Hassan Maishera
Woo Network announced via a blog post on Thursday that it is expanding its designated market maker (DMM) program to spot markets. This introduction, which will take place in January, will be one of the final stages as WOO X transitions from a single-market maker model to a more sustainable and conventional model, the team added.
They revealed that Liquidity from DMMs has reduced spreads significantly on WOO X, leading to one-tick spreads on majors like BTC and ETH perpetual contracts. By diversifying liquidity providers and leveraging their designated market makers on spot markets, WOO X aims to achieve a 100% custody ratio by Q2 of 2024.
WOO Network is a liquidity network connecting traders, exchanges, institutions, and DeFi platforms through their suite of products, including WOO X, Wootrade and WOOFi. The native WOO tokens are currently available on six chains, including Ethereum, BSC, Polygon, Solana, Fantom, and HECO. WOO is now trading at $0.4373, up by 1% in the last 24 hours.
