Cryptocurrency Explained: What Is Woo Network And How Does It Work?
26 May 2022
Do you know the tagline of Woo network is “the link that joins traders, exchanges, institutions, and DeFi platforms into one,” but why did they choose to say that? This is a question that is posed to cryptocurrency users who are new to the CryptoSphere and are investigating the Woo network for the first time.
Today, bePAY is going to examine Woo network based on the information that has been fulfilled on this project. In order to make you learn the most fundamental and straightforward information about Woo, here it is.
This bePAY guide includes all of the information that is required to understand what is Woo network and WOO tokens are, as well as how the system operates. Now that we’ve covered everything, let’s go on to the very first instructive term, what is Woo network.
What Is Woo Network?
In the Woo network, CeFi and DeFi meet in a deep liquidity network. The Woo network gives traders, institutions, exchanges, and DeFi platforms easy, low-cost access to the highest liquidity and trading execution in the industry.
In 2019, Kronos Research, a trading organization that specialised in delivering deep liquidity to large exchange platforms, launched Woo network. Kronos Research introduced Woo network with a comprehensive range of capabilities to serve all types of crypto stakeholders after years of expertise in this sector.
This features sophisticated order kinds that assist with risk management and no trading costs. With anticipated features like as social trading and leveraged futures trading, Woo network has many opportunities to expand as a platform for both novice and experienced traders.
What is Woo network?
Woo Network’s Cryptocurrency
WOO is the native token of the Woo network; it serves as the uniting factor for all DeFi and CeFi goods and services. It has a maximum quantity of 3 billion tokens, which declines progressively via monthly token burns until 50% of the maximum supply has been used.
WOO is a utility token that exists on numerous blockchains through various bridges, including BNB Chain, Ethereum, Avalanche, Polygon, Solana, Arbitrum, Fantom, and NEAR. It is incorporated in popular Decentralised Exchanges (DEXs) on a variety of chains, including Bancor, SushiSwap, Uniswap, PancakeSwap, QuickSwap, and SpookySwap.
The WOO token provides access to zero-fee trading on WOO X, trading rebates (Trade-to-Earn), staking, discounts, WOO Ventures airdrops, and governance utilities. Let’s examine its present and future applications in further detail.
Governance – Stakeholders of WOO on WOOFi and WOO X, as well as anybody holding at least 1,800 WOO, is an on-chain wallet, may participate in decentralized governance by submitting ideas or voting in the WOO DAO (Decentralised Autonomous Organization).
Staking – By staking Woo network tokens, you may reduce your trading costs and even take advantage of zero-fee trading on WOO X. Traders with high trading volumes on WOO X may stake WOO to expand their trading limits and lower their transaction costs.
Distributing yield – A percentage of tokens collected from WOO Ventures’ early-stage project investments are allocated to WOO token holders on WOO X. You may now bet WOO on WOOFi and receive returns on the fees of both Swap and Earn goods.
Providing liquidity and yield farming – You may use your WOO to access liquidity pools and yield farms on exchanges like as SushiSwap, Uniswap, PancakeSwap, and others. These prospects exist across different blockchains.
Woo network token
>> Did you know what is yield farming?
Lending and borrowing – Make sure you know how the DeFi lending and borrowing platform operates. You may utilize WOO as collateral for cryptocurrency loans and lend it to other people.
Social trading – In the future, WOO players will be able to imitate the highly professional trading tactics of the best traders.
Woo network token burn – Each month, 50% of platform income is used by the Woo network to purchase back and destroy WOO tokens.
How Does Woo Network Work?
The WOO platform serves as a liquidity provider for digital assets by combining several exchanges to meet the demands of all traders. The platform combines configurable workplaces, popular exchange features from many industries, and a cryptocurrency designed for a specific purpose.
The protocol allows users to use their favorite DeFi and CeFi capabilities. The aggregation of liquidity from a variety of top centralized and institutional trading platforms ensures that your transactions are matched.
The WOOFi DEX combines peer-to-peer trading capabilities with a portfolio of goods intended to increase your DeFi returns. This protocol runs in a DeFi-compliant manner. Registration is not needed. You just have to connect your network wallet to begin trading. This enhances the network’s privacy overall. WOOFi enables users to exchange, earn, and wager.
The DEX is furthermore non-custodial. Until the time of execution, you may execute transactions with your cryptocurrency in a secure wallet. This strategy is chosen by many since it eliminates the possibility of network hacks and downtime. Uniquely, the platform has a Synthetic Proactive Market-Making mode.
Woo network features
>> Exploring further information on the peer-to-peer network
WOO X operates as the network’s Centralised Exchange (CEX). This custodial exchange functions similarly to other leading CEXs in terms of popular features, an order book, and trading and charting instruments. When using the network’s exchange token WOO, users may reduce their costs.
Institutional customers will want to utilize WOO Trade to get the best exchange rates for big transactions. It offers whale dealers an order book and discounts. The network helps traders to narrow their bid-ask spread, hence enhancing possible returns on investment. Through the network API, businesses may also incorporate Woo network’s liquidity into their offerings.
WOO Ventures are crucial to the ecosystem. This group is responsible for increasing the protocol’s ecology and reach. They search for collaborations and facilitate the launch of prospective decentralized applications (Dapps).
Step By Step Guide Of How Do You Stake Woo Tokens?
First, link your wallet to WOOFi. If you are using WOOFi Stake for the first time, you will need to sign the approval transaction in your wallet to spend your WOO token.
Enter the amount of WOO you want to stake or choose “Max,” then click “STAKE.” Your wallet will then request your signature. After you have signed the transaction, your WOO token will be placed into the staking contract, and you will get the xWOO token as the LP token representing your stake in the staking pool. The amount of xWOO tokens received is proportional to the ratio of xWOO to WOO.
Once your transaction is validated on the blockchain, you will be able to see your xWOO balance, the quantity of underlying staked WOO, and the WOO earned during the staking period.
How do you stake Woo tokens?
Before staking, please be advised that there is a 7-day unstaking period before WOO tokens may be withdrawn without penalty. xWOO rewards are proportional to the ratio of xWOO to WOO.
When you want to unstake, place the xWOO in your wallet and then click “UNSTAKE.” Your wallet will request your signature, and after the transaction has been verified, the 7-day staking period will begin and your xWOO token will be destroyed.
During the unstaking period, it is possible to determine how much time remains until the WOO token may be withdrawn without penalty.
When you have a request under the unstaking period and activate a new request, the unstaking period will be RESET to 7 days. However, staking more WOO tokens will have no impact on your current unstaking time.
Click “Withdraw Now” and sign the transaction in your wallet if you do not want to wait for the unstaking time and wish to get the WOO immediately. The WOO token, including the incentives after the 5% penalty, will then be instantaneously delivered to your wallet. The penalty is awarded to the existing pool participants.
Withdraw Following The Unstaking Period
At the conclusion of the unstaking time, you will be able to withdraw the Woo network token. Simply click “Withdraw Now” and sign the transaction in your wallet to get the unstaked WOO token.
Woo Network Roadmap
Let’s look at what Woo network has done in its roadmap:
Woo network roadmap
There is a full detail of Woo network roadmap post that has been posted on Woo network Twitter. For more detail, please visit Woo network Twitter.
FAQs About Woo Network
Is Woo Trade A Good Investment?
Cryptocurrencies are assets with a high degree of volatility, making them hazardous investments. Your unique circumstances and risk tolerance will determine if the Woo network tokens are a viable addition to your financial portfolio.
Before investing, you should determine the degree of risk you are willing to assume. In addition, you should never put up money that you can’t afford to lose in the market.
Is Woo trade a good investment?
Which Blockchain Does Woo Network Build On?
The Woo network is an open-source platform that any developer may utilize. Built on the Ethereum blockchain, the Woo network includes all of Ethereum’s functionalities, such as smart contracts and Dapps.
Woo network is a blockchain-based platform for the development of Dapps and smart contracts. Woo network is a wonderful option if you want the security of a CEX and access to unlisted tokens on DeFi platforms. Moreover, their emphasis on liquidity is essential for blockchain users who seek to avoid slippage at all costs.
In general, this is one of the few projects that integrates CEX and DEX services. Since its start, Woo network’s popularity among content creators and social media fans have increased rapidly. If you are looking for a social networking platform that rewards you for being unique, you should join Woo network.