he WOO Network was founded by co-founders of Kronos Research, Jack Tan and Mark Pimentel in 2018 and later launched the protocol in 2020 after a few institutions raised over $30m of investments in a funding round.
The mission is simple and that is to fix the inadequate and costly issues with liquidity that spans across both centralised (CeFi) and decentralised finance (DeFi). They provide traders, exchanges and protocols with superior low to zero-cost fees!
How does it all work?
In the simplest way possible, WOO Network will aggregate and integrate liquidity from the best CEXs and trading platforms, and also through the top DeFi blockchains such as Ethereum, BNB Chain, Avalanche and more.
WOO Network is made up of four key products and services that function the whole protocol. These are:
The trading platform provides traders with low to zero-cost trading fees by utilising the liquidity that is sourced from the WOO Network. This is a Centralised Exchange (CEX) with over 89 Spot Markets and 73 Futures Markets. WOO X averages over $150M of network volume every 24 hours!
Allows liquidity from WOO Network to be integrated across CEX/DEXs and DeFi protocols which can improve their order books. This is specifically for B2B (business-to-business) and is not for the average user.
A Decentralised Exchange (DEX) provides users with the cheapest swap prices and reduced slippage at lower fees. You can swap the majority of cryptocurrencies on most major blockchains such as Ethereum, Avalanche, BNB Chain, Fantom, Polygon, Optimism, zkSync Era and Base Goerli (Testnet).
WOO Fi offers users a cross-chain experience, for example, I can swap $USDC from the Avalanche Network into MATIC on the Polygon network, in one swap without having to use a bridge! This will save a lot of fees for users who are consistently shifting assets between blockchains!
WOOVentures is the investment sector of the network that partners with protocols to then return and distribute 50% of the profits to WOO holders. This is a unique and innovative product offered by the WOO Network and provides WOO holders with superior utility!
Soon, WOO Network will introduce a native Launchpad that will see the rise of many new protocols. Only Stakers on WOO X will get Priority Access to new projects.
WOO Network Token (WOO)
The WOO token holds many utilities and is available on many popular blockchains. Let’s take a look at what the WOO token has to offer:
Stake idle WOO tokens to receive more WOO and unlock lower/zero trading fees! Also if you stake 1,800 WOO tokens, you will be able to perform spot & perpetual trades with zero fees!
Hold at least 1,800 WOO to create or vote on any network proposals. It will cost over $360 at the time of writing and in my opinion, this isn’t too friendly for new investors with a small budget.
WOO LPs & Yield Farms
Provide Liquidity in pools and use your LP tokens to farm extra rewards on protocols such as SushiSwap, PancakeSwap and many more.
WOO Ventures Distribution
As mentioned above, WOO Ventures invests in early-stage protocols to return profits for its WOO holders/investors.
Lend WOO tokens to others or use them as collateral for a crypto loan, essentially either paying or earning interest!
WOO possibly has the largest list of utilities compared to other Altcoins in existence. There are more WOO utilities coming soon!
The network burns tokens, making WOO deflationary and has currently burned over 749M tokens valued at $176M! As we speak, 75.34% is in Circulation and the remaining is locked up and slowly vested over a long period of time to the Team & Advisors, Series A investors and Future Team and Investors. To be precise, I have broken down the Tokenomics:
Initial Total Supply - 3 Billion
Active Supply in Circulation - 1,064,000,640 (47.28%)
Ecosystem Rewards - 631,442,240 (28.06%)
Future Team & Investors - 287,539,695 (12.78%)
Team & Advisors - 210,804,779 (9.37%)
Series A Investors - 56,871,504 (2.53%)
How To Buy WOO
The WOO token is widely available and can be found on the Ethereum, Avalanche, BNB Chain, Fantom, Polygon, NEAR, Arbitrum and the Solana networks. WOO can also be found on 99% of major centralised exchanges.
There are two main ways to buy WOO, but you will always go through a centralised exchange (CEX). Here are the options:
Option 1- Centralised Exchange
We recommend using one of these centralised exchanges when buying or trading the WOO token. Here is a list of CEXs with a few delicious promotions:
- Binance - The most popular CEX in the world
- ByBit - EARN UP TO $30K in DEPOSIT BONUSES
- BitGet - Trade on BitGet and receive 0% Deposit Cashback + $5,000 DEPOSIT BONUSES
- Coinbase - Spend $100 and Get $10 back!
Option 2 - DeFi Wallet & Decentralised Exchange
To get started you will need a DeFi wallet and make sure to secure your seed phrase with a hardware wallet (Trezor):
If you are buying WOO through your DeFi wallet, we recommend using any mentioned network other than Ethereum, as Ethereum gas fees are very expensive. If you haven’t set up the Ethereum, Avalanche, BNB Chain, Fantom, Arbitrum or Solana networks, you can follow our YouTube tutorials down below. Here are the essential links:
- Uniswap Tutorial
- Metamask Tutorial
- Avalanche Tutorial
- BNB Chain Tutorial
- Polygon Tutorial
- Arbitrum Tutorial
- Fantom Tutorial
- TraderJoe Tutorial
- PancakeSwap Tutorial
- Phantom Wallet (Solana) Tutorial
WOO is partnered with some of the leading blockchains and protocols such as Binance, Cardano, Avalanche, Chainlink and many more with a heavy influence in the blockchain industry.
The popularity of WOO Network is growing exponentially as they average over 120k transactions with over $290M in volume, daily! With the partnerships and backing WOO has, I can only imagine these figures will keep on rising.
At the time of writing, the WOO token is sitting at a price of $0.24 with a market cap of $427M, ranking WOO as the 94th largest cryptocurrency. WOO has seen an ATH of $2.48 and has the potential to exceed that once again.