As the crypto market continues to evolve, the demand for innovative and user-centric solutions is higher than ever. WOO, an ecosystem of aligned products, exemplifies this innovation through its WOOFi protocol — a decentralized exchange protocol boasting over $13 billion in cumulative trading volume and over 250,000 monthly active users — and WOO X, a global centralized exchange.
In this interview, William Wu, head of global operations at WOO, shares his insights on the current state of the crypto ecosystem, the unique features of WOO products and how they are creating more utility for the WOO token. Wu also discusses the challenges and opportunities in the decentralized finance (DeFi) space and the future direction of WOO.
Cointelegraph: How do you see the evolution of the DeFi landscape? What’s significantly different than 3-4 years ago?
William Wu: Compared to 3-4 years ago, today’s DeFi platforms offer more advanced features such as cross-chain swaps, real yield staking, unified assets, chain/network abstraction, account abstraction, action abstraction and a user-centric approach. The focus has shifted from speculative trading to building sustainable, user-centric financial ecosystems.
CT: What strategies have you employed in an industry known for its volatility to ensure WOO’s sustainable growth?
WW: We prioritize transparency, liquidity and user experience. At WOO, we believe in radical transparency, demonstrated through our designated market maker (DMM) program and live proof of reserves dashboard.
Our DMM program ensures fairness for market makers, attracting top-tier players like Wintermute to provide ample liquidity and trading depth. Additionally, we believe proof of reserves transparency shouldn’t be limited to monthly snapshots; exchanges should prove their liabilities 24/7, setting a new industry standard.
CT: Can you highlight some of WOO’s most significant innovations and how they benefit your users?
WW: WOO X and WOOFi have been driven and built step by step by the community of traders since their inception. Throughout this journey, we have frequently interacted with the community, listening to their feedback and continuously innovating and iterating our products.
User experience is at the center of our strategy, ensuring that every innovation we bring is user-friendly and addresses our users’ needs. Here are some of our most significant innovations:
- Index perpetual contracts: These contracts allow traders to invest in a basket of assets, providing diversified exposure and rich liquidity, simplifying risk management and enhancing trading efficiency.
- RWA Earn Vault: This feature combines traditional finance with crypto, enabling users to earn yields on tokenized real-world assets. Users can withdraw assets and accrued yield anytime, offering flexibility unmatched by traditional finance.
- Booster NFTs: By integrating gamification, users earn and level up Booster NFTs by staking WOO (WOO) tokens. Burning these non-fungible tokens (NFTs) temporarily boosts XP annual percentage rate (APR), increasing users’ share of WOOFi earnings and making staking more engaging and rewarding.
WOOFi’s Booster NFTs. Source: WOO
CT: Can you share specific measures WOO has implemented to build and maintain trust within your community?
WW: At WOO, we believe in radical transparency, exemplified by our real-time proof of reserves and liabilities dashboard. This tool allows users to verify the exchange’s solvency 24/7, setting a new industry standard beyond traditional monthly snapshots.
We adhere to high ethical standards through regular audits and global regulatory compliance. Our transparent DMM Dashboard ensures fairness for all market makers by providing clear information about market-making activities. By prioritizing transparency and ethical practices, WOO X sets an industry example and upholds user trust.
CT: The talent shortage is a big challenge for the crypto and blockchain ecosystem. How do you attract and keep the top talent in the space?
WW: At WOO, we attract and retain top talent by fostering a unique work environment based on strong values: meritocracy, urgency, teamwork, integrity and innovation. These values draw employees from renowned crypto companies who align with our vision.
Although the crypto industry is maturing, it remains fast-paced and dynamic. Experienced professionals now seek a work environment that offers not only attractive compensation but also a supportive and positive culture. Our retention rates are impressive: 47% of our team has been with WOO for over two years, demonstrating our success in keeping top talent.
Gender diversity is also a focus; women make up 27% of our workforce, above the industry average of 26%. We aim to increase this to 35% through active recruitment of female members.
Source: WOO
Our transparent corporate culture fosters teamwork, belonging and continuous innovation. Referrals from employees, community members and partners are key to our recruitment. These strategies ensure WOO attracts and retains motivated, engaged and committed team members.
CT: Can you describe the opportunities and programs WOO offers to support the growth and development of its employees?
WW: We provide continuous learning opportunities, including workshops, training courses and mentorship programs. We also encourage cross-functional projects to help team members expand their skills and explore new areas within the company.
Regular performance evaluations and 360 feedback help employees understand their strengths and areas for improvement and discuss future development plans with their direct supervisors.
WOO is a global company with employees located all around the world and main offices currently in Taiwan and Poland, with plans to establish an office in Singapore in the future. We promote cross-departmental project collaboration to enhance employees’ cooperation and communication skills, encouraging them to take more ownership of new responsibilities and projects. Our project management office encourages initiative across all teams.
CT: How does WOO engage with its community to gather feedback and ensure that the needs and concerns of its users are addressed?
WW: Since the inception of WOO, the WOO Force has been central to our strategy. This initiative empowers and engages our community, turning active members into ambassadors who support and promote WOO’s mission. Participants in the WOO Force earn rewards, gain exclusive access to events and contribute to the network’s growth through various activities and engagements.
The WOO Force emphasizes community-driven growth and participation. Members actively contribute to the network’s development, gaining recognition and tangible incentives for their efforts.
CT: Looking ahead, what are WOO’s primary goals and objectives for the next few years?
WW: Our goals include launching new innovative products, expanding our DeFi and centralized finance (CeFi) offerings and enhancing the utility of the WOO token. We are already using AI to improve operational efficiency internally and are also exploring the potential of leveraging AI in product innovation and enhancing user experience. We believe the future of DeFi and CeFi will converge, allowing traders to enjoy the efficiency of CeFi and the decentralization of DeFi simultaneously.
Utility 📈, inflation 📉
— WOO X (@_WOO_X) July 22, 2024
Exciting plans from @WOO_ecosystem's Q2 report to keep evolving $WOO.
They aim to:
▫️ Grow WOO staking
▫️ Reduce overall emissions by 65%
▫️ Drop the annualized inflation rate to 4.4%
Let's put it in a graph ⤵️ pic.twitter.com/PtgfhCeKi7
Additionally, we are focused on continuous investment in the application layer and integrating artificial intelligence into applications to simplify complex financial products. We plan to strengthen community engagement through more interactive platforms and initiatives.
For employee development, we aim to introduce advanced training programs, optimize employee experience and satisfaction, maintain an employee retention rate above the industry average and promote diversity and inclusion.
We also focus on expanding career opportunities within the company, helping team members develop skills and explore new areas, providing more internal promotion opportunities and nurturing the next generation of leaders to support the company’s future growth and strategic objectives.
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