<h3 id="themes-statistics-and-analysis-from-the-third-quarter-of-2022">Themes, statistics, and analysis from the third quarter of 2022</h3><p>The past quarter has been nothing short of tumultuous for all risk markets, including cryptoassets. From macroeconomic headwinds globally to rising geopolitical tensions and contractionary central bank activity, both equities and cryptoassets have experienced a tough quarter. Looking more broadly to FX markets, the Great Britain Pound and Japanese Yen have both experienced a precipitous decline in value compared to the United States Dollar. Globally, bond markets have sold off sharply with higher yields driven by central banks raising their policy interest rates, as well as reducing their balance sheets through Quantitative Tightening. Furthermore, geopolitical tensions continuing to escalate around the globe, as well as rising concerns around energy shortages in Europe, contributed to more uncertainty and volatility across risk markets.</p><p>On the brightside, cryptoasset markets experienced a very uneventful and successful Ethereum Merge in September. Leading into September, the Merge narrative supported some sentiment improvement, particularly for projects closely related like Lido. Another narrative around the notion of Real Yield emerged, with the focus on sustainable returns rather than returns primarily driven by short-term demand and token incentives. We view this as a positive trend due to WOO X and WOOFi both taking a direction of sustainable returns, by providing institutional yield earning opportunities to retail users.</p><p>Focusing on the WOO Network ecosystem, the poor market conditions have offered substantial opportunities to continuously improve the product and strengthen our community. Through prudent business management, WOO Network has avoided hiring freezes and mass lay-offs, and has been focused on bolstering teams with top builders and shapers with leading industry experience. Throughout the second half of 2022, the focus on WOO X remains optimizing trading-related functionality with the ultimate goal of delivering a truly superior product. Regarding DeFi, the launch of WOOFi Supercharger vaults (BNB Chain and Avalanche) provide depositors with yield from single-sided staking through facilitating trading on WOOFi. Behind the scenes, WOO DEX has been continually developed and aims to launch the orderbook DEX built on the NEAR protocol in October. Finally, WOO Network has always remained focused on global regulatory compliance, beginning with Taiwan’s Financial Supervisory Commission (FSC) granting WOO Network approval of its Anti-Money Laundering (AML) registration via its local entity.</p><h3 id="woo-x-updates">WOO X updates</h3><p>The goal for flagship product WOO X in Q3 was all about becoming more primed for mass adoption: focusing engineering talent on improving the login and registration process, adding new order types like trailing stops, take profit and stop loss, and more fiat onramps. Q4 will likely follow suit in efforts to make WOO X one of the most effective platforms to trade on, allowing WOO X to attract and retain more active traders.</p><p>Social features began appearing in WOO X with shareable PnL positions and the first iteration of the leaderboard. The leaderboard will eventually become a core piece of social trading features, letting users browse the top performers via metrics such as WOO Score and Sharpe Ratio. These rankings are designed to differentiate the proficient traders from more speculative participants.</p><p>WOO X mobile is also in a constant state of optimization, with added support for fiat purchases on mobile, more trading options, filled order notifications, and the ability to edit existing orders.</p><p>During Q3, WOO X added support for 9 spot markets and 17 perp markets, bringing the current total to 109 spot markets and 68 for perps. Withdrawals, before a lower threshold, were also automated to improve the user experience.</p><p><img src="https://academy-public.coinmarketcap.com/srd-optimized-uploads/775ebeb5d205406380a4fb7f8dccd116.jpg" /></p><h3 id="woofi-updates">WOOFi updates</h3><p>This quarter saw WOOFi flourish, not only defying the market’s downward trend to achieve a record-high daily volume of $20.6M, but also buying back and redistributing its one-millionth WOO. From live streams to a Layer3 Bounty and even exclusive NFTs, the word of WOOFi continues to spread further into the depths of DeFi, with other notable achievements including:</p><ul><li>Listed on DeFiLlama and ranked No.1 by capital efficiency out of 34 competing DEXs</li><li>First-ever Bounty with Layer3 completed in less than 2 hours by 1000 users</li><li>Supercharger vaults launched on BNB Chain and Avalanche supporting the single-sided earning of BNB, USDT, AVAX, and USDC totalling $2.7M&#43; TVL</li><li>Integrations with 0x aggregators including Matcha, Zapper, Cow Swap, and more</li><li>More than 5000 viewers learned about WOOFi Supercharger vaults in a BNB Chain innovation talk featuring the WOOFi team</li><li>The WOOFi team discussed security and future steps in an AMA with CertiK</li><li>WOOFi’s School of Witchcraft and Wizardry launched 4 NFTs which have seen almost 8000 combined mints</li></ul><h3 id=""></h3><p><img src="https://academy-public.coinmarketcap.com/srd-optimized-uploads/c1cf68c8e6ca402e9668870a69eb4e40.jpg" /></p><h3 id="the-woo-token">The WOO token</h3><p>All statistics in this report are accurate as of October 6, 2022.</p><p>The circulating supply is 1.16b which accounts for 39.2% of the 2.96b total supply. The market capitalization ended Q2 at around $165m.</p><p>There are over 28.3k unique on-chain addresses spanning the Ethereum, BNB Chain, Avalanche, Polygon, Fantom, NEAR, Aurora, and HECO networks, an increase of 6% from the previous quarter. BNB Chain and Ethereum both hold 41% of those addresses respectively, with Polygon addresses nearly doubling its share to around 8% of the total. This growth is likely driven by the success of on-chain WOOFi initiatives, including the launch of supercharger vaults and the launch of the NFT Wizards of WOOFi series.</p><h3 id="staking">Staking</h3><p>Over 468M WOO tokens are currently staked across retail and institutional staking on WOO X and WOOFi, which represents a 30m increase from Q2. 158m WOO are staked in WOOFi, a 13% increase from the previous quarter, with 48% on BNB Chain and 35% on Avalanche. There are 5k retail users with at least 1,800 WOO staked on WOO X.</p><h3 id="tokenomics">Tokenomics</h3><p>The circulating supply increased by around 90m WOO this quarter, with the bulk coming from the reclassification of the <a href="https://etherscan.io/token/0x4691937a7508860f876c9c0a2a617e7d9e945d4b?a&#61;0x1326a1f39746726fdcfe88d83effe5451606ae85" rel="noopener noreferrer nofollow">liquidity management wallet</a> as unlocked. Tokens from this wallet were previously used as collateral for market-making on WOO X, but were returned at the completion of the loan period. The seed vesting is set to end on October 31, marking two years from TGE. Only 25m WOO are left of the initial 250m, representing just 0.8% of the supply.</p><p>Regarding WOO token burns, July burned 3.6m, August was 1.9m, and September was 2.4m. These burns have culminated in 37.6m in total. The burns come from a number of sources, including WOO X revenue, matching trade-to-earn rebates for clients from ecosystem rewards, and instant unstaking fees on WOO X.</p><h3 id="talent-acquisition-and-hr">Talent acquisition and HR</h3><p>WOO Network welcomed 28 new team members in Q3. Currently, 187 members are building WOO Network full time. The majority of hires were made by the engineering team, legal and business development, with a new Head of BD and Head of HR joining within the quarter. Looking forward, WOO Network plans to further strengthen its engineering team with the goal to close 30 positions by the end of the next quarter.</p><h3 id="woo-dao-community">WOO DAO &amp; Community</h3><p>Our community and WOO DAO remain a steadfast component of WOO Network’s ecosystem. Throughout Q3, there were many achievements across WOO DAO and the community, including:</p><p><img src="https://academy-public.coinmarketcap.com/optimized-uploads/483397cd4ffd4d78802937aa1fca8f0e.jpeg" /></p><ul><li>Hosted the first local event in Lagos run by members of WOO Force in Nigeria with over 400 people in attendance</li><li>Helped the adoption of WOO token in NEAR ecosystem by providing incentives on WOO/NEAR pair on Ref Finance with WIP#13 and partnering with Burrow to allow WOO tokenholders to borrow against their assets</li><li>Issued a grant to community member TheThreeWords for building the woostats.io, which tracks WOO DAO’s treasury</li><li>Strengthened WOO liquidity on BNB chain with Biswap partnership and a co-marketing campaign to increase awareness too</li><li>Expanded partnership with Thetanuts to include more strike prices and biweekly expirations</li><li>Held weekly DAO community calls held with a variety of guests, including speakers from Avalanche, NEAR, Stargate, and dAMM Finance</li></ul><p>WOO Force grew with exactly 50 new applicants in Q3, bringing the total to 67 active WOO Force members in 18 countries around the world. They collected around $9,300 in bounties and helped manage 16 regional online communities.</p><h3 id="stay-tuned-for-all-of-woo-network-s-exciting-developments">Stay tuned for all of WOO Network’s exciting developments!</h3><ul><li>Socials: <a href="https://barracuda.io/woonetwork" rel="noopener noreferrer nofollow">cuda.io/woonetwork</a></li><li>Website: <a href="https://woo.network/" rel="noopener noreferrer nofollow">https://woo.org</a></li><li>Telegram Announcements: <a href="https://t.me/woonetworkann" rel="noopener noreferrer nofollow">https://t.me/woonetworkann</a></li><li>Medium: <a href="https://medium.com/woonetwork" rel="noopener noreferrer nofollow">https://medium.com/woonetwork</a></li></ul><p><em>The content above is neither a recommendation for investment and trading strategies nor does it constitute an offer, solicitation, or recommendation of any product or service. The content is for informational sharing purposes only. Anyone who makes or changes the investment decision based on the content shall undertake the result or loss by himself/herself.</em></p>

Understanding WOO Network: Q3 2022 Report

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