Wintermute has partnered with the cryptocurrency exchange platform Woo X as a designated liquidity provider for the exchange
The most recent collaboration between the two platforms focusing on cryptocurrencies is an open and proactive endeavor to recruit top-tier liquidity providers. Wintermute, a liquidity provider based in London and Singapore, is among several market makers working with the cryptocurrency platform.
Selini Capital and Black Code Group, among other liquidity providers, provide additional support for WOO X. Selini Capital has consistently contributed 15–25% of the total volume of makers on Perpetual Protocol.
According to WOO CEO Jack Tan, who announced the agreement, years of observing the trading firm maintain a solid reputation and track record. Tan disclosed to Cointelegraph that Wintermute is an industry-leading cryptocurrency brand and market maker.
Furthermore, the collaboration with Wintermute enhances WOO X’s standing in institutional circles and increases the company’s liquidity in the order books, he continued.
“It’s a strong signal to professional traders that we are serious about making WOO X an essential venue for trading.”
A combination of centralized and decentralized exchange (DEX) platforms make up the Woo ecosystem. According to Tan, WOOFi, a decentralized order book and exchange DEX, is presently investigating the design of their v3 iteration, which is expected to be released by the conclusion of the first quarter of 2024.
“The v2 is already processing over $100 million in daily volume, placing it at rank eight on DefiLlama for all DEXs. Being able to add additional LPs [liquidity providers] of the caliber of Wintermute could be a source of even better pricing for the exchange.“
WOO X is implementing sustainable and competitive market maker incentives and actively enlisting more industry-leading market makers to reduce reliance on a single liquidity provider.
This starkly contrasts its 2019 introduction, which utilized a single market maker model. Seated market makers supply liquidity for sixty to seventy percent of futures volumes.
