About

WOO Network is a financial technology company specializing in cryptocurrency trading. It provides a platform that offers deep liquidity, low-cost trading, and data services for institutions and individuals. WOO Network supports spot and futures trading for a wide range of cryptocurrencies.

History

WOO Network was originally incubated by Kronos Research, a large quantitative trading firm with 110 employees worldwide that operates in market making, high frequency trading (HFT) as well as arbitrage. Kronos Research realizes an average of $5 billion daily trading volume on global exchanges and is one of the largest algorithmic trading firms in the world. It currently acts as the sole market maker on the WOO X trading platform. Kronos Research is also a designated market maker for Binance, Huobi and OKEX and a leading market maker for decentralized exchange dYdX.

WOO Network aims to reduce market inefficiencies and disrupt crypto markets by solving a major cryptocurrency issue, namely liquidity fragmentation. Its ultimate goal is to standardize liquidity. WOO Network is able to bootstrap large liquidity through its market maker Kronos Research and also by internalizing order flows from other crypto exchanges through an API integration. In that regard, boutique exchanges are a good audience. Those exchanges usually deliver to their retail audience a poor execution price as well as high slippage, the main reasons being a low access to liquidity. Larger exchanges also direct some of their orders to WOO Network to benefit from its large liquidity and competitive prices.

On the retail side, the major advantage WOO Network provides is zero trading fees when staking the native WOO token. By default, all retail traders do not pay Maker fees. However, when staking WOO, they also benefit from zero Taker fee, resulting in a feeless trade. The natural WOO X retail audience are professionals and sophisticated traders who frequently transact large volumes.

WOO Network is also positioned in the DeFi space through its brand WOOFi. WOOFi’s first initiative was to provide certain DeFi protocols with private liquidity pools. Quoted prices are determined by WOO Network’s own proprietary market data. Those pools currently sit on Binance Smart Chain (BSC) and Polygon. WOOFi has also initiated a major initiative on October 27th, 2021 with the Alpha launch of WOOFi Swap. The new platform acts as the de facto WOO Network DEX (Decentralized Exchange). WOOFi Swap's main innovation is the introduction of its native algorithm, called Synthetic Proactive Market Maker (sPMM). According to WOO Network, sPMM allows far better capital efficiency than all other DEXes on BSC, the chain which it is built on. WOOFi Swap uses BSC proof of authority as a consensus mechanism sPMM achieves that by simulating a CeFi order book that gets plugged to a custom onchain market data feed. Swap fees across all pairs are as low as 0.1% compared to the standard 0.3% on AMMs like Uniswap for example. Kronos Research, the parent company, acts as the Market Maker while WOO Network is the centralized liquidity source.

Finally, WOO Network also runs WOO Ventures, its official investment arm and launchpad. The investment firm started with a funding of 150 million WOO tokens. WOO Ventures philosophy is to be a blockchain agnostic liquidity facilitator. One major attribute of WOO Ventures is the airdropping of 50% of all its returns to WOO token holders, creating a major incentive to hold and stake WOO. WOO Ventures invests primarily in finance focused projects, both centralized and decentralized. Usually, it partners with projects that have market ready products, thus reducing financial risk. Projects getting funding benefit from WOO Network liquidity, expertise in protocol design and match making with other incubated projects to create synergies.