(MENAFN- GlobeNewsWire - Nasdaq) KINGSTOWN, St. Vincent and the Grenadines, Dec. 19, 2024 (GLOBE NEWSWIRE) -- WOO X , a leading global centralized crypto trading platform known for its innovative trading solutions, today announced the transition from its inflationary staking model to WOO Stake's native on-chain staking app. This shift will provide users with greater flexibility, enhanced DeFi opportunities, and a more sustainable tokenomics model while maintaining the high-quality benefits WOO X users have come to expect.
As part of its ongoing commitment to improving the ecosystem, WOO X is reducing inflation and increasing WOO token utility. The transition to onchain staking and the launch of the My WOO portal will roll out gradually throughout next year. Beginning in Q1 2025, users will be able to access tiered fee discounts simply by holding WOO in their spot wallet-no staking or lockups required. For those looking to earn yield, on top of other WOO X benefits, direct access to onchain staking via WOO Stake will also be available. Additionally, users will be able to connect their self-custody wallets to enjoy staking benefits without relying on centralized custody.
With this move, WOO X is phasing out WOO-denominated incentives for market makers, reducing token inflation to an estimated 3% in 2025. This sets the stage for long-term sustainability and a more efficient, rewarding ecosystem for WOO X users.
“By moving away from an inflationary model, WOO is not only creating sustainable WOO token utility but also providing more opportunities for our users to engage with DeFi and earn yield with fewer barriers. This is just the beginning of new initiatives from WOO apps to pass along more forms of direct value accrual to the WOO token,” said Ben Yorke, VP of Ecosystem at WOO.
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About WOO X
WOO X is a global centralized crypto futures and spot trading platform offering the best-in-class liquidity and price execution. WOO X has achieved a daily volume exceeding $1.5 billion and is home to hundreds of thousands of traders worldwide. WOO X traders benefit from radical transparency through our industry-first live Proof of Reserves & liabilities dashboard and the company's mission to maintain the trust of its growing community of traders.
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