The WOO token is central to the WOO Network ecosystem, boasting copious amounts of utility across both CeFi and DeFi. If you're new to WOO, this article will dive into a bit of background about WOO Network, and then will dive into everything you need to know about the WOO token.
Okay so first off…. what is WOO Network?
WOO Network is a deep liquidity network connecting traders, exchanges, institutions, and DeFi platforms. It provides democratized access to market liquidity, trading execution, and yield generation strategies at lower or even zero cost. WOO Network was incubated by Kronos Research in 2019, a quantitative trading firm that has long been a leading market maker across all major exchanges, generating $5-10 billion in daily volume.There are multiple arms to WOO, and it has a suite of services ranging across both centralized and decentralized platforms. This includes:
Let’s get to why you’re here - The WOO Token
WOO is central to the WOO Network ecosystem, and the utility is embedded in both the CeFi and DeFi products listed above - serving as the unifying force for all DeFi and Cefi products and services provided. This includes:
- Staking on WOO X - Earn yield, reduce trading fees, unlock zero-fee trading, unlock rebates on taker orders (trade-to-earn), unlock daily free withdrawals, and increase referral rebates
- Staking on WOOFi - WOO can be staked on WOOFi to earn yields from the fees of swap and earn
- Governance utilities - WOO token holders, WOO X stakers, and WOOFi stakers can participate in the decentralized governance by voting on proposals. You can also attend weekly meetings where we have industry-leading guests on, and core contributors are rewarded based on their efforts. You can see how we recently rewarded those core contributors in our DAO incentive program here
- Various yield farming opportunities - You’ll find the WOO token on various blockchains, on platforms like Uniswap, Bancor, Pancakeswap, Quickswap, Spookyswap, and more.
- Borrowing and lending - Currently WOO can be used on Sushi Kashi and Rari Capital. Expect more to come from this angle as we further embed our relationships across all ecosystems.
Currently, 50% of the revenue generated across the network’s services contribute to the monthly buyback and burn, by purchasing WOO tokens from the secondary market to remove them permanently from the circulating supply. In addition, this buyback is then matched with a monthly burn from the Ecosystem Reward pool for the WOO token, which lowers the maximum supply and decreases its fully diluted value (FDV).
More WOO utility will be released in future updates of WOO X and WOOFi, and other WOO products. To contribute to growing the utility for the WOO token, community members can join the WOO DAO and help build new token use cases, partnerships, and designs.
50% of tokens for the WOO ecosystem have the following purposes:
- 25% WOO ecosystem rewards, allocated to incentivize network usage
- 10% Insurance fund, to back user assets on the network
- 10% Ecosystem partners, to reward partners for supporting activities
- 5% WOO Ventures, to invest in early-stage projects with benefits going to token holders
- Each month, there is a burn of the Ecosystem Reward pool. The quantity of this burn is determined by:
- A match-and-burn of rebates on taker orders for WOO X stakers (trade-to-earn)
The remaining 5% is for liquidity management. These tokens are occasionally used for market making purposes, but must all be returned to the wallet.
Where can I buy WOO?
CEX options: WOO X, Binance, Crypto.com, OKX, Huobi Global, AscendEx, KuCoin, Gate.IO, MEXC, Poloniex, Coinex, HOO, HitBTC
- Ethereum: Uniswap, Sushi, Bancor, 1inch, Matcha
- Binance Smart Chain: WOOFi, Dodo, Pancakeswap, 1inch, Matcha
- Polygon: Sushi, Quickswap, 1inch, Matcha
- HECO: MDEX
- Solana: Raydium, Serum, CCAI DEX
- Fantom: WOOFi, Spookyswap
- Avalanche: WOOFi, Trader Joe
You can also choose to provide liquidity on all these different platforms if you choose. There are a wide range of options to pair your $WOO token with including: ETH, USDC, USDT, BNB, AVAX, FTM, NEAR, and more! We plan to continue to expand the options and different pools for $WOO holders as we expand further into the on-chain space.
Of course if you don’t want exposure to any impermanent loss, you can always just stake it on either their CEX or DEX
Where can I bridge?
The WOO token was initially a utility token on Ethereum, which now exists on multiple blockchains through bridges. Always check the official token contract addresses and the bridges
available as below. Key bridges we recommend would be:
In summary the WOO token is a fundamental part of the overall WOO Network ecosystem. It can be used on both their own centralized and decentralized trading platforms for zero-fee trading, staking + yield, governance, with even more to come! WOO network has already established itself as a top 10 exchange in the crypto space in a short period of time. As WOO Network’s liquidity continues growing in the DeFi and CeFi space, WOO token’s utility also expands. Its mix of a veteran team, support from industry leaders like Binance, and a suite of essential products have helped create its position in the industry today. To continue this growth, WOO Network also plans to expand its extensive list of products, features, and partnerships.