Proposal: Add WOO as a collateral asset

Summary

We think $WOO would be a great addition to the Cream Finance platform. Wootrade is a liquidity solution and trading network used by 20+ institutions. The community is rapidly growing and as of now, the token isn’t listed on any other lending platforms in the DeFi space. This would be a good opportunity to introduce Cream Finance to an active community of DeFi users. Wootrade is also very vocal and eager to integrate and support other DeFi platforms.

For

Add WOO as a collateral asset

Against

Do nothing

Additional Details

CoinGecko ranking: 143

Market cap: ~600m USD

Token holders: ~7000 (Ethereum)

Current markets: Huobi (spot and futures), Gate, MXC, AscendEx (Formerly BitMax), WOO X Beta, Uniswap (ETH and USDC), SushiSwap (USDC), Bancor, Hoo

Wootrade can be simplified into three main parts:

  1. A B2B institutional trading network

  2. WOO X Beta, an exchange for active traders

  3. DeFi liquidity solution with on-chain capital

All three are related to Wootrade’s key strength, which is providing the cheapest liquidity in the space. Wootrade does this by using a zero-fee method, which they are able to provide due to their background as institutional quantitative market makers (Kronos Research). The founders have extensive experience at top traditional finance firms like BNP Paribas, Deutsche Bank, etc. They are backed by top VCs including Dragonfly Capital, Three Arrows Capital, and Fenbushi Capital.

Integrations in DeFi to date:

WOO/ETH on Uniswap - TVL: $17.2 m

WOO/USDC on Uniswap

WOO/USDC on SushiSwap

WOO/BNT on Bancor

WOO/USDT on Mdex

Token Security:

WOO does not have an elastic supply, or rebase mechanism. The Wootrade ERC-20 contracts do not have permissions that grant administrators unrestricted mint/burn capabilities. WOO is a capped-supply token with a total supply of 3 billion tokens and circulating supply of 432,413,779.00 WOO. The contracts and addresses with the highest concentration (top 10 and >1% of circulating supply) of WOO tokens are the token vesting contracts, one Huobi wallet, one Bitmax wallet, team wallets and a wallet with 1.86%.

Community and Communication

Wootrade is active on Reddit and Telegram. The Wootrade team also operates official Twitter, Instagram, Facebook, LinkedIn and Medium accounts. Github activity is limited to the Wootrade documentation, with activity since 27th August, 2019. The development team is presented on the Wootrade website. The team integrates Kronos Research co-founders Jack Tan and Mark Pimentel.

The team’s official e-mail contact is [email protected]

Available Audits

The WOO ERC-20 token contract is a standard OpenZepelling contract. The Wootrade contracts have not been audited yet.

Links:

Website | Twitter

Token Distribution


443,484,750 / 2,992,996,746 WOO are unlocked. The locked token are stored in gnosis multi-sig wallets with 3-5 senior management required to move a transaction. Token breakdown is as follows:

  1. Ecosystem Rewards (Locked - 50% rewards, 20% Ecosystem partners, 20% WOO Ventures, 10% Insurance fund)
  2. Team tokens (Vesting over 3.5 years on linear per block basis)
  3. Team vault (Locked -Un-allocated team tokens)
  4. Seed Round (Vesting over 3.5 years on linear per block basis)
  5. Advisor token vault (Locked)
  6. Huobi - Exchange Wallet
  7. Liquidity Management Wallet (Locked)
  8. WOO X Exchange Wallet
  9. Institutional Staking Wallet
  10. BitMax Exchange Wallet
  11. Private Sale Wallet (Fully Vested)
  12. Burn Address

The voting will start soon
https://vote.cream.finance/#/cream-finance.eth/proposal/QmQQJG7eE5M3PAYGkmGPBCL7qs32dLvgby9KrHF3pf4KYY