History of WOO Coin
The history of the WOO coin
is closely tied to the development of the WOO Network, a deep liquidity
network designed to connect traders, exchanges, institutions, and decentralized
finance (DeFi) platforms. Here is a summary of its key historical milestones: Origins and Foundation (2019) Incubation: The WOO Network (originally known as Wootrade)
was incubated in 2019 by Kronos Research, a quantitative trading
firm specializing in market making and high-frequency trading. Founders:
The co-founders of WOO Network are Mark Pimentel and Jack Tan,
who are also co-founders of Kronos Research. WOO Coin Launch and Early Funding (2020) WOO Token Launch: The native utility token, WOO,
was officially launched on October 30, 2020. It has a maximum supply of
3 billion tokens and is designed to decrease over time through monthly token
burns. Utility: The WOO coin is a multi-chain utility token used across
the WOO ecosystem for benefits like zero-fee trading on WOO X, staking,
trading discounts, and governance. Seed Funding: In September 2020, the
project completed its seed funding round, led by Dragonfly, raising $10
million. Product Launches and Growth (2021
onwards) WOO X Launch (CeFi): The
network's centralized finance (CeFi) flagship product, the professional trading
platform WOO X, launched in August 2021. It was one of the first
crypto exchanges to use the Payment for Order Flow (PFOF) model. WOOFi
Launch (DeFi): In October 2021, WOOFi Swap, the decentralized
exchange (DEX) and staking platform, began its alpha launch on the Binance
Smart Chain (now BNB Chain). WOOFi utilizes the proprietary Synthetic
Proactive Market Making (sPMM) model. Series A Funding: In January
2022, the WOO Network closed a Series A funding round, led by Binance Labs,
raising $12 million. They also secured $30 million in November 2021 from
various investors including Three Arrows Capital and Crypto.com Capital. Ecosystem
Expansion: WOO has actively expanded its presence, integrating the WOO
token and WOOFi across numerous blockchains, including Ethereum, BNB Chain,
Avalanche, Polygon, Solana, Arbitrum, Fantom, and NEAR. Recent Developments:
The network continues to innovate with features like enhanced Copy Trading
on WOO X (introduced in September 2024) and further integrations on Layer-2
solutions like Polygon zkEVM and zkSync Era. WOO Network's primary mission has
been to bridge the gap between CeFi and DeFi by leveraging the liquidity
provided by Kronos Research to offer deep liquidity and competitive trading
conditions across its products.
