WOO X extends fee sharing with $WOO stakers

Even more value to be shared with WOO stakers as WOO X looks to align token holders with the growth of the platform

TLDR:

• In addition to utility, staking WOO entitles users to yield generated by apps including WOOFi (DeFi) and WOO X (CeFi)
• In just two weeks, WOO X's fee-sharing initiative attracted over 190 million additional staked WOO tokens.
• WOO X will continue to share a portion of every trade with WOO stakers
• WOO is now one of the only tokens with value accrual in both CeFi and DeFi. Protocol grows? Users get more. Market dumps? WOO is cheaper, we buy more. 
• Staking migration is now 100% complete. That means zero-emission staking, all real yields, from here on out.

Epoch #1 - Earn your share of ~$250k+ in yield

Two weeks ago, WOO X announced they would be sharing fees from every transaction with WOO stakers, with the first 2-week epoch set to conclude on Feb. 6. During this period, WOO X has been averaging around $500m per day in volumes, leading to an additional 55k USDC to be sent to stakers for distribution starting on Feb. 10th. This is in addition to the revenue generated by WOOFi, which is currently projected to be greater than 200k USDC for the 2-week period. This means WOO stakers will share a pool of over a quarter of a million dollars - the bulk of which is being auto-compounded to buy back and stake onchain.

Approximately 110m WOO was staked through the migration of WOO X user holdings, while another 74m WOO was staked directly on-chain during the campaign. This highlights the strong support and trust of our community. 

Multiple platforms, one underlying yield app

Users looking to maximize their rewards can take advantage of the following solutions:

1. WOO X:  A centralized exchange that assists the user in depositing, auto-compounding, and eventually withdrawing from the onchain smart contract. The user experience is simple, desktop and mobile-friendly, and doesn’t require the user to manage their own keys. In addition to yield, this also entitles the user to other benefits including trading fee discounts and free withdrawals. 

Stake more today

2. WOO Stake: A self-custody onchain app that also allows the user to boost yields by completing onchain challenges and quests. More ideal for intermediate to advanced users, users will also be entitled to fee discounts when trading perps on WOOFi Pro.

Visit the app

The underlying staking app generates sustainable yield from transaction fees on the various apps. This system is designed to align and empower token holders, who can contribute to the growth of WOO apps by referring new users, sharing campaigns on social media, and being a vocal member of the community. 

$WOO: The first token with real yield value accrual from DeFi and CeFi

The migration of all WOO staked on WOO X was completed this week, meaning all WOO staking rewards are generated by real yields, not inflationary emissions. Later in Q1, WOO X will launch a new portal called My WOO, which allows users to see their combined WOO holdings across spot, staking, and yield farming vaults, with a combined total being used to determine the users’ fee discount tier. 

UPDATED FAQ: Key questions about staking WOO

Why did WOO migrate its staking platform, and what are the benefits?

The migration enhances staking efficiency and long-term sustainability by integrating on-chain mechanisms. Key improvements include:

• Better tokenomics – Staking yields will no longer rely on inflationary emissions.
• Greater flexibility – A unified program capturing utility and value from multiple WOO apps.

Do I need to unstake or do anything?

No. WOO X will automatically handle the migration by depositing staked WOO into on-chain smart contracts. These contracts automatically claim and auto-compound rewards on your behalf. When you choose to unstake, WOO X will also manage that process. Beware of scams that push users to take action.

Will staking yields remain the same on WOO X?

Yes. After the migration, yields on WOO X will match those of staking directly on-chain. During the transition, there may be slight variations due to adjustments in fixed yields, but WOO X will work to keep returns as balanced as possible.

How will fee tiers on WOO X work after the migration?

Your fee tier on WOO X will be determined by the combined number of staked WOO and spot WOO you are holding on WOO X. Previously, only staked WOO counted toward fee tiers but the migration will give users more flexibility. 

Will staking on WOO X still have a 7-day unbonding period?

No. The unbonding period will be reduced to just 24 hours on Feb. 10, allowing you to capture yields while maintaining quick access to your capital.

Disclaimer

The changes in the WOO X  staking mechanism described in this blog post represent potential future developments and are provided for informational purposes only. These descriptions are not guarantees, commitments, or promises regarding future functionality or features. The actual implementation, timing, and specific details of any changes to the staking mechanism may differ substantially from those described here or may not occur at all. 

Users should not rely on this information for investment decisions or other purposes. Any participation in staking activities carries inherent risks, and users should conduct their own research and exercise due diligence before engaging in any staking activities. We reserve the right to modify, adjust, or entirely change any aspects of the staking mechanism at our sole discretion, with or without prior notice.

The information provided in this article is for general informational purposes only and does not constitute financial, investment, legal, or professional advice of any kind. While we have made every effort to ensure that the information contained herein is accurate and up-to-date, we make no guarantees as to its completeness or accuracy. The content is based on information available during writing and may be subject to change.

Cryptocurrencies involve significant risk and are NOT suitable for the majority of investors. The value of digital currencies can be extremely volatile, and you should carefully consider your investment objectives, level of experience, and risk appetite before participating in any staking or investment activities.

We strongly recommend that you seek independent advice from a qualified professional before making any investment or financial decisions related to cryptocurrencies. We shall in NO case be liable for any loss or damage arising directly or indirectly from the use of or reliance on the information contained in this article.