What is WOO Network (WOO)?

WOO Network is a combination of centralized and decentralized financial services that connect traders, exchanges, institutions, and other decentralized finance (DeFi) platforms. One of its primary objectives is to provide liquidity and faster trading execution at a low cost — or even free of charge in some cases. In addition to WOO Network itself, the complete set of WOO products and services includes WOO X, WOOFi, and WOOFi DEX.

In this AAG Academy guide, we’ll explain WOO Network, how it works, and what makes it unique in more detail. We’ll also look at the WOO token and how it can be used, and answer some frequently asked questions.

You may already be familiar with traditional decentralized cryptocurrency exchanges if you’ve done any kind of cryptocurrency trading in the past, and if so, you’ll likely know that there are a lot of them out there today. They’re all vital to the cryptocurrency economy, making coins and tokens, and the ability to swap them, accessible to almost anyone.

WOO Network is a part of this ever-growing ecosystem, but it goes well beyond the basic exchange model. Describing itself as a deep liquidity network, WOO was built to solve common liquidity issues within the cryptocurrency industry. With its suite of services, WOO provides deep liquidity to projects that really need it, helping them compete with larger DeFi platforms.

Since exchange platforms became a staple of the cryptocurrency industry, much of the liquidity has been held by the market leaders — the largest exchanges. WOO Network was built to tackle that and disrupt the monopoly these exchanges have.

Who invented WOO Network?

WOO Network was first created in 2019 by core members of Kronos Research, the quantitative trading firm that incubated WOO Network and helped bring it to market. Kronos generates $5-$10 billion in daily trading volume, and its experience allowed the organization to identify a major issue in the market — that liquidity is insufficient and unaffordable for some exchanges.

Since its launch, WOO’s suite of products has expanded to include the following:

• WOO X: A zero-fee trading platform that provides professional and institutional traders with liquidity and execution.
• WOOFi: A multi-chain bridge that provides centralized finance (CeFi) liquidity to DeFi platforms.
• WOOFi DEX: An on-chain order book exchange that looks and feels just like a traditional centralized exchange.
• WOO Ventures: An investment platform that enters into strategic partnerships with projects and ecosystems and shares its profits with WOO token holders.

How does WOO Network work?

In partnership with Kronos Research, WOO Network aggregates liquidity from a number of major centralized and institutional trading platforms, as well as through DeFi networks. It then offers this as an open liquidity pool, which WOO clients can connect to, either directly with the use of an API, or indirectly through DeFi platforms like 1inch and Paraswap.

This provides those clients with deeper liquidity levels, allowing them to operate more smoothly and more efficiently. Market makers from other platforms can also use WOO Network to hedge exposure. Its zero-fee model makes it ideal for low-cost hedging.

When it comes to WOO X, it works very differently to other centralized crypto exchanges, like Binance and Coinbase. These exchanges typically look at market popularity and demand when deciding on which cryptocurrencies should be listed, whereas WOO X considers their projected trading volume and liquidity levels. Only those with deep liquidity levels qualify.

This means that the list of cryptos available on WOO X isn’t vast, but those that are available can be traded with very low slippage. What’s more, users who stake at least 1,800 WOO tokens on the platform can enjoy zero-cost trading, and free daily crypto withdrawals.

WOOFi also accesses WOO Network’s liquidity to provide decentralized finance. It offers token swapping, yield farming, and staking. The WOOFi DEX is somewhat limited right now because it’s still in beta, but it is designed to offer typical DEX services. One advantage it has over traditional DEXs is its advanced trading interface, similar to that offered by CEXs.

What makes WOO Network unique?

There are a number of things that make WOO Network unique, chief of which is the overall suite of products and services it is comprised of. While others may offer these services individually, WOO packages them together for a more seamless experience — then combines them with additional features or a unique approach that gives its platforms an advantage of some kind.

WOO, unlike most cryptocurrency projects, is also heavily funded by some of the biggest financial institutions, including Citi, Deloitte, Deutsche Bank, and others.

What is the WOO token?

The WOO token is the native cryptocurrency of the WOO network, allowing it to be used across all of the CeFi and DeFi products WOO offers. In addition to staking, WOO token is used for governance in the WOO DAO, for providing liquidity, for yield farming, and as collateral for crypto loans. Furthermore, WOO tokens play a key role in WOO Ventures.

WOO token is available from both centralized exchanges like Binance, which accept debit cards for crypto purchases in many countries, and from most decentralized exchanges. It has a maximum supply of 3 billion units, but this gradually decreases over time until 50% of the total supply is burned.

Sources:

• learn.woo.org
• What is woo network
• What is woo network (woo)
• Exploring the woo network crypto project and woo token price