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:
-
A B2B institutional trading network
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WOO X Beta, an exchange for active traders
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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.
