WOO X partners with Wintermute to increase liquidity

WOO X, a crypto exchange platform powered by the WOO token, has announced a partnership with Wintermute to boost its liquidity.

Wintermute is an algorithmic trading firm and crypto liquidity provider boasting over $3.6 trillion in cumulative trading volume, and its collaboration with WOO X sees it become the exchange’s designated liquidity provider.

WOO Network teams up with Wintermute

According to an announcement Woo X published today, the partnership will initially focus on perpetual swaps, before expanding to spot markets and later decentralised finance (DeFi).

WOO X’s collaboration with Wintermute comes as the crypto exchange seeks to revamp its business model, including by onboarding major liquidity providers in the industry. 

Commenting on the development, WOO Co-founder Jack Tan said:

While WOO X originally launched with a single market maker model, it has looked to designated market makers to increase liquidity. Per details in today’s blog post, designated liquidity providers account for 60%-70% of the platform’s futures volumes.

One of the key providers has been Selini Capital, whose support for WOO X has included 15-25% of the platform’s maker volumes on perps.

According to details on the WOO website, DMMs earn weekly payouts when they maintain more than 7.5% share of the maker trading volumes on all perpetual futures markets. The annual rewards pool allocation is 9 million WOO.

WOO traded around $0.28 on Tuesday, up nearly 13% in the past 24 hours and 22% in the last week.