What Is Woo Network (WOO) How It Works & Where To Buy It?

WOO Network is a Kronos Research-incubated network enabling deep liquidity. It provides various clients with cost-effective and oftentimes free access to the best-in-class liquidity and other innovative tactics.

WOO is the native utility token and governance token of the blockchain protocol.

The WOO token is currently the 138th largest cryptocurrency by market capitalization.

 

How Woo Network (WOO) Works

In 2019, Kronos Research, a well-established firm and prominent market maker spanning several prominent exchanges and generating billions in trading volume, launched WOO Network.

After extensive experience in the crypto space, the Kronos team identified a major shortcoming: inadequate and expensive liquidity across numerous crypto exchanges.

Effectively, Kronos aided in the establishment of WOO Network, which currently provides a range of blockchain-based products that provide consumers with more liquidity at reduced or even free costs. WOO Network’s Series A+ fundraising round with a $12 million investment was facilitated through the help of Binance Labs.

The majority of WOO Network services are provided through WOO X, a centralized exchange (CEX), and WOOFi, a decentralized exchange (DEX) and staking platform. WOO Network provides WOO Trade to professional and institutional traders, enabling key partner exchanges to incorporate WOO Network’s deep liquidity network into their offerings through API.

WOO Network and Kronos Research collaborate to gather and incorporate liquidity by utilizing lucrative solutions that involve hedging as well as quantitative trading. More recently, liquidity is gathered from various DeFi networks. On WOO X and WOOFi, clients are linked to the innovative Woo network using the API or the graphical user interface (GUI). Others link indirectly by means of DeFi platforms such as 1inch, 0x, and Paraswap.

WOO Network offers the following products:

• WOO Network – A portal that permits clients from institutions to increase the depth of their order books, similar to the levels seen on major exchanges, and to minimize their bid-ask spread.
• WOOFi – A collection of decentralized products designed to extend the Liquidity of Woo Network in the decentralized finance sector and give DeFi consumers the most affordable pricing, nominal fees, minor bid-ask spreads, and attractive but risk-free profitable DeFi earning opportunities.
• The WOO X – A trading platform with no trading fees that provides all traders with enhanced liquidity and improved execution. It offers fully customizable modules for individualized workstations.
• WOO Ventures – Tasked with investments and strives to form strategic partnerships with projects and ecosystems. WOO token holders are given half of the returns made by the investments.

Individuals seeking more information about the zero fee trading protocol, its institutional clients, and how the synthetic proactive market making is achieved can refer to Woo Network website and the Woo Network Litepaper.

 

What Is Woo Network (WOO) Used For?

WOO serves as the common link for the suite of centralized and decentralized products offered by the Woo network. The team has committed to burning WOO tokens until 50% of the maximum supply has been permanently removed.

WOO is already actively used on a variety of blockchains by utilizing bridges. It is included with notable DEXs on multiple chains, including the likes of SushiSwap, Uniswap, and PancakeSwap.

The WOO token is linked to WOO X trading, ensuring token holders incur no trading fees, trading rebates, and a host of other exclusive features.

• Governance – Stakeholders of WOO that hold at least 1,800 WOO tokens receive exclusive voting rights. They can participate in various DAO proposals and other network updates.
• Woo Token Stakers – Stakers of WOO tokens benefit from reduced trading costs and can potentially trade on the native centralized WOO X exchange for free. Large-volume traders on WOO X can increase their trading limits by staking their WOO tokens.

  A portion of profits from Woo Ventures in investments are allocated to holders of the WOO coin on the protocol’s native WOO X centralized exchange. Additionally, users can participate in staking WOO on the decentralized WooFi platform to benefit from the returns generated from trading fees.

• WOO can be used to join LPs and other DeFi products on decentralized platforms. These provide possibilities across various blockchains. WOO can be used as collateral for crypto loans which will then be used when an individual wants to borrow crypto and take out a loan from the lending protocol.
• Social trading – One of the expected features in the future is social trading. WOO investors can essentially follow the exact tactics of professional traders renowned for earning large amounts of money.
• WOO Monthly Burns – The WOO Network utilizes 50% of monthly platform income to repurchase and destroy WOO tokens.

In addition, some people engage in swing and arbitrage trading of WOO tokens across several platforms. This can be quite profitable, but it has a significant level of risk.

 

Where To Buy Woo Network (WOO) Token

WOO is a relatively new cryptocurrency that has lately gained widespread attention in the crypto space.

WOO tokens are commonly traded on most centralized crypto exchanges. Before you’re able to purchase WOO, you’ll need to deposit fiat money onto an exchange; sequentially, WOO tokens will then be credited to your digital wallet on the exchange.

The crypto exchanges below are amongst the safest place where you can buy, sell and store tokens.

1. OKX
2. HTX
3. KuCoin
4. Binance

Typically, owners of crypto tokens move their tokens to a digital wallet. Then, holders can easily connect their wallets to a variety of decentralized websites and utilize lucrative DeFi products.

Users are advised to withdraw their tokens from centralized exchanges since doing so grants them complete control of their crypto tokens and private keys.

None of the abovementioned information is investment advice.

 

About Woo Network (WOO)

How long has Woo Network (WOO) existed?

In 2018, James Ferguson, Robbie Ferguson, and Alex Connolly established Immutable X. The blockchain protocol provides near-zero gas prices and rapid transaction confirmation for minting and trading NFTs. Users can generate and exchange ERC-721 and ERC-20 tokens without compromising the security of their assets and at cheaper rates.

The Immutable X initial coin offering raised $13,000,000, and the ICO token price was 1 IMX = 0.15 USD. Currently, token holders are still more than 6x up on the ICO price.

What’s controversial about Woo Network (WOO)?

The cryptocurrency industry is notoriously poorly regulated. Before investing, users should always exercise necessary precautions and learn as much as possible about the basics of cryptocurrencies and blockchain technology.

Let’s take a look at the top controversy surrounding Woo Network (WOO):

• Competition – Woo network onboarded a host of top institutional clients, and the multi-strategy trading firm offers innovative value proponents which make the Woo ecosystem an exciting prospect. However, it should be noted that the blockchain space is incredibly competitive, and a host of innovative projects aim to provide users with similar solutions.

   

How many Woo Network (WOO) Tokens are there?

At the time of writing, Woo network (WOO) has a circulating supply of 1.07B WOO

The total supply of Woo network (WOO) is 2,989,743,330

The max supply of Woo network (WOO) is 3,000,000,000

Can Woo Network (WOO) be mined?

IMX tokens can’t be mined. Many websites might claim to offer WOO mining services, but it should be noted that mining WOO isn’t possible.

Some centralized exchanges let users earn returns by staking IMX tokens.

What is the market cap of Woo Network (WOO)?

The market cap of Woo Network (WOO) is: the total amount of coins in circulation x the current market price of WOO.

Woo Network (WOO) Market Cap = 1.07B WOO x $0.1628 = $174 million (138th largest market cap)

WOO is currently one of the top 150 cryptocurrencies by market capitalization.

 

Biggest Competitors Of Woo Network (WOO)

Despite the fact that the Woo network has established itself as a key crypto ecosystem in the crypto industry, a number of rival initiatives strive to offer similar services to users. The protocol has expanded tremendously since its start, but it should remain very innovative if it is to benefit from the growth and investment potential in the crypto market.

Woo Network’s biggest competitors are:

• ByBit
• Binance
• Uniswap
• Pancakeswap

 

What Are The Future Plans of Woo Network (WOO)?

Woo network will prioritize increasing its user base, boosting the utility of its native token, and onboarding more partners. There are now a number of top-tier partners whose projects have joined the Woo network ecosystem – Woo will look to expand on this number.

The protocol intends to enhance the amount of exposure the project gets, continue to remain creative, and become dominant in the cryptocurrency industry.

 

Pros And Cons Of Woo Network (WOO)

Pros:

• Diverse Ecosystem – Woo network offers an array of innovative blockchain-based products, including Woo X and WooFi. These platforms accommodate users in the centralized exchange sector as well as the DeFi space.
• Zero Fee Trading – The Woo X platform has zero trading fees.
• Major Partnerships – Woo network has grown exponentially and has tied up some significant partnerships in recent months. The most recent partnership was with Binance Labs.
• WOO Major Listings – The WOO token is listed on most of the major centralized exchanges.

Cons:

• Competitors – The Woo network platforms are innovative and have attracted a large number of users, but they face significant competition from well-established platforms such as Binance, ByBit, Pancakeswap, and Uniswap.