WOO Network Unleashed: Transform Finance with WOO Coin!
WOO Network operates at the intersection of DeFi and CeFi, striving to offer liquidity, fast execution, and low fees. It has a market cap of $361M and a supply of 3 billion WOO tokens, and users can engage in staking and yield farming with WOO tokens. Dive into the WOO Network review.
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WOO Network is a versatile blend of DeFi (decentralized finance) and CeFi (centralized finance) services designed to deliver ample liquidity for the numerous participants in the crypto market. Based on blockchain technology, the ecosystem is a high-performance solution for crypto exchanges, traders, projects, and DeFi platforms.
Tier-1 CeFi and DeFi platform includes three core components:
- WOOtrade – a liquidity pool for institutional clients
- WOOFi – DeFi-related offerings under the umbrella brand
- WOO X – centralized exchange (CEX)
Today, WOO Network is a favored blockchain environment that provides traders and investors with sufficient liquidity, lightning-fast order execution, and close to zero commission.
WOO Token Utility
The WOO utility token fuels the most disruptive technologies and tools within the WOO Network. The project engineers ensured that WOO plays a key role for users who trade on WOO X.
Settlement for commission payments, loyal API trading limits, and pumped referral rebates are just some of the benefits designed for token HODLers.
The benefits of WOO are fully revealed in its use cases, including staking, distributing yield, providing liquidity, yield farming, lending, and borrowing.
WOO token key indicators on Coinmarketcap as of May 4, 2023:
- Token name: WOO
- WOO price: $0.2114
- Supports: ERC-20 and BEP20 standards
- Fully diluted market cap: $480,576,548
- Market cap: $361M
- Max supply: 3,000,000,000 WOO
- Total supply: 2,250,658,857.9 WOO
- Circulating supply: 1,698,535,510.78 WOO
- All-time high (November 16, 2021): $2.48
The platform developers also ensured that the WOO token could be critical for intra-platform governance voting for various project initiatives.
WOO Network Origins
Justin Woo is the progenitor and mastermind behind the WOO Network, which was officially launched in 2020. Initially, the project's co-founder caught a unique trend displaying the need for social media users to be rewarded for their originality and creativity.
Next, Justin Woo brought together a skilled team of developers and entrepreneurs who have already managed to create top blockchain products. For example, CEO and co-founder James Young boasts impressive experience in developing and managing several fundamental products at Google.
Notably, the project has also received remarkable support from several top crypto entrepreneurs, including Luis Cuende (Aragon co-founder), Rune Christensen (founder of MakerDAO), and Loi Luu (co-founder of Kyber).
How Does WOO Network Run?
WOO Network works closely with Kronos Research, a technology and science-driven trading firm. Collaboration was a strategic decision to provide the project with sufficient liquidity, an uninterrupted trading process, and modern hedging tools.
As a result, WOO Network runs a liquidity collection mechanism that uses top institutional trading platforms, centralized exchanges, and DeFi networks, including Avalanche, Polygon BNB Chain, and Ethereum.
Retail users can join the WOO Network with the API or through the WOOFi and WOO X graphical interfaces. Others may operate easier, including notorious platforms such as Paraswap, 0x, and 1inch.
WOO Network Funding Details
The project has completed five investment rounds and has been able to raise investments totaling $52M. The latest funding occurred on January 4, 2022, as part of the Series A round.
Here's what investment rounds looked like in detail:
- January 4, 2022: Series A (supported by Binance Labs) with $12M raised money
- November 9, 2021: Series A round (backed by 17 investors) with $30M raised money
- April 26, 2021: Venture Round
- September 15, 2020: Seed Round (supported by 16 investors) with $10M raised money
- May 1, 2020: Venture Round
The project raised funding from 34 investors, while PSP Soteria Ventures and Binance Labs were among the latest parties to jump in.
WOO Network Roadmap 2023
Successful investment rounds have not gone unnoticed on the WOO Network roadmap. The company decided not to waste time on trifles and built a pioneering dashboard of assets and liabilities that can be updated every 15 minutes and has the highest standards of transparency inherent in the CeFi field.
The project has already achieved all strategic development milestones planned for 2021 and 2022. To secure a solid competitive edge in the unpredictable crypto market, WOO Network has announced that it will make every effort to achieve even more impressive results in Q1 2023:
- Introduce products with passive returns on assets
- Expanding the WOO ecosystem
- Setting new standards in DeFi
- USDC & BTC spot pairs to diversify user exposure to USD
- Merkle tree proof of liabilities and assets
- Trade journal to monitor trading progress
- Hedge mode to open long and short positions simultaneously for a single currency pair
2023 will be an accelerating year where the brand will take all the necessary steps to strengthen investor relations, expand brokerage integrations, and make it easier for users of any level to access the WOO X trading platform.
WOO Network Tokenomics Details
Officially, the maximum supply of WOO is 3 billion tokens. The project uses a deflationary model with buybacks and token burn to achieve the necessary balance and ensure a smooth price increase.
Even before the project's official launch, WOO Network developed a well-thought-out tokenomics structure:
- 50% were earmarked to support the WOO ecosystem (incentives for network usage, an insurance fund, rewards for ecosystem partners, early-stage project investments, and liquidity management).
- 20% were allocated to the Woo team, with 3.5 years vesting period
- 10% were sold to seed and equity investors, with a 1.5-year vesting period
- 10% for private and public sales
- 5% were allocated to advisers, with 3.5 years vesting period
Today, the platform uses over 50% of WOO revenue for open market buybacks. Thus, the project easily copes with market volatility and instability, rewarding WOO holders with profits from price growth.
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