This time we conducted AMA with the WOOTRADE Network, with a project providing ZERO Commissions, Deep liquidity, DeFi bridge which was on 16 October.
The total reward fund was 500$ and was divided into three parts. In this AMA Recap we will try to summarize some of the most interesting points for you.
Our guest: Jack Tan – Co-Founder.
Jack is a co-founder and co-CEO of Kronos Research, one of the most successful quantitative trading firms in digital assets. The firm is over 60 strong and regularly trades $30 B+ USD per month. Jack started trading equities at age 14 and has worked at BNP Paribas and Deutsche Bank for more than a decade after graduating from Carnegie Mellon University.
PART 1, INTRODUCTION AND COMMUNITY QUESTIONS
Mary | Satoshi Club: Hello again, Satoshiclubbers! We are happy to announce our AMA session with Wootrade! @JT200 welcome to Satoshi Club😀
Jack T: Is Friday the night you get all the AMAs from Jack out of the way? D. | Satoshi Club: Haha
Mary | Satoshi Club: Hello)))😂 yes) Jack’s Day today)
Mary | Satoshi Club: How was your day, Jack?)
Jack T: Well anyways, thanks for having me. Can’t wait to share some info tonight with the Satoshi CLU₿ crew. All days are the same when you are running a startup. A lot of meetings, a lot of decisions, a lot of trading
Mary | Satoshi Club: We will bring new colors to your day)
Mary | Satoshi Club: So, Jack ,could you tell us more about yourself and how did you start with Wootrade?
Jack T: Sure, let me go back down memory lane for this one
D. | Satoshi Club: is this your first AMA for today?)
Jack T: Super short version: Im from the states, had a fascination with equities trading since I was 14, went to Carnegie Mellon U, met our fellow co-founder Mark Pimentel, worked for a decade at some big financial firms, got my head turned by digital currencies, decided to start a company with Mark called Kronos Research that applied what we did before to the cryptocurrency markets.
So with Kronos Research, we are a quant trading firm, and we do between 1 and 2 bln dollars a day in trades. You’ve definitely come acrossed our trades on the big exchanges, as we are on all of them
Mary | Satoshi Club: You are market makers)😉
Jack T: What we realized, was that we still didn’t have a great source of liquidity to trade in, and that’s an issue shared by the whole market, something every exchange, institution, and OTC desk deals with
So we decided to solve it 🤔 with Wootrade. Hah the good kinds.
Mary | Satoshi Club: Yes))) you were right) why Woo?) Does it mean something?)
D. | Satoshi Club: thank you for intro Jack! short but informative!😁 I thought about John Woo.
Mary | Satoshi Club: Let’s see)))
Jack T: Before we go too far down that road, I think a lot of people mistake us as in exchange. We aren’t trying to be the next big centralized exchange, and put guys like Binance and Huobi out of business. On the contrary, Wootrade is a layer one solution that any exchange or institution can add to their order books – we empower them, they empower their customers, its a win-win. And the best thing is… zero fees, but we can get to that later. Hah about the name. We wanted a name that was well designed for retail, and Wootrade is that sound a trader makes when they pull off a really successful trade. We’ve all felt that “WOO” moment at some point or another
Mary | Satoshi Club: Ahaha, true)))
D. | Satoshi Club:
Mary | Satoshi Club: So, you are one layer solution both for Dexs and Cexs, right?)
Jack T: Hmm our main clients are CEXs and Institutions, but yeah OTC and Dexs and wallets and anything else that benefits from having the deepest liquidity in the world with very tight spreads and few slippage concerns.
Mary : Where is Hoo?😂
Jack T: That could be the name of some future product we have, im putting it in my notes.
Mary | Satoshi Club: Got it) DEXs are now also powerful)
Jack T: DEXs are certainly popular now but when you look at the greater picture of financial markets, you are going to need it all.
Mary | Satoshi Club:
Of course, i understand)
D. | Satoshi Club: Woohooswap.
Jack T: I need to get you under an NDA, can’t be putting all these good names out in the chat. Serious adoption will require solutions that we see in traditional finance, things like Robinhood and WeBull where it is very much designed for retail traders of all level.
Let’s go to the community!
D. | Satoshi Club: let’s gooo!
Q1 from bitcointalk user huyvo0126 @huyvo87 on Telegram
In an article on WOODTRADE’ the website said that DEXs and other trading platforms may source their entire order e-books from WOOTRADE at zero cost, thereby unifying liquidity across all venues. So can you explain this mechanism in detail such as users must use your API to do that or register to your platform?
Jack T: Can’t believe I’ve made them sit quiet this whole time
Mary | Satoshi Club: Don’t worry))) we will also have live part)
Jack T: Good question. Huyvo0126 asked one we here a lot, basically, how does it work? Wootrade has two focuses, one is the B2B side that Huyvo is asking about here. When a client exchange signs up with us, they mirror their transactions into our unified order book, which is is based on a network connecting our other exchange and institutional clients (a growing list of clients as well). One of the biggest clients is our very own Kronos Research, which we talked about earlier, who bring huge volume into the order book, way more than a normal tier two exchange could possibly amass based on their own organic users.
So for a tier two exchange, you either connect to us from day one, and have mature order books, or you deal with poor liquidity and hope your users dont mind as you gradually try to scale up.
Mary | Satoshi Club: Does it affect order books which me as a trader see on the screen?)
The other side of that question is about our retail platform. our engineers are working on a retail platform that would allow anyone to access the very same liquidity that we offer our B2B clients. That will also be zero fees – they can choose to connect through the dashboard we build, or, if they are a pro trader who uses a custom dashboard, they can connect via API. That was a very long answer, Huyov gave me a tough one there
Jack T: Hopefully the next one is a bit quicker!
D. | Satoshi Club: Haha we’ll see. good answer! thanks!
Jack T: Sure, if you go over to Hoo.com, who is already announced as our client, you can see the depth they have on BTC/USDT pairs
https://hoo.com/spot/btc-usdt
Jack T: You can see the spreads are often only 1 or 2 cents away at times
Mary | Satoshi Club: They are clever😂 choose you and win)
Jack T: Hah we are aiming to empower everyone! thats what a decentralized world should look like, not a bunch of isolated liquidity islands.
What else does the community have for us?
Mary | Satoshi Club: A lot of questions, don’t worry). You have a lot of tier two exchanges that partnered with you?
Jack T: Hah Id have to check with my COO to see what we are allowed to talk about, but yeah, there are quite a few
Mary | Satoshi Club: Thank you, second question?)
Jack T: Let’s hear it Mary!
D. | Satoshi Club: Q2 from Btt user freelikewindstill, TG username: @astalavistabby
I’ve typed 10000$ daily trading volume and your website told me that I will save 1825$. How is that? I don’t loose 20% of my money on trading?
Jack T: Ah, basically there are a few ways traders lose money and don’t know it. Well, some know it. Haha.
Mary | Satoshi Club: I was more modest😂

Jack T: Poor trade execution leads to things like wide spreads, where the gap between the buy and sell is off. You either accept that gap and accept the bid, or you place a bid and sit around waiting for it to fill. With professional traders, waiting isn’t a great solution
Mary | Satoshi Club: Yes, I know this feeling))) waiting for…
Jack T: Another way is slippage, which most people who use Uniswap are familiar with. The spread might start out tight, but since the liquidity isn’t deep enough, the price slides away from the market price to accommodate the full order. Another way is trading fees, which exchanges make a lot of their money off of. For a second-tier exchange, other than massive listing fees, trading fees and withdrawals can be the sole source of revenue. We don’t need to penalize the traders for trading, but we can talk about that later I’m sure! But those make up the bulk of where traders lose money. What’s next?
D. | Satoshi Club: Spoiler: next question about zero fees
Mary | Satoshi Club: Jack, your answers are so fast and clear)))
Jack T: Hah I knew it!
Mary | Satoshi Club: Shoot it)
Jack T: Everyone who isn’t familiar with traditional markets and quant trading struggles with this concept: how can we offer zero-fee commissions?
D. | Satoshi Club: Q3 from Telegram Username @PaoloMonte87
Your claim of zero trading fees is definitely a very strong one and probably your “cheval de bataille” in your offering. Still, more cautious people would probably have a natural question pop up in the back of their minds: how can you manage to be sustainable without applying trading fees?
Jack T: We actually just wrote a full blog post about this because we got tired of people thinking we had overlooked this issue in our business model.
https://medium.com/wootrade/how-does-wootrade-provide-traders-with-zero-fees-e49847d389c8
I’ll summarize the most important part.
Mary | Satoshi Club: Yes, zero fees always are the question)
Jack T: In the traditional finance world, people use online brokers to trade stocks. Two of the most user-friendly brokers are WeBull and Robinhood, both of which offer zero commissions on trading. One way to monetize this model is by Payment for Order Flow (PFOF), which is the compensation a broker gets for directing orders to different parties for trade execution.
Wootrade does the same. One of Wootrade’s biggest clients is their parent company, Kronos Research. Kronos Research is one of the biggest cryptocurrency quant trading firms in the world and trades between $1 billion and $2 billion per day. They can offer significant rebates to Wootrade in exchange for providing more order flows. In this way, Wootrade earns from the big market-makers and uses those revenues to incentivize other flow providers (exchanges and traders) to route orders there.
Jack T: I’m not going to lie, I just copied and pasted, not summarized. Basically, we get big rebates from the market makers who are ecstatic to have non-toxic flows and we also charge for premium features like interest on margin trades and features like that.
Mary | Satoshi Club: Btw, as I know zero fees are for API users, right?)
Jack T: Actually the pro-trading and market-making API users will have a fee, but for our B2B clients and retail users there will be zero fees. In fact, the B2B clients can actually become a PRIME node and earn money from their users’ flows, so instead of getting charged for this, they actually can earn, how cool is that. That’s really why we’ve had so much success early on with our business development.
Mary | Satoshi Club: That’s cool)
Jack T: Thanks Mary, it’s great to see people taking an interest and learning more about how these markets function
Mary | Satoshi Club: I’m trying))) And our users also) so, the third question?)
Jack T: Hit me
D. | Satoshi Club: Q4 from Telegram user @michaelaelf
Enterprise clients holding a certain # of tokens are eligible to earn WOO tokens for every dollar of flow traded. What is the exact number? What are the conditions to become an enterprise client?
Jack T: Ah it’s like Michael read my mind! I literally just talked about that we must have a connection.
Mary | Satoshi Club: By the way, what should enterprise do to become your client?)
Jack T: I can’t disclose the exact numbers now, as we are working with a few strategic partners to get the details down 100%, but it’s going to be quite a bit. The PRIME nodes aren’t just going to be open to just anyone, they need to add value to the Woo network. And how do you add value? Basically what we call reverse liquidity mining. Whereas most platforms want you to put liquidity in, we have a whole heap of institutions with trades that need takers. So by supplying non-toxic traders on the other end, you are essentially taking liquidity off the market, which is why we call it reverse liquidity mining
I explain the toxic/non-toxic trading thing in that article I posted above if anyone isn’t sure about that.
Check out our website: https://woo.trade/
We have a B2B demo there, and a place to contact our BD team.
D. | Satoshi Club: Can you disclose approximate numbers? 😄
Jack T: Let me check with my COO. I get in trouble in these AMAs for talking too much, if he gives me the thumbs up I’ll post it here. In the meantime, let’s push ahead with the next question?
Mary | Satoshi Club: Ok. Are you working with enterprises all over the world?
Jack T: Retail traders can also sign up there to be the first to try out our new retail trading platform when we launch it 🙂
Mary | Satoshi Club: Also, are you and your team from the USA? Do you have an office?
Jack T: Good question Mary, Mark, the COO Ran, and I are all American. We have offices in Shanghai and Taipei though as well. We also have employees from Europe and all over, so it’s quite a diverse team. A good reflection of the market.
Mary | Satoshi Club: But you registered on British Virginie Islands😀 why?😀
Jack T: After an exhaustive legal research process we determined it’s the most favorable.
Mary | Satoshi Club: Yes, I see a lot of companies prefer this way😀
Jack T: Yeah, most blockchain companies are usually in places with progressive regulations such as Singapore, HK, Malta, BVI, etc.
The good news, I can talk about the nodes.
Mary | Satoshi Club: Wow) so, tell us what you can)
Jack T: Right now its set at around 5m tokens, which will likely increase as more clients join the network, reflecting the increase in the value of the network
Mary | Satoshi Club: Good numbers😀But I am sure we will see more😀 Next question?
Jack T: Sure, why not!
D. | Satoshi Club: Ok, we have another 2 questions in this part, one about “Open governance on Wootrade” other “Cloud Exchange”. which of these you prefer next? 😁
Jack T: Governance?
D. | Satoshi Club:
Q5 from Telegram Username @eraybukucu
Can you explain more about Open governance on Wootrade, Will the voting power be determined by the duration of Staking or the amount of tokens purchased to vote? Also, how do you aim to encourage people to participate in the governance & decision-making process, are there incentives?
Jack T: At the moment we aren’t very decentralized, because we believe that our product team and management need to be able to implement fast updates and strategic decisions. We don’t subscribe to the belief that every decision needs to be put before a crowd, especially for a young company that is just starting out. However, as we mature and develop, decentralized governance will grow in importance. We will reward holders who have held a certain amount of time so that users cant just buy a bunch of tokens on the open market and start influencing decisions. At the core, there is a sustainable and well-designed governance plan
Mary | Satoshi Club:
I want to ask you one simple question) how can I get $WOO?)
Jack T: Great question Mary, you are my favorite question asker. We have a public sale coming up at the end of the month. It’s going to be the first time the WOO token is available on the open markets
Mary | Satoshi Club: I like public sales)
Jack T: So because we have such a tight network of exchange clients, getting listed on a number of exchanges won’t be a problem. We will also list on some DEXes as well. The WOO token will be an ERC-20, but it hasn’t been minted yet, so don’t go falling for some back alley DEX Swap.
D. | Satoshi Club: What will be the total supply of token?
Jack T: Total supply is 3 billion, I got all this info from over on https://woo.trade/token
The mechanism should be fairly straightforward, we won’t make anyone send in blood samples for tokens.
Mary | Satoshi Club: Do you have dates and can you tell something how it will happen? Mechanism of public sale?
Jack T: Hmm I don’t have the exact date (announcement schedule depends on our partners) but it should be the last week if not the last days of the month.
I’ve seen a few scammers pop up already, trying to cash in on the buzz we’ve worked painstakingly to foster
Mary | Satoshi Club: Their number will grow, it’s sad.
Jack T: What’s next?
D. | Satoshi Club: The last question from this part! ready?
Jack T: Doooo it
D. | Satoshi Club: Q6 from Telegram Username @AmirJosh
Wootrade “Cloud Exchange” solution enables new exchanges to go live in 1 hour or less. Are these exchanges still connected and manage by Wootrade, will you explain how it works?
Jack T: Well this goes back to what we discussed with the first question, where our B2B exchange clients can tap into our liquidity. We play no part in managing the exchange, they just mirror their order books with our Woo network. The solution is really easy to implement, and the appeal is that a brand new exchange could launch and have fully-mature order books from day one.
Mary | Satoshi Club: Simple and useful for both sides solution 😀
Jack T: Then they can focus on things like user acquisition, security, and marketing, without having to hire third-party market makers to fill out their books.
Mary | Satoshi Club: Does it cost something for exchange?
Jack T: Nope, like we said earlier, we get our rebates from the institutional side, free for the exchanges, and if they become a PRIME node in our network, they can even earn rewards, which they can choose to pocket, or as we prefer, pass on back to the users.
Mary | Satoshi Club: I am thinking about my own exchange now😂 Thank you)))
Jack T: That’s ultimately the decision of the exchange, but we believe it will be a race to the bottom, as soon as one exchange offers zero-fees to users or even rebates, the others will feel obliged to comply.
PART 2, TELEGRAM COMMUNITY LIVE QUESTIONS.
In this part, the Satoshi Club opens a chat for 80 seconds, participants can insert up to 3 questions. After the end of the time, our guests choose the top 10 questions.
Jack T: Lets do this, I’m ready, release the floodgates
Mary | Satoshi Club: Let’s go 🚀
Q1 from Telegram User @Giniwhite
Do you have plans to educate your community in order to create traders pro? What tools does it offer to new traders?
Jack T: Cosmo, great question. We are going to have a lot of professional tools in our GUI but we realize how important it is to be user-friendly in our approach. There will definitely be content created to help users learn everything from the basics all the way up to advanced features.
Q2 from Telegram User @Beterror203
Wootrade has futures included or coming soon.
Jack T: Easy question, easy answer. Futures are on the way. We plan to have everything, you can’t “Disrupt markets” by just offering one thing
Q3 from Telegram User @CElllIFE
Can Wootrade help provide liquidity for DeFi?
Jack T: Yep, we are working with some partners now to explore the exact model. But DeFi is a segment of the market that at times suffers most from a lack of liquidity. Those platforms would benefit a lot 🙂
Q4 from Telegram User @huydo
What are their incentives for both market-makers and exchanges to join Wootrade platform in the short and long term?
Jack T: I think the answer to both is really deep liquidity. Market-makers need liquidity from Wootrade to work elsewhere, exchanges need to offer their users the best possible trading experience. The answer to both is liquidity. Long-term, the WOO token will incentivize exchanges to stay. Why go somewhere else and pay for liquidity when you can reverse liquidity mine and earn tokens for your users’ flows?
Q5 from Telegram User @Poltybaz
To create the $woo financial ecosystem, will there be a buyback or burning of a token supply?🤔🤔🤔
Jack T: Sure. As much as anyone in this space, we understand how markets function. We will have a BNB style buyback where revenues from our platform buy tokens on the secondhand market. That will help even out the market
Q6 from Telegram User @BlancaSdF
WOO is praised by HOO and MXC. Does it mean that they would eventually use the platform?
Jack T: As you can see from our website, both of those exchanges left some kind words for us. They are already using Wootrade. Unlike other projects that might start a public sale with just a bright idea, a logo and a white paper; we did it backward. We built the platform and onboarded clients first, then made plans to launch the token of course not to make fun of other platforms that are bootstrapping their way through, we had the added advantage of incubating ourselves with Kronos Research.
Q7 from Telegram User @Ramadhan1895
What are the major milestones achieved by $WOO so far?
Jack T: Hmm, well we went from having only a few thousand dollars in volume when Wootrade first launched to having millions per day now, we are quite proud of that first milestone.
We also just closed a $10 million dollar fundraising round headlined by names like Dragonfly capital and Fenbushi Capital. We thought that was a great testament to how successful we’ve been in the past with Kronos Research and how much these institutions believe in the value of something like Wootrade.
Q8 from Telegram Unknown User
The question about the dark pool.
Jack T: The “dark” aspect of it is that users have the option to hide their orders from the public markets. If you want to buy or sell a large amount of anything, you don’t want that info to leak since it could move the markets and give you worse off prices. Market-makers in a dark pool are training their algorithms to handle flows correctly from particular clients. Citadel might be super well-trained to take flows from Robinhood and are able to offer prices BETTER than what they can get on lit exchanges AND also provide a rebate to Robinhood. Trading through a dark pool, the client is able to achieve superior execution AND a rebate. An exchange like Huobi isn’t going to be able to do that just by hiding the orders.
Q9 from Telegram User @DiegoRME
What are the main uses that stand out from the competitors of your $WOO token? Can I cover transaction fees with $WOO?
Jack T: Haha I don’t think we have any competitors at the moment. From a B2B model, our competitors can be traditional market makers. But everyone knows that market makers can be inconsistent, or even malicious, manipulating markets for their own benefit, or to make the exchange have inflated volumes. Market makers are also expensive. We provide our B2B clients a better level of service, without the risk, for free.
Q10 from Telegram User @KeymerS
I understand the benefits in B2B exchange operations, but to derivatives and futures, what news will WOO bring? since I really think that liquidity is not so necessary in this case, right?
Jack T: Liquidity is necessary for all traded products! Fees also matter for everyone – why would anyone elect to pay fees when they should keep all they earn in the first place?
Part 3 – Quiz.
As usual, for the third part, Satoshi Club Team asked the chat 4 questions about the project. A link to a Quiz form was sent into the chat. Participants had 10 minutes to answer. 300$ was distributed between the winners.
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