WOO Network is an ecosystem of CeFi and DeFi services designed to provide platforms, exchanges, and traders with liquidity at zero or low cost.
Let’s dive straight in!
What is WOO Network?
WOO Network consists of a range of products, including:
WOO X: a centralized trading platform that offers zero fees for traders. WOO X offers 87 spot markets and 64 futures markets. The platform promises “market-leading transparency to inspire user confidence and create unparalleled trust in centralized trading products.” Users can buy crypto on WOO X with credit or debit cards.
WOOFI DEX: a decentralized exchange that WOO describes as an “on-chain order book exchange with the look, touch, and feel of a centralized exchange.” In Q4 2022, WOOFi exchange was placed in the top 10 DEXs by 24-hour volume on DeFi Llama.
Who are the founders?
WOO Network was created by Kronos Research co-founders, Jack Tan and Mark Pimentel in 2019. Kronos is a crypto trading firm specializing in high-frequency trading and market making. The company averages $5 to 10 billion of daily trading volume on global crypto exchanges.
WOO token
WOO token is used across the platform’s DeFi and CeFi products for staking and fees. Holders are incentivized through zero-fee trading, token airdrops and referral discounts. Holders can also stake their WOO tokens to receive yield from the WOOFi swap fee. For staking WOO, stakers receive xWOO as the Liquidity Provider token. The staked WOO can be redeemed with xWOO after the 7-day unstaking period.
The token is also embedded in multiple Decentralized Exchanges on Ethereum, Solana, Polygon and more, allowing holders to provide liquidity through yield farming or as collateral.
The project also has plans to introduce governance utilities which will give holders voting power over the network’s future updates, based on the duration and number of tokens staked.
Tokenomics
It launched on October 30, 2020 and 3 billion WOO tokens were created and initially distributed as follows:
- 10% allocated to private and public sales
- 20% allocated to the team
- 5% allocated to advisors
- 50% allocated to support the ecosystem
In the first half of 2023, they are rolling out a series of improvements to its tokenomics. As part of these improvements, the network burned 24% of the total supply, decreasing it to 2.25 billion.
Below is the updated distribution chart:
Where can you buy WOO?
WOO is available on a range of exchanges, including WOO X, Binance, Kraken, Uniswap and more.
