What is WOO Network?
The WOO token or WOO is the utility token native to the WOO Network. The latter is a deep liquidity network providing unique products and services within CeFi and DeFi spaces.
WOO powers the WOO Network in these ways:
- Paying fees with WOO results in lower payments;
- Holders can stake their WOO tokens to receive exclusive benefits such as lower or zero trading fees, daily withdrawals, taker order rebates, and more;
- WOO is paid out as an incentive to miners;
- WOO can be put forward as collateral on specified lending platforms;
- Governance rights are granted to all WOO token holders. They can cast their vote on proposals in the WOO DAO.
The WOO token has an integrated buyback and burn mechanism. This means that the token is deflationary. Therefore, it’s possible that the WOO price will increase as the token becomes more scarce.
There are 3,000,000,000 WOO tokens. They have been allocated as follows:
- 50% - WOO Ecosystem;
- 20% - Team;
- 20% - Private/Public Sales;
- 5% - Advisors;
- 5% - Liquidity.
Since WOO is a cryptocurrency, its price tends to fluctuate. In order to make an informed purchase decision, you can have a more in-depth look at the WOO Network price history as well as the current WOO price on the graph above.
What are the Main Features of WOO Network?
As discussed in the What is WOO Network section, the WOO ecosystem encompasses a wide range of CeFi and DeFi products and services.
When it comes to centralized finance, WOO Network provides 2 services - WOO X and Wootrade.
WOO X is a trading platform whose main selling point is zero fees. It’s powered by the payment for order flow (PFOF) model, typically used by retail brokers, internal liquidity pools, top market makers, and quantitative strategies.
Here, the PFOF model brings increased price transparency, privacy, and order processing. While the internal liquidity pool is aggregated from leading market makers, trading institutions, and exchanges.
In addition, WOO X offers its users the ability to customize their dashboards based on each specific need. It’s easy to do this via a drag-and-drop system that offers a wide range of utilities.
Wootrade is a unique solution to the liquidity monopoly problem. It provides a layer one liquidity solution for different exchanges with competitive interest rates. Exchanges can integrate it by utilizing API integration which will also grant access to the WOO Network.
Some of Wootrade’s features include auto margin rebalancing and full cross margin.
On the other hand, WOOFi is the network’s DeFi solution that provides high capital efficiency. WOOFi is a DEX deployed on the WOO Network. It operates using a Synthetic Proactive Market Making (sPMM) algorithm which is exclusive to the WOO Network. This means that sPMM provides a DEX liquidity pool with a CEX order book. To put it simply, it allows network participants can enjoy lower transaction fees.
WOOFi was initially built on the BNB Smart Chain.
Who Developed WOO Network?
The WOO Network crypto project was launched in 2019. It was introduced by Kronos Research - a Taiwan-based trading firm.
At the head of the core team stand Jack Tan and Mark Pimentel who are Kronos Research co-founders.
The duo went to Carnegie Mellon University where they successfully completed their studies. After university, Mark Pimentel went on to work as a quantitative researcher at Citadel and later joined Knight Capital Group as the vice president of the company. EverMarkets was the first project related to blockchain technologies that he worked at.
Jack Tan worked at BNP Paribas and Deutsche Bank before delving into the world of crypto.
WOO Network has partnered with major players in the crypto industry including Binance, 1inch, Gate.io, DODO, AscendEx, Oneboat Capital, MEXC, and HOO, among many others.
Keep in mind that you must do proper research before making any purchase decisions. You can start by analyzing the WOO Network price on the graph above.
