Meet WOO Network, a power trio in the crypto world! They’ve got three exchanges under their belt: WOOTrade, WOO X, and WOOFi. But what makes this trio so exceptional? Let’s dive in!
Discover additional information about Woo Network’s tokenomics in the article provided by AZCoin!
What is WOO Network?
WOO Network is a network of three exchanges including WOOTrade, WOO X, WOOFi. In which, WOOTrade and WOO X will focus on the CeFi segment (transactions similar to Binance, FTX , etc.) WOOFi will be in charge of the DeFi segment.
More details about each piece of WOO Network are as follows:
WOO X: Provides an exchange for end users and leverages liquidity from WOO Network, aiming to provide professional traders with high liquidity and near-zero fees.
WOO Trade: Provides liquidity from WOO Network’s product network into application programming interfaces ( APIs ) for integration with partner exchanges or institutions. Therefore, thanks to the application of the order book mechanism, it helps to bring about a low spread between buying and selling prices.
WOOFi: An open-source DeFi protocol that benefits:
- Users (on risk-free profit strategies).
- DeFi protocols (providing sPMM liquidity pools with easy to integrate and use interfaces for DEX aggregators, wallets, lending platforms ⇒ good quotes for trades and liquidity positions).
- Crypto projects (about better liquidity flow between chains without having to launch incentive programs by inflating tokens).
- Decentralized autonomous organization, or DAO (provides voting power for the development of WOO Network products for the community with pre-defined core rules and values).
Highlights of WOO Network
Optimize capital efficiency
For Uniswap, they apply the Centralized Liquidity mechanism to provide better centralized liquidity for transactions and also improve capital efficiency when the price offered to the liquidity providers is not too different from the price at that time.
However, the downside is that to achieve this, liquidity providers must actively manage their positions in case of sharp asset price fluctuations and may be exposed to the risk of temporary losses.
WOO Network adopts the Proactive Market Maker (PMM) algorithm model introduced by DODO with high performance and proven to improve capital efficiency through the creation of on-chain order books. This approach also enables WOO Network to internalize the process of ordering order books.
Synthesize liquidity sources from the project’s own products
The weakness that DEXs are facing comes from their AMM model . Decentralized exchanges (DEXes) face the need to balance the interests between liquidity providers and traders, of course, not without the factor of different gas fees on each blockchain.
Although DEXes on some blockchains have low transaction fees, they still incur service provider fees such as Uniswap of 0.3% or the average fee of top DEXs is around 0.25% (according to CryptoWisser). If you add gas fees and spreads, it will certainly be higher than the 0.1% fee on centralized exchanges like Binance .
As a result, investors will be hesitant to pay larger fees on DEX exchanges when they can buy that token at a cheaper fee on CEX exchanges.
Understanding this psychology, WOO Network has developed its product suite to include providing DeFi services as well as a CEX exchange. This will enable them to serve more customers right within their ecosystem.
Users benefit from having more choice and fully utilized liquidity, which will help narrow the spread of coin pairs and traders will pay less fees.
Profits from investment will be returned to the community
WOO Ventures is a branch that allocates resources to develop investment for the WOO Network project. As usual, projects will use this fund to develop capital for the project and to develop future products.
However, with WOO Ventures, it is different. They still deduct 50% of the profits from investment deals (if any) to return to WOO token holders, but it will vary in many forms. It can be staking to receive more rewards, etc.
This point says that the project is aware that the success of the project is also community trust and they also need to be rewarded appropriately. From there, they will also build a community that trusts and is more loyal to the project.
WOO Network (WOO) Token Information
Key Metrics for WOO Token
- Token Name: WOO
- Ticker Symbol: WOO
- Blockchain: Ethereum
- Token Standard: ERC-20
- Smart Contract Address: 0x4691937a7508860f876c9c0a2a617e7d9e945d4b
- Token Type: Governance, Utility
- Total Token Supply: 3,000,000,000 WOO
- Circulating Token Supply: 892,833,223 WOO
WOO Token Allocation
A total of 3,000,000,000 WOO will be divided as follows:
- Ecosystem (Rewards): 50% – 1,500,000,000 WOO.
- Team: 20% – 600,000,000 WOO.
- Token Sale (Investors): 20% – 600,000,000 WOO. Includes: Equity Investors (0.68%) + Seed Sales (8.57%) + Private Sale (8.27%) + Private Sale II (1.11%) + Public Sale (0.57%).
- Liquidity Management: 5% – 150,000,000 WOO.
- Advisors: 5% – 150,000,000 WOO.
WOO Token Release Schedule
The token payout schedule will be as follows:
- Team (20%) & Advisors (5%): The total tokens allocated to the team and advisors will be paid out linearly over 3.5 years. These amounts are clearly divided into vested and reserved funds for future positions.
- Investors (20%): 10% will be reserved for private sale & public sale and these tokens have been distributed and vested. The remaining 10% will be reserved for Seed Investors and Equity Round Investors. All of these tokens will be vested and paid linearly over 1.5 years from April 2021 to October 2022.
- Ecosystem (50%): This part will be used to develop the WOO Network ecosystem including elements such as:
- 25% to WOO Network Rewards , as a reward to encourage users to use the product.
- 10% for insurance funds , to secure assets on the network.
- 10% for partners , to reward their support for the project.
- 5% for WOO Ventures : A fund specializing in investing in potential projects at an early stage and 50% of the profits will be returned to WOO token holders in forms such as staking, in DeFi applications, WOO X.
- Liquidity Management (5%): The majority of tokens will be locked.
WOO Token Use Case
With WOO Tokens, the uses of this token are as follows:
- 50% of transaction fees across WOO Network service networks will be bought back and burned on the secondary market every month ⇒ Increasing the scarcity of WOO tokens.
- Staking :
- Stake to get reduced trading fees, unlock zero-fee trading on WOO X.
- For institutions: When they generate large trading volumes on WOO X, they will be able to stake WOO tokens according to their trading volumes and trading requests to increase API limits and simultaneously reduce fees.
- Yield :
- WOO stakers will receive WOO tokens.
- WOO tokens will be staked on WOOFi to receive rewards from transaction fees.
- Discount : Using WOO Tokens will reduce transaction fees ⇒ Encourage buying power of WOO tokens.
- Governance : WOO Network aims to be a fully decentralized exchange. Therefore, WOO Tokens are planned to be governance tokens that earn voting rights through the time and amount of WOO staked.
- DeFi Liquidity Provision and Yield farming : WOO is embedded in various DEXs to provide yield farming.
- Borrowing & Lending : WOO can be used as collateral for borrowing and lending on Sushi Kashi, Rari Capital.
How to earn and own WOO Token
To own WOO tokens, you can:
- Stake WOO tokens to receive rewards in the form of WOO Tokens.
- Buy WOO Tokens directly on Binance or supported DEX, CEX exchanges.
WOO Token Wallet & Exchange
WOO Wallet
You can now store WOO Tokens in your Binance wallet.
WOO Exchange
WOO Tokens will be available for purchase on Binance starting February 8, 2022 in the spot market with the following pairs: WOO/BNB, WOO/BUSD, WOO/BTC, WOO/USDT.
Additionally, other WOO-supporting CEX exchanges include WOO X, Houbi Global, Ascend X, KuCoin, Gate, MEXC, etc.
Discover the best crypto exchanges 2024, featuring exceptional crypto wallets and platforms that offer enticing promotions for new users.
Roadmaps & Updates
WOO Network has not announced its official roadmap yet and the team will update you as soon as there is information. They have announced that they are in the process of completing the roadmap which is carefully reviewed before being announced and the perpetual futures trading feature is one of the products being tested.
WOO Network Project team, investors & partners
Project Team
Currently, the project team has not been disclosed.
Investors
In early January 2022, Binance Labs led a $12M Series A+ investment in WOO Network. The investment will support WOO Network’s rapid expansion through talent acquisition, research and development, and the development of new decentralized products.
Partner
WOO Network currently has many partners at the individual project level, including centralized exchanges such as MEXC, Gate.io or decentralized exchanges such as DODO, 1inch and other research platforms or organizations.
In addition, WOO Network also has a number of ecosystem-level partners such as Binance Smart Chain, Near, Avalanche, Polygon, Cardano, Chainlink with a huge oracle system, etc.
Summary
WOO Network is a convenient option if you’re seeking the security of a centralized exchange while also wanting access to tokens that haven’t yet been listed, similar to what DeFi platforms offer. According to the indemnity clause, AZCoin is not responsible for any financial decisions you make. We wish you all the best and hope that you enjoy success in this profitable market.
I am Tony Vu, living in California, USA. I am currently the co-founder of AZCoin company, with many years of experience in the cryptocurrency market, I hope to bring you useful information and knowledge about virtual currency investment.
Email: [email protected]
