WOO Network

What is WOO Network (WOO)?

The WOO Network is a system filled with both DeFi (decentralized finance) and CeFi (centralized finance) services, all of which are made to allow for deeper liquidity for the numerous distinct cryptocurrency market participants out there, among other things.

History and Origin

The founders of the WOO Network are Mark Pimentel and Jack Tan. In 2018 the pair began their co-founding journey with the creation of Kronos Research, which is a quantitative trading firm for cryptocurrencies, that specializes in both HFT (high-frequency trading) and arbitrage.

Then, in 2019, Pimentel and Tan founded the WOO Network, originally called Wootrade. Since its inception, the team has created a diverse range of services and products that intersect CeFi, DeFi, retail, and institutional offerings.

Mission and Vision

Through its deep liquidity network, WOO’s mission is to empower people throughout the world with increased access to the ability to freely borrow, trade, invest, or lend, to better their lives. 

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How WOO Network Works

Here, we will be discussing some of the main aspects of what WOO’s ecosystem looks like, i.e., its most well-known services.

WOO X

WOO X is the WOO Network’s flagship product among its CeFi services.

Launched in 2021, it was the first cryptocurrency exchange to utilize PFOF (Payment for Order Flow). The PFOF is a compensation model used to reward brokers whenever they forward orders for trade executions to distinct participants within the market. Other than that, this model seeks to benefit retail traders by providing them with a highly competitive fee structure.

WOOFi

Speaking of models, the WOO Network comes with its own DEX, i.e., decentralized exchange, known as WOOFi Swap, which handles transactions via an algorithm model called sPMM (synthetic proactive market maker). This helps the exchange avoid any intermediary’s control while functioning like most centralized exchanges’ order book models.

WOO Trade

WOO Trade is a platform on the WOO Network for dark pool trading. It primarily caters to institutional clients, who can use it to place trades without revealing their strategies to the masses. Moreover, WOO Trade seeks to offer higher-than-average liquidity as well as tighter spreads for large traders, OTC desks, wallets, and exchanges.

Benefits of WOO Network

Here, we will be looking at some of the potential advantages that the WOO Network offers.

Cost-Efficiency

One of the biggest advantages that the WOO Network can provide is its low fee. With fees beginning at 0.03% for every trade, it’s amongst the more cost-efficient platforms within the sector, as far as spot trading is concerned.

User Experience

The WOO Network interface can be easily navigated, with access to all of its exchanges clearly shown. The order book-based interface it utilizes is standard and has a modern design. This will increase its familiarity for experienced traders while being pleasant aesthetically.

Flexibility

Because the WOO Network offers both decentralized and centralized exchanges, the benefits of both can be achieved, allowing for a more flexible experience.

Security Features

The security measures adopted by WOO Network include multi-signature hardware wallets tailored to its clients’ funds, encryption concerning sensitive information, IP whitelisting, 2FA (two-factor authentication), and anti-phishing codes for its communications. Other than that, you have PoR (proof-of-reserves) and the fact that it is overcollateralized by 150%, ensuring clients won’t be left out in any manner.

WOO Token

Now, we will be directing our attention to its native token, WOO, and discussing the utility it has, its tokenomics, and more.

Tokenomics

As far as tokenomics are concerned, its price is currently worth around $0.16, with a market capitalization of over $280 million and a daily trading volume of nearly $12 million. Its fully diluted valuation, on the other hand, is over $360 million, and its TVL (total value locked) is over $9.3 million.

As for the supply, it has a maximum of 2.2 billion tokens.

However, that number has reduced gradually over time due to its monthly burns and will continue to do so. Regardless, the supply currently circulating is over $1.75 billion.

Utility

WOO’s utility is something that is deeply embedded in the network’s DeFi and CeFi products, serving as a means for a variety of fee discounts, referral bonuses, and yields, along with other product-specific benefits.

Benefits of Holding WOO

Those holding its native token can access a ton of benefits, like staking rewards, governance rights, and various fee discounts, along with the entire suite of the WOO Network’s products.

Staking WOO

By staking tokens, you are eligible for some passive rewards of around 4.50% APR while attaining more affordable trading fees, which happen to be the primary benefits. Another incentive is its auto-compounding feature, which, when turned on, makes the network automatically stake tokens every time users earn rewards, increasing the overall rewards one can earn, a bit akin to compounding interests offered by banks.

How to Buy WOO Token on Binance

Now, if what we have discussed so far has piqued your interest, resulting in you wanting to buy the token, then outlined below is a guide showing how you can do so on Binance.

Why Buy WOO Token on Binance?

Binance is the largest exchange out there in terms of nearly every metric. Its rates are among the most competitive you will find, and its trading options are more than enough to keep you satisfied, whether you’re a professional, casual, or beginner.

Creating an Account on Binance

So, if you happen to be new to this platform and are looking to create an account here, then you can do so either through its mobile application or website. Use the Coin Labs referral code, linked below, to easily sign up.

KYC Verification Process 

Once you have gone through, the next step will be to complete the KYC verification procedure.

While this is optional, it would be recommended to do so if you plan on dealing in large amounts.

This will likely entail entering some personal information surrounding your identity, like your date of birth, nationality, etc., and then proving what you have entered by submitting some documents. So, navigate to Binance’s KYC page and fill in what’s required of you.

How to Fund Your Binance Account

Following that, you will need to deposit some of your assets to exchange them for WOO tokens. To do that, go to the deposit page on Binance and choose your token and network, after which you will see a deposit address being generated. Paste this address into the withdrawal field of an external platform or wallet that you have downloaded or have an account on, to send the funds from there. Next, confirm your withdrawal and you should see your funds deposited into Binance not long after.

Navigating and Buying WOO Token

Now all that’s left to do is buy the tokens, and there are numerous ways to do so here. If you are a beginner, then converting what you already own into WOO tokens would probably be the easiest option. However, if you are already acquainted with cryptocurrency trading, then you can buy them on its spot or futures trading pages, along with the various other options it provides.

Withdrawing WOO Token to Your Wallet

After finally buying those WOO tokens, you might want to transfer them to your wallet. To do that, you will have to go to Binance’s withdrawal page, choose the WOO token, and select any of the supported networks. Now, do the same on your wallet, and then paste the address that will be generated into Binance’s withdrawal field. Confirm your withdrawal and wait for it to be completed.

WOO Token Price Prediction

Currently, the price of WOO sits at $0.15, and for nearly a year, it has stayed around there. While we can’t be too sure of anything in regard to cryptocurrency in general, what we can be sure of is that, at least in the short term (within a year or two), its price has a very low chance of increasing substantially, at least not to its all-time high of over $1.6, which it hit in late 2021.

This is because the cryptocurrency market has yet to fully recover from the cascading failures that it experienced in 2022. However, as for the long term, you will find sites that paint a bearish picture, others that paint a bullish one, and others that lie somewhere in the middle. In other words, we can never be too sure here.

The Future of WOO Network

Like nearly any cryptocurrency network these days, WOO seeks to expand its user base, and whether or not it will be successful is anyone’s guess. However, because of that, what we can be sure of instead, is that the utility surrounding its token will likely see a boost, along with the onboarding of new partners and, with them, the potential for more features.

Conclusion

With worthwhile features like numerous price charts, live order books, depth charts, and more, the WOO Network can fulfill the demands of any kind of trader, no matter how advanced they are. And even its fees are low and comparable to those of Binance and Bybit.

Still, there are a few features that it might lack or be behind in, like its cryptocurrency selection, which is not as extensive as what other prominent exchanges offer, and its lack of a direct fiat-to-cryptocurrency onramp.

We Coin-Labs.com provides only objective information about WOO Network.
Therefore, we are not responsible for the investment decision in WOO Network and the resulting loss.

WOO Network Basics

Here are some factors that investors should consider before investing in WOO Network.

Cryptocurrency Features	WOO Network (WOO)
Publisher or Developers	Mark Pimentel, Jack Tan
Headquarters (Registration Number)	Taipei City
Symbol	WOO
Platform	Multiple Blockchains
Published Date (CMC Registration)	2024-12-01
Max Supply	No limit

Reliability Score of WOO Network in 2024

These are indexes mesuring the investment reliability of WOO Network conducted by Coin-Labs.com.

Investment Reliability Rating Items	Scores and Current Status
Company Activation Rate	/ 10.0 CAR
Communication Rate	/ 10.0 CR
Technology Transparency Rate	/ 10.0 TTR
Development Participation Rate	/ 10.0 DPR
Listing Status on the World's Top 10 Exchanges	Listed on 8 Exchanges
Number of Available Pairs Worldwide	355 Pairs
Market Cap of the Cryptocurrency	614,143,725 USD (Rank #97)

The table above shows the result of investment suitability evaluation for WOO Network.
Check out how we evaluate cryptocurrencies on the crypto rating description page.

WOO Network Price

Here are the price and recent trading volume of WOO Network. (Data of 2024-12-02 03:40:00)

Price Items	Price and Trading Volume of WOO Network
WOO Network Price	0.290 USD
Price Change 24h	1.95%
Price Change 7d	13.31%
Trading Volume 24h	27,422,887 USD
Trading Volume Change 24h	-11.76%

Cryptocurrency Metadata

You can check the development status and social media information of WOO Network through the links in the table below.

Metadata Source	URL
🌎 Official Website	https://woo.org
📖 White Paper	https://learn.woo.org
🛰️ Source Code (GitHub)
🐦 Twitter	https://twitter.com/_WOO_X
🤖 Reddit	https://reddit.com/r/WOO_X
🎺 Message Board	https://woo.org/blog/en

Where to Buy WOO Network

Here are the top ten world crypto exchanges where traders can buy WOO Network in 2024.

Top10 Exchanges	Listed Status	Page URL
Binance	Listed	https://www.binance.com/en/trade/WOO_USDT
Coinbase	Not listed
Kraken	Listed	https://pro.kraken.com/app/trade/woo-usd
KuCoin	Listed	https://www.kucoin.com/trade/WOO-USDT
Bitfinex	Listed	https://trading.bitfinex.com/t/WOO:USD?type=exchange
OKX	Listed	https://www.okx.com/trade-spot/woo-usdt
Huobi	Listed	https://www.htx.com/en-us/trade/woo_usdt?type=spot
Bitstamp	Not listed
Bybit	Listed	https://www.bybit.com/trade/usdt/WOOUSDT
Gate.io	Listed	https://www.gate.io/trade/WOO_USDT

Frequently Asked Questions