WOO is a utility digital asset that is integrated into DeFi and CeFi products and features versatile utility for users within the WOO network.
The Kronos Research is the key company that stands behind the platform. Founded in June 2018, its trading volume is about 45 billion USD per month at the time of writing which helps it to provide liquidity for WOO at its initial stage. It is also worth mentioning that Kronos Research acts as a Designated Market Maker or DMM for such platforms as Huobi, Binance, OKEX, etc.
The platform tries to expand the product line and deliver versatile solutions to its customers. In addition to the existing products, the ecosystem plans to introduce futures and yield products. In addition, WOO strives to provide equal opportunities to all its participants so that even the founder wouldn’t have any innate advantages over other users. Its key values are decentralized governance, transparency, and fair treatment.
The platform combines a centralized approach to feature high liquidity with decentralization technology to provide its users with the lowest swap prices and decreased slippage at lower fees. The network offers a diverse range of CeFi and DeFi products and services for individual traders and institutions.
Wootrade represents a layer one trading infrastructure with front-end trading GUI enabling the integration of its solution into external services via API. Liquidity as a service is offered to CeFi exchanges and wallets that can immediately improve the depth of their order book and narrow the spread between buyers and offers with its help. At the same time, Wootrade calls itself a darkpool trading platform of ATS (Alternative Trading System) as it enables its participants to interact with each other privately.
Products of the WOO Network
WOOFi Swap is a decentralized exchange that was launched by the ecosystem on October 27, 2021. Built on the Binance Smart Chain (BSC), it was developed to resolve the problem of liquidity in the DeFi industry. With the help of market-making techniques, the platform has managed to attain the best pricing and lower slippage of BSC as its market creation algorithm simulates the price, spread, and orderbook depth of centralized exchanges.
WOOFi can provide higher capital efficiency than all other DEXs available on the market bringing transaction fees down to 0.1% across all pairs, while DeFi's average transaction fees are 0.3%. This has become possible thanks to an absolutely new market-making mechanism Synthetic Proactive Market Making (sPMM) developed by the WOO team. As a result, WOOFi Swap users do not have to pay exorbitant fees and can enjoy high on-chain liquidity that competes with centralized exchanges.
WOO X is a flagship centralized exchange set up on the WOO Network. WOO X launched in Q3 of 2021 features numerous cross-chain integrations that include Algorand, BSC, Fantom, Arbitrum, Matic Network, etc. WOO X offers zero commission for spot and margin trading in cryptocurrency assets, high liquidity, and a fully customizable modular interface for the ultimate trading experience as it targets professional and institutional traders. By default, all spot trades have a zero maker commission and a small taker fee that only users of 0 and 1 staking levels have to pay. Traders can bring their taker fees down to zero once they reach level 2 having acquired 1,800 WOO tokens.
WOO X relies on a “payment for order flow” (PFOF) model that is often used by traditional brokers such as Robinhood and WeBull. Brokers that use this model are compensated by market makers for managing their order flow. While WOO X acts as a broker, the model has been significantly adapted to provide greater transparency in prices, order execution, and data privacy.
Services such as futures trading and social trading are in development at the time of writing and are expected to be released in 2022. 50% of WOO Network's profits from all exchanges, liquidity, and asset management services are channeled towards monthly token buybacks and burns.
WOO Ventures is an investment arm of the WOO Network that seeks to forge strategic partnerships with projects and ecosystems. What makes WOO Ventures unique is the fact that holders of WOO tokens get 50% of its ROI. The first initiative of this kind was the DODO Airdrop which took place on October 15, 2021.
As a native token of the platform, WOO unites liquidity provides (LPs) and seekers for mutual benefit enabling zero-fee trading at good prices. The WOO token is a utility token that is integrated within the products of the WOO Network. It has numerous functions including staking, yielding, and governance options. Also, it provides its holders with discounts.
The members of the community can stake WOO tokens to have lower trading fees and to unlock zero-fee trading on WOO X. Besides, the staked tokens help to get higher referral rebates. With the help of the native token, LPs compete with each other establishing better prices and spreads and thus contributing to the distribution.
WOO token cap is 3,000,000,000 tokens while its tokenomics model is based on a buyback and burn program. It can also be used to borrow and lend assets as the tokens serve as collateral. WOO tokens are embedded within decentralized exchanges such as Uniswap, MDEX, PancakeSwap, and Bancor. In addition to DeFi exchanges, WOO is listed on Bybit, KuCoin, and Gate.io.
The platform was founded by Jack Tan and Mark Pimentel who managed to turn their small team of two into a huge prospering enterprise of over 100 employees. Jack Tan is a graduate of Carnegie Mellon University with experience of work in Deutsche Bank and BNP Paribas. He is also a co-CEO at Kronos Research at the time of writing. Mark Pimenel is a co-founder and co-CEO of Kronos Research. Previously he studied computer engineering at CMU and worked for Citadel Investment Group, Knight Capital, and other companies.