WOO Network is a crypto platform developed by Kronos Research in 2019, comprising WOO X, WOO Trade, and Woo Fi. The platform provides liquidity, trading, and yield generation to traders, institutions, and DeFi platforms. The network's native token is WOO, which can be used for voting, staking, buying, selling, and trading on various exchanges. The WOO token was initially launched on the Ethereum blockchain in 2020, but now runs on multiple blockchains across bridges like Arbitrum, Binance, Fantom, Polygon, Solana, and Avalanche. The Woo network token operates on a deflationary model, buying and burning tokens monthly to keep the price up. The Woo token has a maximum supply of three billion tokens, which were distributed to different categories of investors. The WOO price history shows that its value has fluctuated since it first came on the market in 2020.
Despite the price drop in 2022, the WOO Network continues to expand its presence and capabilities. Its ability to operate on multiple blockchains and provide liquidity and yield generation to various entities makes it an attractive option in the cryptocurrency world.
Moreover, the deflationary model implemented by the network through monthly token burns and buybacks shows a commitment to maintaining the value of the WOO token over time.
Q1 for WOO network has been a fruitful one and Q2 is expected to be greater. BTC had its best quarter since Q1 2021, up 70% YTD, and Ethereum made progress towards its Shanghai update.
DeFi projects continued to launch new upgrades, but the industry faced more frictions in fiat on and off-ramps, and significant regulatory actions were taken. Despite the challenges, Bitcoin and Ethereum remained stable, and the industry's long-term outlook is promising. WOO Network remained focused on innovation, with WOOFi seeing explosive growth in Q1, including a record-breaking 7-day trading volume of $196M and reaching the top eleven most used DeFi protocols on DappRadar. WOO X is undergoing a strategic shift to become one of the most robust trading platforms globally, with enhancements to its fee structure and staking program. In Q1, nearly 25% of the initial max supply or 700M WOO was burned, and perp markets launched on key exchanges to solidify WOO's goal to become a leading exchange token.