- WOO stakers will receive 500,000 DODO via airdrop from WOO Network.
- WOO Network is a deep liquidity network that provides democratised access to best-in-class liquidity, trading execution, and yield generation strategies at low or no cost to traders, exchanges, institutions, and DeFi platforms.
What is WOO?
WOO Network is a deep liquidity network that provides democratised access to best-in-class liquidity and trading execution at lower or free cost to traders, exchanges, institutions, and DeFi platforms. WOO Token is used for staking and fee savings in the network’s CeFi and DeFi products.
Currently, a wide range of products and services have been developed that interface retail, institutions, CeFi, and DeFi:
- WOO X is a zero-fee trading platform that offers the best-in-class liquidity and execution to professional and institutional traders. It comes with fully customisable modules for personalising your workstation.
- Wootrade is a portal for institutional clients, such as exchanges, to gain access to WOO Network’s liquidity in order to upgrade their order books to a depth deeper than top exchanges and narrow their bid/ask spread.
- WooFi Pools are used across a number of DeFi protocols and applications to improve on-chain liquidity and execution for consumers. Off-chain tools like price oracles, quantitative trading, and hedging strategies are combined with on-chain liquidity pools to achieve this.
The WOO Utility Token
WOO Token is a utility token with different staking, discount, yield, and governance utilities that is fully interwoven into WOO Network’s CeFi and DeFi goods and services.
WOO Network currently contributes 50% of revenue from its exchange, liquidity service, and asset management services to the monthly buyback and burn. The procedures are purposefully designed to generate steady demand by purchasing WOO tokens on the secondary market and permanently removing them from circulation.
WOO, the native token of the WOO Network, has a maximum of 3,000,000,000 tokens. Through its buyback and burn programme, the WOO token accomplishes a deflationary tokenomics strategy. Each month, Wootrade will spend half of its profits to buy back WOO on the open market. While the buyback is continuing, the token burn occurs on the 10th of each month and is announced on our Twitter and Medium accounts. Coingecko has the most recent circulation and total supply of WOO.
- In private and public sales, 10% of the tokens were sold. These tokens are completely vested and distributed as of X. Another 10% was sold to seed and equity round investors, with these tokens vesting over 1.5 years, from April 2021 to October 2022.
- The Wootrade team will receive 20%, while advisors will receive 5%, both of which will vest over the course of 3.5 years, with a portion currently allocated for vesting and a big chunk put in reserve for future hiring.
- The WOO ecosystem will receive 50% of tokens, which will be used for the following purposes:
- 25% WOO ecosystem rewards, allocated to incentivize network usage
- 10% Insurance fund, to back user assets on the network
- 10% Ecosystem partners, to reward partners for supporting activities
- 5% WOO Ventures, to invest in early-stage projects with benefits going to token holders
- The remaining 5% is for liquidity management. These tokens are mostly locked.
About The Airdrop
WOO Network is airdropping 500,000 DODO to WOO stakers in total. To be eligible for the airdrop, create a WOO Network account and stake WOO. Every week, a snapshot will be taken, with the first one taking place between October 8th and 14th. Eligible stakers will earn free WOO in proportion to the amount of WOO they staked on WOO X at the time of the weekly snapshot, relative to the total amount of WOO staked on WOO X.
- Visit the WOO network registration page.
- Submit your details and sign up.
- Verify your mail.
- Now deposit and stake and WOO.
- A snapshot will be taken every week to determine each user’s daily rewards for the subsequent week with the first snapshot being taken between October 8th to October 14th for the week of October 15th.
- The airdrop will take place over the course of 11 weeks starting from October 15th, 00:00 (UTC) and ending on December 30th, 23:59 (UTC).
- Eligible stakers will receive free WOO proportionally to the amount of WOO staked by the user, compared to the total amount of WOO staked on WOO X, at the time of the weekly snapshot.
- The airdrop will be distributed every day along with the staking rewards.