The popularity of blockchain technology and cryptocurrencies is increasing day by day. In 2017, industry leaders such as Binance emerged. However, before these leaders emerged, users were able to purchase cryptocurrencies directly from other individuals through peer-to-peer markets or OTC services. Now, there is a crypto ecosystem with hundreds of options, and WOO Network is a part of this ecosystem. If you want to learn more about WOO Network, which is invested in by Binance Labs, you are in the right place.
WOO Network offers an alternative approach to the world of cryptocurrencies. The network, founded by Kronos Research, aims to connect traders, exchanges, institutional firms, and DeFi platforms. The $12 million strategic investment by Binance Labs highlights WOO Network’s potential for the future. Additionally, the platform is supported by many investors such as Three Arrow Capitals, Crypto.com Capital, Avalanche, and BitTorrent and has received a total investment of $30 million. So, what kind of features does this project offer exactly?
What is WOO Network (WOO) and How Does It Work?
WOO Network connects traders, exchanges, institutions, and DeFi platforms that trade as a deep liquidity network. This network allows everyone to access liquidity, trading, and yield strategies democratically with low gas fees. The platform was incubated by high-volume trading company Kronos Research in 2019. Following this, Binance Labs invested $12 million in the project in January 2022.
The protocol shares its services between the centralized exchange WOO X and the decentralized exchange/staking platform WOOFi. Additionally, it offers the WOO Trade tool for institutional customers. WOO Network also allows partner exchanges to integrate their liquidity via API.
The platform, which has many tools and services to increase its customers’ profitability, provides lower transaction fees and high speed through the WOO Liquidity Hub. Moreover, the platform allows users to earn profits by holding certain cryptocurrencies with WOO Staking and provides access to DeFi products, currency pairs, and OTC transactions. Currently, the ecosystem serves thousands of active users, and the number of these users is increasing every day.
WOO Network, together with Kronos Research, focuses on collecting liquidity using high-volume trading and protection strategies. Liquidity is collected from centralized trading platforms and blockchain networks such as Ethereum, BNB Chain, Polygon, and Avalanche. Customers can connect to the platform through API or WOO X and WOOFi graphical interfaces. Others can indirectly access liquidity through DeFi platforms such as 0x, 1inch, and Paraswap.
Market makers in DeFi platforms like dYdX can benefit from WOO Network for hedging risks. Its zero-commission model and favourable market taker order conditions create an opportunity for low-cost risk hedging. The volume is steadily increasing, and the 24-hour trading volume has reached $2.5 billion in the past with the growth of popular platforms like dYdX.
What is WOO Token? Is It a Good Investment?
WOO coin, the native token of the WOO Network, brings together all DeFi and CeFi products offered by the protocol. The maximum token supply has been set at 3 billion, and this amount will decrease by 50% through monthly regular burns. WOO crypto currently operates integrated into blockchain networks such as BNB Chain, Ethereum, Avalanche, Polygon, Solana, and NEAR. Additionally, it can be used on leading DEX platforms such as Bancor, SushiSwap, Uniswap, PancakeSwap, QuickSwap, and SpookySwap.
The asset primarily serves users for DeFi purposes such as staking, decentralized governance, yield farming, etc. WOO coin holders are rewarded for holding tokens, and they can also earn interest by lending their WOO tokens. Additionally, the project will introduce features such as social trading tracking in the future. With this feature, token holders will be able to further increase their profits by copying the strategies of the best investors.
Currently, WOO coin and all other cryptocurrencies are trading at low levels due to the bearish market. However, this has not hindered the adoption of the market. Increased people are investing in crypto every day, which facilitates the growth of profitable areas such as DeFi. Therefore, Woo Network, which offers an extremely wide range of products, can rise again when the market turns bullish.