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Highlights:
- Woo Network is a liquidity network which connects traders, institutions, exchanges, and DeFi platforms.
- The project offers services in two categories: WOO X and WOOFi.
- WOO token is used for staking and offering fee discounts on the centralized finance (CeFi) and decentralized finance (DeFi) products in the network.
WOO Network (WOO) token is grabbing attention ahead of this week’s updates. The token rose 11.45% to US$0.1745 at 9:33 am ET on Wednesday.
On June 9, the WOO Network’s incubated decentralized trading infrastructure, Orderly Network’s testnet, is expected to go live with the first dApp on its platform. A testnet is a separate blockchain used for testing new features without causing any risk to the main chain.
WOO Network, also an incubated project, is ranked 146th by Coinmarketcap in terms of market capitalization. The token has a market cap of US$184.59 million, with 11,259 token holders.
What Is WOO Network (WOO)?
Woo Network is a liquidity network that connects traders, institutions, exchanges, and DeFi platforms to provide them with liquidity and trading services at zero or low cost.
WOO Network offers liquidity-as-a-service (LaaS) for institutional clients, including exchanges. The clients can use the service to upgrade their order books to a level deeper than top exchanges and tighten their bid/ask spread.
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The project offers services in two categories, WOO X and WOOFi. WOO X is a trading platform. It provides liquidity and execution services to professional and institutional traders at zero fees.
WOOFi is a decentralized exchange deployed by select DeFi protocols and applications. DEX offers its users improved on-chain liquidity and execution.
In 2019, the multi-strategy trading firm Kronos Research incubated WOO Network. The firm provides trading besides specializing in market making, high-frequency trading, arbitrage, etc.
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Data Source: coinmarketcap.com
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WOO token:
WOO token is used for staking and offering fee discounts in the centralized finance (CeFi) and decentralized finance (DeFi) products on the network.
Its trading volume rose nearly 200% on Wednesday to US$46.79 million. The token has a current circulating supply of 1.06 billion, with a total supply of 2.99 billion.
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Bottom line:
The WOO token can be traded on WOO X, Binance, MEXC, OKX, Gatee.io, Huobi Global, KuCoin etc.
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