About WOO Network (WOO)
WOO Network is a social liquidity network that brings together traders, exchanges, centralized institutions, and decentralized finance (DeFi) platforms with access to essential financial tools. These include yield generation strategies, liquidity, and trading execution. WOO’s product suite includes WOO X, Wootrade, and WOOFi.
Recently, WOO Network gained significant traction by being among the first crypto platforms registered under Taiwan's Money Laundering Control Act, indicating positive prospects for Taiwan's state of crypto regulation. It has also initiated a strategic collaboration with the FinTech Poland Ecosystem, contributing to the advancement of the responsible, secure, and innovative crypto market in Poland.
WOO Network's central product, WOO X, provides centralized finance (CeFi) trading services and facilitates zero- to low-fee trading, as well as deep liquidity. The latter means WOO X can reportedly execute large orders without significant price slippage.
WOOFi is WOO Network’s DeFi platform. It is a Binance Chain-based automated market maker (AMM) whose market-making approach differs from that of traditional AMMs. WOOFi’s process involves scanning order book prices from centralized exchanges (CEXs) and calculating trade prices using WOO Network's market data oracles for accurate swapping.
WOOFi also provides users with yield farming by depositing liquidity pool tokens from other decentralized exchanges (DEXs). Profits are automatically reinvested, providing yield to users; WOOFi also allows users to stake and trade.
WOO Network's native token WOO acts as the network's governance token, with 300 million tokens (i.e., 10% of the total supply) dedicated to the WOO decentralized autonomous organization (DAO). Recently, the WOO Network burned over 705 million tokens, leading to a significant rally in its price.
WOO Network's apparent end goal is to fully adopt the organizational structure of a DAO by democratizing its decision-making to its community. However, WOO Network has acknowledged that reliance on community participation can be slow to execute. As such, it plans to phase in WOO DAO in stages. WOO price is updated and available in real time on Binance.