Interview with Woo Network

Interview with Woo Network 1024 500 Crypto Rand Group

We are glad to have Woo Network Team answer our questions today!

What is the WOO Network and what are the main pillars of the WOO network?

The WOO Network is a liquidity network that can plug into any sort of trading or exchange-related service. The most common partners are exchanges or apps that need liquidity bootstrapping to provide their users with a better trading experience. One of the flagship products is WOO X, which is a CeFi exchange that gives users direct access to the liquidity with as low as zero fees, provided the user stakes WOO tokens in their account. We’re currently extending the network into DeFi because many of the layer two networks are suffering from fragmented liquidity and the scalability allows dAPPs to function more like CeFi applications. I guess that is the core concept of the WOO Network, and we are building an ecosystem around it with our strong partners and the emerging projects incubated through our WOO Ventures arm. 

How does the WOO network ensure liquidity for trade execution? 

The secret sauce is that we were founded by one of the more sophisticated quantitative trading firms, Kronos Research. Kronos trades billions of dollars each day on global exchanges, so they are one of the few teams that are positioned to do what we do. Our founding team has decades of experience at top TradFi firms and is of the few teams that were visionary enough to cross over from TradFi early on. 

What are the trading fees WOO network charges to the traders?

We believe that all markets are a race to the bottom with fees and we can provide the lowest. Without staking WOO, our fees are 0% maker/0.05% taker, and with staking, the fees can be 0/0. There are more tiers for API traders, and the interest on margin is also low, for specific questions it’s probably best to check out x.woo.org for the latest rates. 

What makes WOO different from other trading platforms available out there?

For WOO X, the differentiator is probably the zero-fee model and the customization aspects of the trading page. Each module can be dragged and resized so that traders can set up their page the way they want. Tabs can be set up to help traders quickly browse through different setups, a huge time-saver that suits the volatility of these crypto markets. A third differentiator is our community, which is built around the token and products. Most exchanges don’t have such an open relationship with the community, something we feel is important. 

How does the WOO network ensure the security of the WOO ecosystem?

We have a strict approach to security, something that comes second nature to a trading team that knows the ins and outs of asset custody. Our team tends to be more institutional than other exchanges, and we try not to take many risks, which is why we have things like manual approvals on withdrawals. There’s also an insurance fund if something does go very wrong, but we are hoping that won’t be necessary.

What is the utility of $WOO token?

A lot of the early utility is around staking on WOO X. That unlocks fee discounts for trading, as well as passive yield and token airdrops from WOO Ventures portfolio projects, a popular feature. There’s also a ton of WOO deployed in DeFi, like on SushiSwap, Uniswap, PancakeSwap, and SpookySwap. This should be extended a lot in the future. There will also be yield products built around holding WOO, so we aim to be a lot like BNB, where the value capture happens on both the CeFi and DeFi sides.

What is your team Strength?

Trading. That’s what gives us the liquidity and the zero-fee model. Where other projects or market makers would lose money with such deep liquidity, we can provide the best price execution around. I’d also like to think that innovation is another strength because we are building products that no one else is building right now. A third strength would be our culture, as we are rapidly expanding but still maintain strong communication and ethics, something that shouldn’t be overlooked in this space. 

How are you aiming to provide scalability to your service?

Great question – scalability is an issue we talk about a lot. One part of this equation is simply hiring more, we have one of the best HR and recruitment teams that is constantly looking for new talents to join our team. There’s a huge addressable market out there so we are constantly looking to expand into this space. The second part of this equation is by linking up with more strong technology partners. DeFi networks like Polygon, BSC, Fantom, DYDX, and Algorand allow us to reach millions of blockchain users and trade volume. Since we are platform-agnostic, our products can act as a bridge between all the valuable traffic happening on those networks. 

About the future; do you have any development plans you’d like to share?

The next few quarters should be great for growth. We will have new DeFi products to make our user base even more sticky. In CeFi, we will hopefully launch futures and add fiat onramps. Social trading is an exciting development that will allow top trading strategies to be accessible to users on the platform, and allow prominent traders to collect value from their hard work. We see more yield products being launched as we create even more value for the WOO tokenholders. I’m really looking forward to seeing how the products and community evolve together, making us one of the biggest names in the crypto space.

Thank you very much for answering our questions today!

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