Everything You Need to Know About WOO Network (WOO)?
The crypto market has rapidly grown since the launch of Bitcoin. A huge number of investors are depositing money into this market to earn some profit. Nowadays, there are plenty of crypto exchanges that provide trading facilities to users.
Both the centralized and decentralized exchanges are working in parallel because they have their own advantages and disadvantages. Woo Network is a unique kind of blockchain network that provides both types of facilities to its users.
Centralized vs. Decentralized Exchanges
During the early days of crypto, users had to follow a complex path to buy their desired tokens. In this situation, centralized exchanges appeared as a solution as they enabled users to purchase a range of cryptocurrencies within a few simple steps. The problem with these exchanges is that they’re controlled by a single entity.
And these exchanges can also share the users’ data with government organizations and other authorities if required. Thus, it raises concerns about the user’s privacy. The decentralized exchanges eliminate these issues by providing complete control to the community members.
The decentralized exchanges use an automated market maker to streamline the trading process. Moreover, the community members get the right to vote for certain decisions within a decentralized exchange.
What is Woo Network (WOO)?
Woo Network is a deep liquidity platform dedicated to providing an all-in-one solution for exchanges, traders, and Defi platforms. The platform is designed to fill the gap between centralized and decentralized exchanges. It’s a project of the Kronos Research team introduced in 2019.
Kronos team identified that both the centralized and decentralized exchanges are facing the problem of insufficient liquidity. So, they introduced the Woo Network which provides faster trade execution with little to zero trading fees.
Woo Network Brief History
Mark Pimental and Jack Tan, the co-founders of Kronos Research, introduced the Woo Network in 2019. It was initially introduced as Wootrade. Over the years, the team has launched a range of unique services like CeFi, DeFi, and more.
Kronos team raised around $30 million from top-tier institutes like QCP Capital, PSP Soteria Ventures, Crypto.com Capital, and Three Arrows Capital.
Woo Network Features
Decentralized Social Media
Woo Network is a social media platform that incentivizes users to create and share unique content. The platform has introduced the “Woo Points” system to reward users. Investors can trade these points for discounts, gift cards, and other features. The network is dedicated to providing unlimited internet access to its users without any censorship.
The platform is designed to smoothly run different operations even if a few sections are offline.
Centralized Exchange Woo X
Woo X is the primary product of the platform that offers remarkable liquidity and trade execution to professional traders with little to zero trading fees.
Low Fee Trading
Woo Network has introduced the Tier 2 status for professional traders. The traders need to stake 1,800 Woo tokens to earn this status. They can then reduce maker and taker fees and enjoy a few additional benefits that aren’t available to Tier 1 traders.
Liquidity in Abundance
Woo Network has established a strong network of liquidity providers including exchanges, institutions, and market makers. These participants help with meeting the traders’ demand by consistently maintaining deep liquidity within the platform. Kronos Research is the biggest contributor that provides liquidity for this platform.
Customizable Workspace
The best thing about Woo X is that it provides a range of customization features like widgets and charts so that traders can customize the display according to their preferences. It proves to be more beneficial for experienced traders. The interesting part is that the users can create personalized trading indicators according to their trading strategy.
Decentralized Exchange WooFi
WooFi is the second most important feature of Woo Network which supports fast and affordable trading while protecting users’ privacy. The platform calculates the prices of different crypto tokens with the help of a Synthetic Proactive Market Maker (sPMM).
Swapping
Unlike other decentralized exchanges, WooFi uses a typical exchange’s order book to determine the price of different crypto pairs. The platform uses a set of oracles that are responsible for updating live prices of different crypto tokens after collecting data from centralized exchanges like Binance, Bybit, and others.
Unlike traditional exchanges, WooFi only maintains a single asset pool. It means the investors can simply deposit their assets into these pools and the platform will use these assets to facilitate the trades. The platform rewards the liquidity providers for their contribution.
Investors can earn much better returns by depositing assets that have low liquidity. Thus, the platform encourages investors to add more liquidity to the exchange.
Staking
Woo token holders can stake their tokens to become a validator. The platform rewards them with the trading fees earned from different trades.
Yield Farming
The investors are invited to deposit their LP tokens from other decentralized exchanges. The profits earned from these tokens are automatically reinvested. Thus, the users can continue earning more interest on their investments.
Woo Tokenomics
WOO is the native token of Woo Network that is used to pay trading fees. The users can also stake WOO tokens to earn rewards from the platform. Moreover, the Woo Network team is also planning to use this token as a governance token in the future. With a circulating supply of 1.65 billion tokens, WOO has a market cap of $385 million.
Conclusion
Woo Network is a unique kind of blockchain network that introduces a combination of centralized and decentralized exchanges to provide better trading opportunities to users. It can quickly execute trades with little to zero transaction fees. If you need more information about how Woo Network works, feel free to get in touch with us.