WOO (WOO)
Woo Network is a fintech startup providing a deep liquidity network that offers access to liquidity and trading execution for traders, exchanges, institutions, and DeFi platforms.
History
Woo Network was established in 2019 by Kronos Research, founded by Mark Pimentel and Jack Tan. Kronos Research is a quantitative trading firm known for its significant role as a market maker across major exchanges, with a daily trading volume of $5-10 billion. Leveraging their experience, the Kronos team recognized the need for improved liquidity on both centralized and decentralized crypto exchanges.
Funding
By August 2023, Woo Network had raised $52 million since its inception in 2020. The seed round in September 2020 was led by Dragonfly, investing $10 million. Binance Labs spearheaded the Series A funding round with a $12 million contribution in January 2022. In November 2021, $30 million was raised from investors like Three Arrows Capital, Fenbushi Capital, MEXC Capital, and Crypto.com Capital. On January 18, 2024, Woo Network secured an additional $9 million from investors, including Wintermute and Selini Capital, to enhance liquidity on its WOO X exchange.
| Ticker | WOO |
| Category | Decentralized Exchange (DEX) |
| Website | https://woox.io/ |
| @WOO_ecosystem | |
| Telegram | woo_english |
| Contract Addresses | |
|---|---|
| ethereum | 0x46...4b Copied! |
| zksync | 0x9e...59Copied! |
| fantom | 0x66...8aCopied! |
| base | 0xf3...b6Copied! |
| linea | 0xf3...b6Copied! |
| mantle | 0xf3...b6Copied! |
| binance-smart-chain | 0x46...4bCopied! |
| arbitrum-one | 0xca...7bCopied! |
| polygon-pos | 0x1b...03Copied! |
| avalanche | 0xab...83Copied! |
| near-protocol | 46...arCopied! |
| solana | Dz...tXCopied! |
Products and services
Woo X
Woo X is a centralized exchange tailored for professional and institutional traders, offering significant liquidity and efficient execution. The exchange achieves deep liquidity by aggregating market depth from larger exchanges and establishing an open liquidity pool with contributions from multiple market makers, including Kronos Research. Launched in August 2021, Woo X was the first crypto exchange to implement the Payment for Order Flow (PFOF) model, optimizing trade execution and providing competitive fees for retail traders.
WooFi
WooFi operates as a decentralized exchange and staking platform, enabling swaps and yield-generating pools on BNB Chain and Avalanche. It employs the Synthetic Proactive Market Making (sPMM) model for pricing. On July 5, 2023, WooFi expanded to Polygon zkEVM, enhancing its role as an omni-liquidity layer connecting Layer-2 networks. This expansion leverages zero-knowledge technology to reduce transaction costs and improve network speeds.
Woo Trade
Woo Trade is a dark pool trading platform that allows institutional clients to execute trades without disclosing their strategies immediately. Partner exchanges can integrate Woo Network's liquidity through API, enhancing their service offerings.
Woo Ventures
Woo Ventures is the investment branch of Woo Network, focused on forming strategic partnerships with various projects and ecosystems. It allocates 50% of investment returns to WOO token holders.
Copy trading
On September 9, 2024, Woo X launched a refined version of copy trading, enabling users to replicate the market activities of experienced traders. This new social trading product includes a counter-trading feature, allowing users to hedge against lead traders. It also introduces a fair profit-sharing model, ensuring profits are shared only when genuinely achieved, along with enhanced risk management tools.
Woo Token
Tokenomics
The WOO token, launched on October 30, 2020, serves as the utility token for various services within the Woo Network. At its inception, 3 billion WOO tokens were created. The distribution included 10% for private and public sales, 20% for the team, and 5% for advisors. Half of the tokens support the Woo ecosystem, with allocations for ecosystem rewards, insurance funds, ecosystem partners, and Woo Ventures.
Utility
WOO tokens can be staked on Woo X to reduce trading fees, adjust API trading rate limits, and enhance referral rebates. In DeFi applications, the tokens are used for yield farming and as collateral for lending and borrowing. Stakers on WooFi and Woo X, and those holding at least 1,800 WOO in an on-chain wallet, can participate in decentralized governance through the Woo DAO.
Woo Network technology
Woo Network collaborates with Kronos Research to aggregate and integrate liquidity using quantitative trading and hedging methods. The network sources liquidity from leading centralized and institutional trading platforms, as well as from DeFi networks like Ethereum, BNB Chain, Polygon, and Avalanche. Clients can connect to the network through API or the graphical user interface on Woo X and WooFi, or indirectly via DeFi platforms such as 1inch, 0x, or Paraswap.
Partnerships
Woo Network x zkSync Era
On April 27, 2023, the WOO token became one of the 14 officially supported bridge assets via the zkSync Era bridge, a layer 2 protocol that scales Ethereum by bundling transactions. This partnership allows DeFi traders access to WooFi's competitive pricing on zkSync Era.
WooFi Stake 2.0
Launched on May 25, 2023, WooFi Stake 2.0 features cross-chain staking powered by Arbitrum and LayerZero. This development enhances WooFi Stake 1.0 by integrating LayerZero’s cross-chain messaging technology, enabling users to stake WOO on Ethereum and Optimism chains. Rewards are pooled for claiming on Arbitrum, simplifying the staking process for multi-chain users and offering yield opportunities.
Other partners include Kronos Research, Binance, NEAR, 1inch, Gate.io, DODO, AscendEx, Oneboat Capital, and MEXC.