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WOO Network Annual Review and Outlook: Founder Initially Rejects Alameda Investment? What New Features Can We Expect Next Year?

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WOO Network Annual Review and Outlook: Founder Initially Rejects Alameda Investment? What New Features Can We Expect Next Year?

The well-known liquidity-focused crypto network WOO Network has gathered its co-founder Jack Tan and the community to reflect on the events of 2022 as the year comes to an end, sharing anecdotes of their past meetings with SBF. At the same time, they have revealed the development plans for the WOO Network ecosystem in the coming year, demonstrating the team's unwavering determination in advancing, whether through the centralized exchange WOO X Global or in the DeFi sector with WOOFi.

What does the FTX Black Swan tell us?

For many cryptocurrency investors, the second half of 2022 may be a year to forget, with the price of coins halving, the bankruptcy of the world's second-largest exchange FTX, and losses incurred due to related events.

However, every painful lesson is bound to come with valuable experience. Jack Tan, co-founder of WOO Network, took the opportunity to share his thoughts with the community, stating:

"A great brand and company take time to build, with internal culture and processes being crucial. However, the crypto space tends to be enamored with rapidly developing and ambitious teams, which, while they can grow quickly, may also fall just as fast."

Therefore, to prevent similar events from happening again, teams need to properly manage risks, control issues, and ensure that their internal culture is not too YOLO. These points also serve as one of the criteria for evaluating investment targets for WOO Ventures, WOO Network's investment arm.

The Story of WOO Network Co-founder Jack Tan and SBF

However, were there really no signs of such a major event before it happened? What did the WOO Network team think of SBF? Jack Tan shared a little story about this with the community.

Jack Tan mentioned that he had met SBF at a private party in Thailand when Alameda was newly established, and SBF was raising funds for Alameda at a 15% interest rate. Jack and another co-founder, Mark, were not familiar with SBF and Alameda at that time, so they requested a 20% interest rate and the ability to withdraw funds at any time, which Alameda agreed to on the spot. However, after careful consideration, the two co-founders were not willing to take on this investment risk, but Alameda still managed to raise hundreds of millions of dollars at that time.

"When something seems too good to be true, it usually means there's a catch," Jack Tan remarked.

Regarding whether they anticipated FTX's bankruptcy, Jack Tan mentioned that they did not short FTT and did not imagine things would turn out this way.

Real-time Asset and Liability Proof, Proving the Security of WOO X Global

How can users be assured that events such as excessive leverage and poor asset management will not occur?

Jack Tan explained that Kronos is a quant trading team driven 100% by algorithms, with founders having extensive backgrounds in quant trading. Therefore, the business model is different, unlike Alameda, which primarily profits from arbitrage and market-making between exchanges.

Additionally, decision-making within the group is quite transparent, with everyone from top to bottom having an understanding of internal affairs, unlike FTX or Alameda, which have high-level executives in exclusive circles.

"There's nothing to hide, which is why we have implemented real-time asset and liability proof, updated every 15 minutes, allowing users to know if they are facing risks," Jack Tan stated.

Real-time asset and liability proof of WOO X Global

Why implement real-time asset and liability proof? Jack Tan explained that it is from the user's perspective. Centralized exchanges are like black boxes to them, and they need to understand the data before entrusting their assets to these exchanges.

Moreover, for auditing firms, even if they are not more familiar with the crypto industry than practitioners, they can understand how centralized exchanges operate. For example, by auditing the assets corresponding to API keys, they can calculate the scale of assets controlled by the exchange and determine its solvency.

Exciting New Features in the WOO Network Ecosystem!

In addition to discussing platform security and reflecting on various events, Jack Tan also shared the new changes that WOO X Global will bring in the first quarter of next year, such as redesigning the trading interface, adding more USDC and BTC trading pairs, introducing highly transparent yield products, and launching the TWAP function for time-weighted average price orders. In the second or third quarter, after the relevant mechanisms and information are fully established, the Copy Trading feature will also be introduced.

Furthermore, WOO Network's DeFi leader, Kevin Feng, teased the community that WOOFi, the DeFi platform under WOO Network, will continue to expand into Ethereum Layer2 solutions like Arbitrum and Optimism next year to gain more market share and trading volume. They will also further optimize the staking function of WOOFi Swap, allowing users to transfer assets between chains regardless of the staking rewards. Additionally, NFTs that can be used in conjunction with the staking function will be introduced to help users further increase staking rewards.

If you want to fully understand WOO Network's development plans for next year, you can refer to the full content!

Get to know WOO Network more: WOO Network ecosystem introduction, providing a superior trading environment for both beginners and professional traders!

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