Over the years, we have been able to witness the growth of the virtual currency industry globally and it has been more than successful in luring potential investors from all across the globe. The crypto world has had a surge in its overall growth and popularity recently and has been able to make a name for itself worldwide, thus helping it to reach greater heights!
Having said that, I believe, most of you are already familiar with the basics of the industry but, if for some reason that is still not the case, let me help you with that first.
Cryptocurrencies as the name suggests is nothing but a form of online or virtual currency which is here as an alternative for physical money that we are much more used to and just like that, this virtual asset of yours can also be used for a variety of purposes including the buying and selling of goods and services as well as for the purpose of trade and exchange over cryptocurrency exchanges online.
Not just that, cryptocurrencies can also be seen as a blockchain-based platform that is decentralized to their very core. Now, being decentralized, the industry becomes more than capable of stepping outside the overall control and jurisdiction of central authorities and can work freely without any unnecessary government interference as well.
As mentioned, the crypto world has been around for quite some time now, and ever since it was first introduced, the industry has been more than successful in luring in potential investors from all across the globe and has been expanding at a rate that was never really anticipated.
Though some of you might be aware but, for some others, unlike when the industry was first introduced, there is an entire pool of currencies for investors today to choose from, with newer ones coming in with each passing day and tons of new people joining in every hour.
Speaking of a lot of currencies available today in the marketplace, some of the most popular ones for you to choose from including Ethereum, Cardano, Polkadot, Bitcoin, EverGrow Coin, Binance Coin, Baby Doge, PancakeSwap as well as Dogecoin to name just a few of course.
In addition to this, some of you might be wondering as to how exactly did it reach such great heights? If so, let me help you with that. Some of the major contributing factors for this huge success of the industry include the convenience it offers, ease of use, intuitive nature, high-profit margins, negligible response time, real-time updates, uncertainty as well as the portability of course.
Now, being volatile, you should probably be aware of the fact that, the price fluctuations in the crypto marketplace are almost instant, thus leaving no time to predict and plan accordingly. Therefore, whenever dealing in virtual currencies, keep in mind that, if the industry is providing you with a platform to earn huge profits and make quick money, if not done right, you could also end up having significantly huge losses as well.
Not just that, as per the chatter amongst some of the leading experts on the field, it has come to our notice that, crypto is rapidly progressing towards completely revolutionizing the global payment system and from where I stand, it looks like it has already started to do so as many merchants and businesses have started accepting crypto as an official mode of payment from their customers.
Now that you have a brief backstory about the crypto world, you will be able to have a much better understanding of what we have with us today, WOO Network. To know more, I suggest you read further!
Everything to know about WOO Network (WOO)
WOO Network or as commonly referred to as WOO is nothing but a deep liquidity network that is known to connect exchanges, traders, platforms of decentralized finance (DeFi) as well as institutions with democratized access to the best-in-class trading execution as well as liquidity at significantly lower or even zero costs. Not just that, the platform is able to do all this and more with the help of their suite of products including Wootrade, WOO X as well as WOOFi.
To begin with, WOO X is a zero-fee trading platform that is known to provide institutional and professional traders with the best-in-class execution and liquidity. On a similar note, it features fully customizable modules for workplace customization.
Other than this, Wootrade is said to be a gateway for institutional clients like various exchanges in order to access WOO Network’s liquidity to upgrade their overall order books to a depth that is deeper than top exchanges and tighten their ask/bid spread.
Lastly, WOOFI Pools are known to have been deployed across selected protocols of decentralized finance (DeFI) as well as applications in order to provide users on the platform with an enhanced on-chain liquidity and execution.
Now, for some of you wondering as to how is the platform able to do this and more? Allow me a chance to explain. To achieve this, a combination of off-chain tools including quantitative trading, pricing oracles as well as hedging strategies are known to be bridged with on-chain liquidity pools.
Before moving any further, it is worth noting that, WOO Network is said to have been founded by Kronos Research, a multi-strategy trading firm, specializing in arbitrage, market making as well as high-frequency trading (HFT), averaging nearly 5-10 billion dollars of daily trading volume on global cryptocurrency exchanges over the web, about three years ago, back in 2019.
Also, WOO is known to be the native utility token of the WOO Network, which as a matter of fact can be used for a variety of purposes on the platform itself like being used in the network’s DeFi and CeFi products for free discounts and staking.
In addition to this, as of today, a rather diverse set of products, as well as services interfacing centralized finance (CeFi), retail, decentralized finance, and institutions, have been built. Furthermore, after the launch of the WOO token on October 30, 2020, with over three billion WOO tokens created at genesis, about ten percent of the tokens were easily sold in public and private sales.
Not just that, nearly twenty percent of those were allocated to the Wootrade team and about five percent are for advisors. Apart from this, fifty percent of these tokens are earmarked in order to support the WOO ecosystem, with several purposes including partner’s payments, ecosystem rewards, WOO Ventures investments as well as the insurance fund. Lastly, the remaining five percent is kept aside for liquidity management, and know that, these tokens are mostly locked.
Also, it is worth mentioning that, last year, WOO Network started providing liquidity on Binance Smart Chain with the launch of WOOFi Swap, which is said to use the institutional market-making techniques as well as its liquidity network to improve pricing and reduce overall slippage. WOO is also said to provide liquidity to other decentralized protocols as well including ParaSwap, SYDX, 1inch, Matcha, and DODO.
Lastly, WOO Network managed to close a thirty million Series A fundraising round back in November last year which included investments from BitTorrent, Avalanche, Three Arrows Capital as well as Crypto.com Capital to name a few.
Now that we have talked much about WOO Network, some of you must be wondering, whether or not it is a good idea to invest in the platform? If that’s the case, then let’s find out, shall we?
Investing in WOO Network (WOO)
As of today, the price of WOO Network is about 0.747811 US dollars with a twenty-four-hour trading volume of 159,729,601. Not just that, in just the past twenty-four hours, the value of WOO Network has been up by 11.65 percent, and with the current market cap of 667,648,605 US dollars, WOO is currently placed at #109 position as per the CoinMarketCap rankings.
Also, it is worth mentioning that, the current circulating supply of WOO Network is 892,803,593 WOO coins, with a maximum lifetime supply of the token being 3,000,000,000 WOO coins. In just the past week alone, the price of the platform has risen by 27.23 percent.
Reading so far, you must have gotten a fair understanding of the platform and by now, you should be able to figure out on your own whether or not investing in WOO Network is the right thing for you to do. Seeing what it has to offer when combined with its performance in the recent past as well as its plans for the near future, I certainly believe that WOO Network can prove to be a profitable investment in the near future, which is likely to provide you with higher returns and it is a possibility that your current investment may increase in value. But again, nothing can be said or sure!
If still not convinced, see it this way that, if say you buy WOO Network worth a hundred dollars today, you will receive nearly 134.732 WOO. According to the analysis done by experts on the field, after five years of your investment, the return is expected to be about +43.67 percent and thus, your current hundred-dollar investment will be nearly 143.67 US dollars in 2027.
As mentioned at the very beginning, crypto is a highly volatile marketplace and is extremely uncertain. Thus, It is very important for you to understand the fact that just like any other currency in the crypto marketplace, WOO Network does have its own risks as well and you should invest only if you are willing to take those risks and bear any and all losses if at all necessary.
If you are wondering, where can you buy WOO Network? Let me help you with that. Currently, WOO Network is available on all major crypto exchanges but, some of the popular exchanges that have WOO listed on them include CoinTiger, Binance, Huobi Global, OKX as well as Bybit to name a few.
In conclusion, what are your thoughts on WOO Network? Do let us know in the comments area below. To know more about various cryptocurrencies, do check out other articles we have on our website. Thank you for your time & if you found our content informative, do share it with your investor friends!
Also read: Monero: Everything you need to know