KEY TAKEAWAYS
- WOO X is transitioning to a native onchain staking app, WOO Stake, to enhance user flexibility and access to DeFi opportunities.
- The new My WOO portal will streamline management of staking benefits and holdings across various products.
- WOO X aims to reduce token inflation and improve tokenomics by adopting a sustainable real yield model.
- Future plans include enabling self-custody wallet connections for staking benefits, promoting a decentralized ecosystem.
WOO X has announced a significant shift in its staking model, moving from an inflationary system to a native onchain staking app called WOO Stake. This transition aims to provide users with greater flexibility, simplicity, and access to decentralized finance (DeFi) opportunities, while maintaining existing benefits and introducing new ones. The migration process is set to begin in the first quarter of 2025 and will continue beyond, as staked WOO tokens are gradually moved onchain.
The upgrade is part of WOO’s broader strategy to reduce inflationary token emissions, enhance the utility of the WOO token, and minimize friction within the ecosystem. As part of this transition, a new portal named My WOO will be introduced, allowing users to manage their benefits seamlessly.
Key Changes in Staking Benefits
Starting in Q1 2025, WOO X users will enjoy tiered benefits and fee discounts simply by holding WOO in their exchange spot wallets. This change eliminates the need for lockups, offering a more straightforward utility. The My WOO portal will enable users to manage cumulative holdings across various products, including staking and self-custody wallets.
WOO Stake will serve as the gateway for users seeking to earn yields on top of other WOO X benefits. Users can access DeFi yields from over 11 networks, future incentives, airdrops, and rewards. Additionally, the unstaking lockup period will be reduced from seven days to a 24-hour settlement period, enhancing liquidity and user experience.
Improving Tokenomics and Future Innovations
Efforts to reduce inflation have already led to the elimination of WOO-denominated incentives for designated market makers, contributing to an estimated 3% inflation rate for 2025. By adopting a sustainable real yield model, WOO X is moving towards a deflationary future for the WOO token.
Looking ahead, WOO X plans to allow users to connect self-custody wallets to enjoy staking benefits without relying on centralized custody. This initiative is part of a broader effort to create an ecosystem-wide staking experience, where token holders can access utility across a suite of WOO-aligned applications.
For more details on the staking migration and future plans, visit the official announcement here.
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