The WOO Network, nurtured by Kronos Research, links traders, exchanges, organizations, and Decentralized Finance (DeFi) platforms for open access to top-notch liquidity, trading implementation, and return-generating tactics with possible no or low charges.
The WOO Network offers a unique liquidity network with centralized and decentralized exchanges. WOO X (the CEX) provides users with low-cost trading, customizable workspaces, and deep liquidity. Meanwhile, WOOFi (the DEX) is introducing a Synthetic Proactive Market Making model to imitate a traditional exchange's order book. Further, users may leverage WOOFi to stake WOO for rewards.
Basics
Before Automated Market Makers, such as Uniswap, existed, the options for purchasing Bitcoin (BTC) and other digital assets were limited. There were no large-scale cryptocurrency exchanges to acquire these assets from, so people had to resort to peer-to-peer (P2P) markets or over-the-counter (OTC) trades. Since the creation of Bitcoin, the blockchain space has proliferated, and it is now evident how important cryptocurrency exchanges are today. With many crypto exchanges available nowadays, WOO Network stands out with its unique and advanced features compared to traditional crypto exchanges. If you're curious about one of Binance Lab's investments, WOO Network is a perfect choice.
The WOO Network brings traders, exchanges, institutions, and DeFi platforms together into a single deep liquidity network. This network grants users access to the liquidity of the markets, trading opportunities, and strategies for creating yield, all at reduced costs or for free.
In 2019, Kronos Research incubated the WOO Network to address the insufficient and unaffordable liquidity plaguing many crypto exchanges. As a leading market maker with $5-10 billion in daily volume, Kronos had already gained years of experience in the crypto field and recognized the need to bridge the liquidity gap.
Following its initial efforts, Kronos spurred the creation of the WOO Network, allowing it to offer a range of products that make it easier for users to take advantage of better liquidity, with fees lower or even non-existent. Last January, Binance Labs orchestrated a $12M investment into WOO Network in a Series A+ funding round.
The WOO Network provides various services, including WOO X, a centralized exchange, and WOOFi, a decentralized exchange and staking platform. Additionally, WOO Trade is explicitly designed for institutional clients, enabling partner exchanges to tap into WOO Network's liquidity via API integration.
What Are the Features and Functions of the WOO Network?
The WOO Network collaborates with Kronos Research to facilitate pooling together and organizing liquidity through quantitative trading and hedging practices. This liquidity is sourced from many of the most influential centralized trading markets and, more recently, DeFi projects, including Ethereum, BNB Chain, Polygon, and Avalanche. Those who desire access to the network may connect through an API directly to WOO X and WOOFi, or by utilizing DeFi infrastructures such as 1inch, 0x, and Paraswap.
WOO Network has become an attractive venue for market makers from other platforms, such as dYdX, to hedge their exposure. The zero-fee model and incentives given to taker orders provide a robust and cost-effective hedging solution. This has been reflected in its success as, as of mid-September 2021, the 24hr trading volume had risen to a staggering $2.5B due to the surging popularity of platforms such as dYdX.
What Sets The WOO Network Apart From Other Networks?
The personnel at WOO Network boast considerable financial and technical expertise, as evidenced by their successful track records at Citadel, Virtu, Allston, Deutsche Bank, and BNP Paribas. The WOO Network provides institutional clients with an enhanced platform to upgrade their order books to match those of the top exchanges and significantly reduce their bid-ask spread.
- X WOO is an advanced trading platform with no negative fees available for professional and institutional traders. It offers optimal liquidity and execution and fully customizable modules that enable users to personalize their workspace.
- WOOFi is designed to bridge the WOO Network to DeFi and provide users with the most competitive prices, minimal fees, narrow bid-ask spreads, and risk-adjusted yields.
- WOO Network's investment arm, WOO Ventures, is committed to creating meaningful relationships and collaborations with projects and ecosystems. As an added benefit, token holders will earn 50% of the profits from all investments.
- WOO X is an innovative technology company dedicated to improving people's lives through creativity and collaboration.
WOO X
WOO X, the premier product of WOO Network, offers CeFi trading services with advantageous features such as low-transaction fees, substantial liquidity, and customizable trading interfaces.
Trading at Low Costs
Fees are an essential consideration for traders when selecting a platform. Individuals trading manually (without using an API) can attain Tier 2 status to minimize maker and taker fees on WOO X. Achieving Tier 2 requires staking 1800 WOO on WOO X, while the CEX may add additional benefits to Tier 2 users.
High Levels of Market Liquidity
The success of any exchange greatly depends on the swift completion of transactions made by buyers and sellers. For large orders, slippage should be kept minimal, and the gap between prices that buyers are willing to pay and those that sellers are willing to accept (bid-ask spread) should be small. This is only achievable when a high degree of liquidity is present in the market, which is possible when many people are willing to supply or purchase cryptocurrencies.
The WOO Network obtains its liquidity from various sources, including experienced traders, institutional investors, professional liquidity providers, market makers, and exchanges. Its primary liquidity provider is Kronos Research, a trading firm specializing in market making. With the deep liquidity base provided by Kronos Research, WOO X can draw in even more liquidity to the platform.
Adjustable Workspaces
TradingView's WOO X platform offers traders a customizable trading view with widgets, charts, and other personalizable elements. It gives experienced traders the information and tools required for their tasks. Furthermore, advanced charting tools are available for those wishing to create indicators for technical analysis.
WOOFi
WOOFi operates on the Binance Smart Chain and utilizes the Synthetic Proactive Market Making (sPMM) approach to determine prices. In contrast to the traditional Constant Product Market Maker (CPMM), sPMM has more similarities with the order book of traditional exchanges. The sPMM model relies on WOO Network's market data oracles to scan centralized exchanges like Binance for order book prices and determine a suitable trade price. WOOFi offers three primary features for users:
- Swapping. Users can swap token pairs in WOOFi's liquidity pools. WOOFi operates using single-asset liquidity pools instead of the typical dual-asset LP system. WOOFi manages and rebalances the liquidity pool's assets by incentivizing investors with low liquidity assets.
- Earning. Users can deposit LP tokens from other DEXs and individual assets and earn yield. WOOFi vaults automatically reinvest profits, enabling compounding interest.
- Staking. WOO holders can stake their tokens and receive a portion of the revenue generated by WOOFi's swapping and earning features.
What Is the WOO?
The WOO Network's native token, WOO, is a utility token used across multiple blockchains through bridges such as BNB Chain, Ethereum, and others. WOO is embedded within prominent DEXes on various chains and has a max supply of 3 billion tokens. Monthly token burns decrease the max supply until 50% of the tokens are burned.
WOO provides access to WOO X zero-fee trading, trading rebates, staking, discounts, governance utilities, and WOO Ventures airdrops. WOO stakers on both WOOFi and WOO X can participate in decentralized governance. Staking WOO tokens can lower trading fees and enable zero-fee trading on WOO X.
WOO can be used to provide liquidity and yield farming, lend and borrow crypto, and participate in social trading. WOO Ventures' early-stage project investments also distribute tokens to WOO token stakers on WOO X. The WOO Network uses 50% of platform revenue to buy back and burn WOO tokens every month.
Conclusion
The WOO Network stands out among other services, as it offers the security of a centralized exchange with access to unlisted tokens on decentralized finance platforms. Liquidity is of the utmost importance to all blockchain users, and WOO Network helps to ensure that slippage is kept to a minimum. This rare combination of CEX and DEX services makes the project a highly convenient choice for all users.
As WOO Network's presence increases in the decentralized and centralized finance space, the use cases for the WOO token broaden. Their seasoned team, the endorsement from major players in the industry, and a collection of key products have merged to make WOO Network a leader in the industry. To further this increase in growth, WOO Network aims to increase the range of products, characteristics, and collaborations.