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WOO Network (WOO) Introduction

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2022-09-01
WOO Network (WOO) Introduction

What is WOO Network (WOO)?

Kronos Research established the WOO Network, a deep liquidity network for traders, exchanges, institutions, and DeFi platforms. The network's infrastructure uses blockchain technology to give traders, exchanges, institutions, and DeFi platforms access to more market liquidity and quicker trading execution at free cost or very low cost. It makes best-in-class liquidity, trading execution, and yield-generating tactics that are far less expensive than others or even free. Their services include Wootrade, a liquidity pool for institutional clients, DeFi-related products offered under the umbrella brand WOOFi, and WOO Network's centralized exchange (CEX) WOO X.

- The WOO Network offers controlled and decentralized exchanges as a part of its liquidity network.

- WOO X offers low-cost trading, customizable workspaces, and a lot of liquidity (the CEX).

- WOOFi (the DEX) introduced a new Synthetic Proactive Market Making approach to mimic an order book from a regular exchange.

Users of the trading platform can trade, earn and stake WOO, the project's native token. WOO may be purchased on Bitget with a credit or debit card, or it can be exchanged for other cryptocurrencies.

What is WOO Network (WOO)?

WOO Network (WOO) is the first social media platform in the world that pays users for creating original content. Using a "Woo Points" system, WOO encourages users to create and share high-quality content. These Woo points can be redeemed by members for rewards like gift cards, deals, and access to exclusive content. Everyone can use the internet more freely and without restrictions thanks to the decentralized WOO Network. No one can stop or restrict access to the WOO Network because it is made to be censorship-resistant. The network is also made to be very resilient, which means that even if some of the networks are down, they can still work. Anyone can contribute to the development of the WOO Network because it is an open-source initiative. The team is striving to improve the network by adding more features to the project, which is presently in beta.

The WOO Network is based on the Ethereum (ETH) blockchain and conducts all of its transactions using ERC20 tokens. As a result, it is effective and safe. The WOO team has also developed a smartphone app that streamlines trading. The WOO Network is a DEX that is easy to use and has a wonderful user experience, so it's worth taking a look.

How does WOO Network work?

Institutional clients can update their order books to a depth that is comparable with top exchanges and reduce their bid-ask spread by using WOO Network (WOO). It is a zero-fee or even negative-fee trading platform that offers the best-in-class liquidity and execution to institutional and professional traders. One of the most popular options for active traders is WOOFi because of its fully adjustable workspace modules.

The WOO Network is a blockchain that makes it possible to create dapps and smart contracts. The application, middleware, and core layers make up its three-layer architecture. Dapps are created and implemented at the application layer. Services like messaging, storage, and account management are offered by the middleware layer. Security and consensus are the responsibilities of the Core layer.

Additionally, market makers from other platforms, such as dYdX, may use WOO Network as a venue. The zero-fee idea and appealing taker order conditions enable low-cost hedging. Due to the exponential growth of well-known platforms like dYdX, volumes have been steadily rising, and by the middle of September 2021, the 24-hour trading volume had topped $2.5 billion.

What are the key features of the WOO Network?

For institutional and professional traders seeking a big liquidity pool, narrow bid-ask spreads, and fee-free or fee-negative trading, WOO Network is the best option.

The following are some distinctive qualities that set WOO Network apart:

1. Depth of the institutional order book: Institutional clients use WOO's cutting-edge order matching engine to achieve the best rates for their trades.

2. Narrow bid-ask spreads: Traders are guaranteed to receive the best rates for their trades thanks to WOO's substantial liquidity pool and sophisticated order matching engine.

3. Trading with no or little fees: WOO Network doesn't impose any trading fees and gives rebates to users who increase platform liquidity.

4. A workstation with complete customization: WOOFi, a fully customizable workspace module from WOO Network, enables traders to customize their trading experiences to meet their unique demands.

5. More complex order kinds: Iceberg orders are one of the sophisticated order types available on WOO Network, which enables traders to obtain the best prices for their trades.

What are WOO X and WOOFi?

The main offering of Centralized Finance (CeFi) trade services by WOO Network is WOO X. The exchange offers deep liquidity, flexible workspaces, and minima l trading fees. WOO X is a potent tool for traders looking to profit from the expanding CeFi sector. WOO X is the ideal platform for individuals trying to get the most out of their CeFi trading because of its minimal costs and high liquidity. Furthermore, the function that lets traders customize their workspace helps them to adjust their experience to suit their particular requirements. WOO X is the ideal platform for your CeFi trading needs, regardless of whether you're a seasoned veteran or just getting started.

WOO Network (WOO) Introduction

Source: WOO X

WOOFi is an Automated Market Maker based on BSC that sets prices using the Synthetic Proactive Market Making (sPMM) methodology. Most common AMMs employ the simpler, more traditional Constant Product Market Marker (CPMM). Swapping, earning, and staking are the three main services that WOOFi provides.

Swapping: In the liquidity pools of WOOFi, users can trade between token pairs. Compared to AMMs like Uniswap on Ethereum, the order book of a typical exchange is more comparable to the sPMM paradigm. To scan order book prices from centralized exchanges like Binance and determine an appropriate trade price, sPMM uses the market data oracles of WOO Network.

Instead of the conventional dual asset liquidity pool (LP) scheme, liquidity is provided by single pools. WOOFi maintains and rebalances these assets by rewarding investors that contribute low-quality assets.

Earning: Users can earn interest by adding their tokens to the liquidity pools of WOOFi. The interest rates are flexible and are based on the pool's liquidity level.

Staking: For users who want to increase the interest they receive on their deposited tokens, WOOFi offers staking services. Staked tokens give the liquidity of the pool and take a cut of the trading commissions.

WOOFi is a great option if you're looking for an AMM that may offer reasonable pricing and cheap costs. WOOFi is even more appealing if you are an LP because you can earn income on your capital deposits.

WOO token Introduction

The WOO token, which serves as the foundation for all DeFi and CeFi products and services, is the native token of the WOO Network. The maximum quantity is 3 billion tokens, and after monthly token burns, that number continuously declines until half of the maximum supply has been consumed. Future governance utilities for the WOO token are expected to give token holders voting rights over the network's evolution, depending on how much and how long they have staked their tokens.

WOO token is a utility token that can be used on many blockchains with the use of bridges like BNB Chain, Ethereum, Avalanche, Polygon, Solana, Arbitrum, Fantom, and NEAR. It is incorporated into several well-known DEXes on different chains, including Bancor, SushiSwap, Uniswap, PancakeSwap, QuickSwap, and SpookySwap.

The WOO token is a crucial component of the WOO Network ecosystem and is required for anyone wishing to utilize the network's extensive offering of goods and services. Among its principal use cases are:

- Governance: Owners of the WOO token can vote on important choices affecting the direction of the WOO Network. Making judgments about which new goods and services to create as well as how to distribute the network's resources fall under this category.

- Staking: The WOO token can be staked to receive benefits from the many goods and services the WOO Network has to offer.

- Payment: All goods and services provided by the WOO Network are paid for using the WOO token.

- Bridge: The WOO token acts as a link across various blockchains, enabling users to utilize the same token while benefiting from all of the greatest aspects of each blockchain.

WOO Tokenomics

WOO token has a cap set at 3,000,000,000 tokens;

- 50% of tokens are ecosystem tokens for mining/ staking rewards;

- 20% of the tokens are sold in private and public sales;

- 20% are team tokens and 5% are advisor tokens;

- And 5% is for liquidity management.

The full breakdown of the WOO’s tokenomics can be found here.

Staking WOO Tokens

The WOOFi "stake" page allows community members to stake their WOO tokens in exchange for a yield from the performance fee and swap fee that is collected on the WOOFi Swap and Earn platforms, respectively. In return for staking WOO in the WOOFi staking contract, users receive xWOO as the LP token. xWOO tokens can be used to redeem the staked WOO after the unstaking time.

WOO Network (WOO) Introduction

Source: WOOFi

How can I buy WOO tokens on Bitget?

You can purchase WOO on Bitget by trading or exchanging it with other cryptocurrencies on Bitget platform: Trade WOO Token now!

Disclaimer: This article is for educational purposes only and is not intended as investment advice. Qualified professionals should be consulted prior to making financial decisions.

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