WOO Network is a deep liquidity network incubated by Kronos Research. It connects traders, exchanges, institutions, and DeFi platforms with democratized access to best-in-class liquidity, trading execution, and yield generation strategies at a lower or even zero cost.
WOO Network offers both centralized and decentralized exchanges as part of a liquidity network. WOO X (the CEX) provides low-cost trading, customizable workspaces, and deep liquidity. WOOFi (the DEX) offers a new Synthetic Proactive Market Making model that mimics a traditional exchange's order book. The trading platform's users can swap, earn, and stake WOO, the project's native token. You can purchase WOO on Binance with a credit or debit card or trade it for other cryptocurrencies. WOO can also be staked for rewards on WOOFi.
Since the creation of Bitcoin, the blockchain space has continued to grow rapidly, and it’s easy to see how important cryptocurrency exchanges are today. But, if we go back to 2016, the options were slim. Binance only launched in July 2017, and there was no Uniswap or other Automated Market Makers (AMM) out there. Many people purchased Bitcoin (BTC) and other digital assets directly from other individuals in peer-to-peer (P2P) markets or through over-the-counter (OTC) trades.
Now there are hundreds (if not thousands) of crypto exchanges to choose from. WOO Network is part of this ecosystem, but it offers unique features that go beyond the traditional crypto exchange model. If you want to hear more about one of Binance Lab's investments, you've come to the right place.
What is WOO Network?
Subsequently, Kronos helped launch WOO Network, which now offers a suite of products that bring users better liquidity with lower or even zero fees. Binance Labs led WOO Network’s Series A+ funding round with a $12M investment in January 2022.
How does WOO Network work?
WOO Network works with Kronos Research to aggregate and integrate liquidity using quantitative trading and hedging strategies. Liquidity is aggregated from a number of leading centralized and institutional trading platforms and, more recently, through DeFi networks such as Ethereum, BNB Chain, Polygon, and Avalanche. Clients connect directly to the network via API or through the GUI on WOO X and WOOFi. Others connect indirectly via DeFi platforms like 1inch, 0x, or Paraswap.
Market makers from other platforms, such as on dYdX, can also use WOO Network as a venue to hedge exposure. The zero-fee model and favorable terms towards taker orders are ideal for low-cost hedging. Volumes have been growing steadily, and in the middle of September 2021, the 24hr trading volume reached $2.5B, fueled by the exponential growth of popular platforms, such as dYdX.
What makes WOO Network unique?
The team at WOO Network has had significant financial and technical experience across many companies such as Citadel, Virtu, Allston, Deutsche Bank, and BNP Paribas. Also, WOO Network’s product offering includes:
- WOO Network - a gateway for institutional clients to upgrade their order books to a depth competitive with top exchanges and tighten their bid-ask spread.
- WOO X is a zero-fee or even negative fee trading platform providing professional and institutional traders with the best-in-class liquidity and execution. It features fully customizable modules for workspace customization.
- WOOFi is a suite of products that aim to expand WOO Network's liquidity network to DeFi and help DeFi users get the best pricing, the lowest fees, tightest bid-ask spreads, and rewarding but safe yield-generating opportunities.
- WOO Ventures is the investment arm of WOO Network, which seeks to form strategic partnerships with projects and ecosystems. 50% of the returns from all investments are distributed back to WOO token holders.
What is WOO X?
WOO X is WOO Network's primary product offering Centralized Finance (CeFi) trading services. The exchange boasts low-fee trading, deep liquidity, and customizable workspaces.
Fees are an important part of any trader's choice when choosing a platform. Users who trade on WOO X manually (without using an API) can reduce their maker and taker fees by gaining Tier 2 status. Tier 2 is available to those who stake 1800 WOO on WOO X, and the CEX occasionally applies additional benefits to Tier 2 users.
Key to any exchange's success is the ability for buyers and sellers to complete their orders efficiently. Ideally, there should be little to no slippage for large orders and a small bid-ask spread, and this is only possible with deep liquidity. This simply means that many people supply crypto to buy and sell on the order book, and the exchange can easily meet demand.
WOO Network sources its liquidity from traders using the platform and professional liquidity providers, exchanges, market makers, and institutions. WOO X's most significant provider is Kronos Research, a trading firm that engages in market making. By providing a deep liquidity base through Kronos Research, WOO X can attract even more liquidity to the network.
WOO X allows users to customize their trading view with widgets, charts, and other personalizable elements. For more experienced traders, this gives them access to the information and tools they need. TradingView also provides advanced charting tools for creating indicators for technical analysis.
What is WOOFi?
The WOO token
WOO is the native token of the WOO Network, serving as the unifying force for all DeFi and CeFi products and services provided. It has a max supply of 3 billion tokens, which gradually decreases with monthly token burns until 50% of the max supply is burned.
The WOO token provides access to WOO X zero-fee trading, trading rebates (Trade-to-Earn), staking, discounts, WOO Ventures airdrops, and governance utilities. Let’s take a closer look at its current and upcoming use cases.
Where can I buy WOO?
How do I stake WOO on WOOFi?
2. Input the amount you want to stake and click [APPROVE].
Note that there's a 7-day lock-in period with a 5% penalty for withdrawing before the end of this period.
As WOO Network’s liquidity continues growing in the DeFi and CeFi space, WOO token’s utility also expands. Its mix of a veteran team, support from industry leaders like Binance, and a suite of essential products have helped create its position in the industry today. To continue this growth, WOO Network also plans to expand its extensive list of products, features, and partnerships.