second-quarter trading volume reached $24 billion, a 375% increase from the previous quarter
According to official news, WOOFi Pro's second-quarter trading volume reached $24 billion, a 375% increase from the previous quarter.
The quarterly report shows that the WOO ecosystem plans to reduce the release of WOO tokens used as designated market maker trading incentives for WOO X, and outlines the mechanism and destruction strategy for how to repurchase WOO tokens through WOOFi. It is expected that by the beginning of 2025, the annual inflation rate of WOO tokens will drop to about 5%.
In addition, WOO X added 42 new employees in the second quarter, more than 85% of whom have work experience in leading crypto exchage, and expects to continue to add 50 new employees in the third quarter to strengthen its technological innovation capabilities and achieve more growth in key areas.
Chief Product Officer Bryan Huang 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.
WOO Ecosystem Vice President Ben Yorke said that WOOFi is about to carry out a series of deployments, including its first non-EVM, aimed at increasing protocol trading volume and expanding coverage in different ecosystems.
“The next phase of WOOFi will expand to new networks and add features to the Swap functionality, significantly extending the original sPMM. This 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.”
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Disclaimer: The content above is only the author's opinion which does not represent any position of Followin, and is not intended as, and shall not be understood or construed as, investment advice from Followin.
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