How to buy and hold WOO with Wigwam
1. Choose a token number that you want to buy
2. Create a wallet, where to store your crypto
3. Pay with credit card
4. Check your crypto in the created wallet
Why Wigwam is the best crypto wallet for WOO Network (WOO) storage
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WOO Network (WOO) Token Review
WOO is the native token of the WOO ecosystem, an Ethereum-powered network that offers enhanced market liquidity and affordable trading solutions for traders, exchanges, and DeFi platforms.
About WOO Network (WOO)
In 2019, the WOO network was introduced to address high fees and low liquidity challenges in crypto exchanges. It provided liquidity services for trading platforms to tighten bid/ask spreads and enhance order book depth. Retail traders got access to the same benefits through its products - WOOFi and WOO X. In the same year, the WOO network went public, introducing features that bridged the gap between decentralized and centralized finance. It offered access to deep market liquidity with faster trade execution at zero or low fees and introduced dark pool trading, allowing institutions, investors, and high-volume traders to operate discreetly.
In 2020, WOO Network released their native token WOO. Coin holders use it for paying transaction fees, voting on project revenue-sharing, and buying bandwidth or data on the WOO Network's decentralized social platform for unrestricted internet access.
The WOO Network (WOO) Token Use Cases
- Ecosystem interaction - WOO token holders can easily access exclusive benefits, discounts, rebates, and investment opportunities within the network.
- Governance - WOO holders can help develop the network by voting on structures, revenue sharing, listings, and staking mechanisms.
- Borrowing and Lending - Using the WOO token through yield farming or as collateral, holders can access DeFi services and apps within the network. It enables users to engage in lending on several protocols, such as KINE Finance and Unit Protocol.
- Stake to earn rewards - Staking WOO on WOOFi allows users to earn returns (in WOO or USDC) from swap and earn fees. The network has no minimum staking amount and offers a variable APY based on trading frequency, staking duration, and overall participation, rather than fixed yields. Also, stakers receive 80% of WOOFi fee revenue weekly.
The WOO token has a circulating supply of over 1.81 billion out of a total supply of 2.23 billion, with a live market cap of $743,565,895. In a monthly buyback and burn initiative, 50% of income from the network's services is used to purchase and burn WOO tokens from the secondary market, effectively reducing the circulating supply. Initially capped at 3 billion tokens, the maximum token supply was reduced by 25% to 2.2 billion through a series of token burns. This process will continue until half of the maximum supply is permanently removed from circulation.
The current annual supply inflation rate for WOO tokens is 51.57%, leading to an increase of over 616 million coins in the past year. The initial distribution of WOO tokens included allocations as follows: Private and Public Sales (10%), Team (20%), Advisors (5%), WOO Ecosystem Rewards (25%), Insurance Fund (10%), Ecosystem Partners (10%), WOO Ventures (5%), Seed (10%), and Liquidity Management (5%).
WOO token holders can stake their coins on WOOFi to earn rewards, participate in platform development through voting on structures and revenue sharing and engage in the versatile DeFi and NFT ecosystem. WOO was priced at $0.01 per token at WOO Network’s launch. The current coin price is $0.41 and, with its value influenced by market dynamics and perception.
WOO DAO was created to improve governance, community engagement, and DeFi presence in regional markets. But, blurred lines of responsibilities emerged as the network's operations stayed centralized. It could impact the coin's long-term viability, which depends on the platform's performance and success.
This article is for informational purposes only and should not be interpreted as financial or investment advice. The views expressed herein represent solely the opinion of the author and are not intended to provide specific trading or investment recommendations. We do not guarantee the accuracy, completeness, or reliability of the information contained in this article. The cryptocurrency market is known for its high volatility and unpredictable fluctuations. Investors, traders, and anyone engaging with cryptocurrency are advised to conduct thorough research, consider a variety of perspectives, and acquaint themselves with applicable local regulations prior to making any investment decisions.
Easily buy WOO tokens in the Wigwam crypto wallet or on crypto exchanges. Visit Binance or KuCoin, create an account and fund it, then proceed to purchase the coin. Also, you can buy the coin on the Kraken exchange.
Stake WOO tokens successfully with the below steps:
- Visit the official WOOFi Stake platform
- Link your crypto wallet, such as MetaMask, TokenPocket, or Assure Wallet, containing your WOO tokens, to the WOOFi platform
- Choose the blockchain where you hold WOO tokens from the dropdown menu
- Select the WOO staking pool that aligns with your preferences
- Consider the differences in terms and APY (Annual Percentage Yield) before selection.
- Users can stake any amount of WOO tokens on WOOFi to earn a consistent APY.
- Enter the desired amount of WOO tokens to stake in the selected pool
- Confirm the staking transaction through your connected wallet. Be aware of any transaction fees associated with the staking process.
- After confirmation, stakers earn rewards according to the pool's terms.
For monitoring WOO address activities, blockchain explorers are the go-to platforms. Etherscan and Ethplorer are excellent options for users of all levels. Etherscan lets users check market and transaction information, while Ethplorer offers detailed insights into network information including transfers, issuances, and holders.
Use Ethereum mainnet-compatible crypto wallets like Metamask, Coinhub, or OKX Wallet to add WOO tokens successfully. For Metamask, install the wallet, go to settings, and select the network. Once connected, click "Add Token," search for WOO, and import your assets. If the coins aren't visible, switch to the manual process. Click "custom token," enter the WOO token address (For Ethereum: 0x4691937a7508860f876c9c0a2a617e7d9e945d4b). Then, input "WOO" for the symbol and "18" for decimals. Confirm the details, and your WOO assets should appear in the wallet.
The token faces growing competition from coins with similar use cases. Also, the crypto market volatility poses potential risks for buyers, as a decline in price could lead to financial losses.