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Crypto exchange platform Woo X has partnered with Wintermute, a crypto market maker and liquidity provider with over $3.6 trillion in cumulative trading volume. Wintermute will act as the designated liquidity provider for the crypto exchange.
The latest partnership between the two crypto-focused platforms is part of a proactive and transparent effort to onboard top-tier liquidity providers. The London and Singapore-based liquidity provider Wintermute is one of several market makers collaborating with the crypto platform.
Other liquidity providers, such as Selini Capital and Black Code Group, also support WOO X. Selini Capital, for example, has consistently contributed 15–25% of all maker volume on Perpetual Protocol.
WOO CEO Jack Tan said the deal comes after years of observing the trading firm uphold a strong track record and reputation. Tan told Cointelegraph that Wintermute is a top-tier market maker and brand in the crypto industry. He added that collaboration with Wintermute provides a boost, not only in terms of liquidity in the order books but also in giving WOO X more credibility within institutional circles.
“It’s a strong signal to professional traders that we are serious about making WOO X an essential venue for trading.”
The Woo ecosystem comprises both centralized and decentralized exchange (DEX) platforms. Tan told Cointelegraph that WOOFi, a decentralized swap and order book DEX, is actively exploring the design of their v3 version, which is scheduled for the end of Q1 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 actively onboarding more industry-leading market makers and introducing sustainable and competitive market maker incentives to eliminate dependence on any single liquidity provider.
This contrasts sharply with its launch in 2019, using a single market maker model. Today, designated market makers provide liquidity for 60%–70% of futures volumes.
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