Server sync... Block time in database: 1615391772, server time: 1660707683, offset: 45315911

Understanding WOO Network: Q1 2022 Report


WOO Organization has jam-pressed the main quarterly report of 2022 brimming with experiences and updates. This report remembers progress for WOO X item dispatches, new improvements for WOOFi, reports on the WOO token, and development across WOO DAO and the local area.

Thinking back on Q1, the crypto-resource market confronted huge headwinds. The main features included worldwide struggle and international pressure, financial strategy fixing by national banks through introductory rate climbs, disengagements in products markets like oil and nickel, and exploits of a few enormous DeFi conventions like Wormhole and Ronin. These unfavorable patterns converted into material drawdowns across all crypto areas in early Q1.

Regardless of these adverse occasions, feeling across the crypto market started recuperating in the last part of Q1. Close by resource costs recuperating, exchanging volumes and yields began to get. Most conspicuously, there were a few huge value raises by crypto new companies that included support from conventional contributing goliaths like Tiger Worldwide and Brevan Howard. The Luna Establishment raised 1 billion to back UST with Bitcoin holds, which aided help developing tailwinds in late Walk. A few Metaverse and GameFi reserves were sent off and Yuga Labs, the gathering behind Exhausted Gorilla Yacht Club, obtained Crypto Troublemakers IP, sent off ApeCoin, and raised $450M.

Stage 1: Building more efficient market infrastructure

WOO Organization finished Q1 with a critical achievement, sending off the initial zero-charge fates markets on WOO X. From a CeFi item outlook, there are presently fates markets, spot markets, spot edge, Programming interface exchanging and subaccounts, WOO X (realistic UI), WOO X versatile (iOS and Android), in addition to a large group of working with administrations like marking, wallets, vaults, and that's just the beginning. This makes the underpinning of the unified system expected to fulfill the necessities of most dynamic merchants and connotes a change in the advancement of Charm Organization improvement.

In DeFi, WOOFi has proactively sent off a decentralized trade, estimating prophet, marking module, and yield streamlining agent, running on numerous blockchain networks.

Stage 2: Optimizations and mass adoption [in progress]

The following movement will see an emphasis on developing the client base and exchanging volumes by shortening onboarding times, restricting WOO X for additional areas, looking for additional licenses to open new business sectors, building highlights, (for example, fiat entrances) that assistance a more extensive scope of clients, and showcasing to a bigger crowd. Likewise, adding items that draw in more clients, like yield items and the principal components of social exchanging. Expanding portion of the overall industry is presently a high level organization need, as estimated by clients and volume on WOO Organization.

Stage 3: Reaching ‘Wootopia’ [underway]

The key third shift will be driven by advancement, prompting items that form off the foundation from stages one and two yet do as such by embracing the undiscovered possibility of Web3 innovations. On-chain spot and subsidiary business sectors, multi-chain items, decentralized standing frameworks for social exchanging, and the slow converging of encounters across WOOFi, WOO DAO, and WOO X. This will make a more troublesome organization, and satisfy the underlying WOO Organization missions of engaging people through democratized admittance to business sectors. Stage 3 plan has proactively started and will have a few significant declarations later in Q2.

WOO X updates

  • WOO X Futures
  • Trade-to-earn (T2E)
  • Subaccounts
  • Added Traditional Chinese, Turkish, Russian, Portuguese, and Ukrainian language support
  • “Whales of WOO” VIP program
  • LUNA, LOOKS, ONE, BTTC, LEO, APE, IMX, GMT, and HBAR were added to WOO Network. Currently, WOO X supports 97 trading pairs available for manual and API trading. WOO X Futures launched with 20 trading pairs (15 more were added early in April).

WOOFi updates

  • Launch of WOOFi Earn, Swap, and Stake on Avalanche
  • Multichain dashboard (BSC & Avalanche)
  • 27 earn vaults and over $11M in TVL

The WOO token

All statistics in this report are accurate as of April 5th, 2022.

  1. The circulating supply is 1,011,344,919, which accounts for 33.8% of the 2,987,855,221 total supply. The market capitalization ended at $1.01B, which was roughly the same as the end of Q4, 2022.

2.There are now over 24,802 unique on-chain addresses spanning the Ethereum, BSC, Polygon, Fantom, HECO, and Avalanche networks. This on-chain user base increased 18.5% from the previous quarter. In addition, there are 3542 xWOO holders on BSC and Avalanche.

  1. In CeFi, the largest markets by WOO holdings are WOO X (~178M WOO), Binance (~60M WOO), KuCoin(~33M WOO), OKEx (~17M WOO), and AscendEx (~11.8M WOO).
  2. Over 309M WOO tokens are currently staked across WOO X, institutional staking, and WOOFi, which represents a 31% increase from Q4. There are 4,527 retail users with at least 1,800 WOO staked, an increase of 30% from Q3.
  3. WOO was listed on Binance, Kraken, and Bitfinex.

Token statistics:

The circling supply expanded by 132m WOO this quarter, driven by the ~56m WOO tokens which were utilized as security however should be gotten back to the secured liquidity the board wallet later on. For the leftover ~76m WOO tokens, around 45m were guaranteed by seed financial backers, as their vesting wallet presently contains just 2.7% of the stockpile and is set to finish not long from now. The leftover increment was because of biological system rewards, marking rewards, trade posting advertising prizes, group and value financial backer vesting, WOO Adventures ventures, and guide vesting.

For Q4, the WOO token burns were as follows:

  • January: 669,814
  • February: 1,888,108
  • March: 1,686,780
  • Q1 Total: 4,244,702
  • Total: 13.8M

Talent acquisition and human resources:

  • The association development pace of WOO Organization is 29.5% from Q4 of last year, with now north of 120 representatives around the world.
  • Another office began completely working in Warsaw, Poland. Key recruits were made in Turkey.
  • WOO DAO sent off a task board. Individuals can now allude their gifted companions and get prizes from the DAO depository.
  • WOO Organization is effectively employing and searching for Hat experts to assist with making WOO Organization the ideal work environment. There are more than 45 current openings at https://boards.greenhouse.io/woonetwork.

Legal and compliance:

  • To conform to Turkey's administrative necessities, WOO TR was autonomously settled. It will explicitly serve Turkish crypto dealers, including pertinent KYC, a fiat passage, and receipt handling.
  • Full help of consistence for WOO X Prospects in every area overhauled.
  • The ceaseless advancement of the KYC and KYB process, including support for more ID types and changing the facial acknowledgment specialist organization for more proficiency.
  • Consistence plans for Germany, Liechtenstein, and Taiwan controllers are in progress.

WOO DAO

WOO Organization sent off WOO DAO in late Q4 to increment dynamic local area support, structure associations with driving DeFi applications and conventions, fuel development across the WOO environment, and upgrade the WOO token's utility. All through Q1, Charm DAO finished a few significant drives:

  1. Launched Treasury, Growth, and BD committees where contributors can participate to help WOO DAO achieve its objectives. There are over 15 dedicated community contributors across the committees, plus many more casual participants.
  2. WOO Force was launched to help WOO Network grow globally, with more than 30 participants in the first cohort.
  3. Established a governance structure using WRCs for proposals, community calls for discussions, and WIPs for formal voting.
  4. The Treasury committee partnered with several protocols to deploy 5M WOO, representing 1.7% of the total WOO in the treasury.
  5. Providing liquidity on Uniswap’s WOO/ETH and WOO/USDC pools
  6. Providing single-sided liquidity on Bancor’s WOO pool
  7. Launched covered call vaults with ThetaNuts, which included building customized vaults
  8. Creating a bonding program for AVAX/USDC LP tokens with Olympus Pro

Looking forward to Q2, WOO DAO means to keep framing organizations with driving organizations, DAOs, and DeFi applications that add to WOO Organization biological system development and expand the WOO token's utility. WOO DAO empowers all WOO token holders to go to the week after week local area approaches Wednesdays at 3:00 pm UTC. Also, for token holders marking in excess of 1,800 WOO on WOO X or WOOFi, you can enroll to decide on WIPs in the WOO DAO disunity.

Community:

At present, WOO Organization has 16 neighborhood networks with local Korean, Nigerian, Dutch, Ukrainian, and Thai people group included Q1. The absolute individuals really depended on 127K individuals, an increment of 20%. WOO Power is leading this development and will work with brand mindfulness, content dissemination as well as occasions and nearby exercises in various regions of the planet, close by the WOO Organization group.


Comments 1