WOO Network has joined forces with The HBAR Foundation to explore active liquidity provision on the Hedera Hashgraph network. As Hedera expands its ecosystem with more DeFi applications, consistent liquidity will be crucial. WOO Network not only has best-in class liquidity, but can also serve as a bridge between Hedera and the greater digital asset space.
What is WOO?
WOO Network serves to connect all crypto market participants with best-in-class liquidity, as well as trading execution at lower or zero cost. WOO Network was initially incubated by Kronos Research, one of the world's top quantitative trading firms. Taking their experience from the high frequency trading world, they focus on liquidity to provide the best possible experience for traders.
What WOO Offers
Why WOO X?
So what makes WOO X different from any other centralized exchange? Well for starters, a key to any exchange's success is the ability for buyers and sellers to complete efficient orders. Ideally, there should be little to no slippage for large orders and a small bid-ask spread, and this is only possible with deep liquidity. Because of the relationship with Kronos Research, WOO Network offers access to best-in-class liquidity, as well as trading execution. It also offers zero trading fees if a user stakes 1800 WOO on the platform. WOO X is currently a top 10 exchange in daily volume according to CoinGecko, and serves over 40+ institutional clients today.
Building in a Multichain World
The network is blockchain agnostic and supports both CeFi and DeFi based platforms. WOOFI has already launched on multiple layer one chains. Initially launching on Binance Smart Chain, given their well established user base prior. However, more recently in 2022 they expanded to both Avalanche and Fantom, and have plans to deploy on more in the future.
What Makes Hedera Stand Out?
Hedera is a proof-of-stake public network. It uses a different type of distributed ledger technology called Hashgraph and is built on top of the hashgraph distributed consensus algorithm. This consensus mechanism was designed by Dr. Leemon Baird, Hedera’s Co-Founder and Chief Scientist. If you’d like to learn more about how it all works, check out this piece here.
Where a traditional proof-of-work blockchain selects a single miner to choose the next block, the community of nodes running hashgraph come to an agreement on which transactions to add to the ledger as a collective. The network is also governed by some of the largest, most trusted companies in the world.
The Growing Hedera Ecosystem
The HBAR Foundation recently announced they would be allocating billions in HBAR to ecosystem development initiatives. Some of the recent developments include:
Through the support of the HBAR Foundation’s four funds, the Hedera ecosystem is growing to be more liquid, accessible, and customizable for the Hedera defi customer.
“WOO Network’s support of HBAR is meaningful as the Hedera ecosystem moves into more sophisticated defi activity. Deep and consistent liquidity is necessary for users to move seamlessly through a diverse defi product suite, and WOO Network is part of that strategy,” says Elaine Song, The HBAR Foundation Director of Ecosystem.
WOO Network is integrated with industry leading aggregators such as 1inch, is a top liquidity provider on dYdX, and has a proven track record in working with some of the biggest names in DeFi.
The Bottom Line
WOO Network is a convenient one stop shop for users of both decentralized and centralized exchanges to trade assets such as HBAR. It is one of the few projects in the space that serves that purpose, a value that investors such as Binance Labs and Three Arrows Capital recognize.
About WOO Network
WOO Network is a deep liquidity network connecting traders, exchanges, institutions, and DeFi platforms with democratized access to the best-in-class liquidity and trading execution at lower or zero cost. Its flagship product, WOO X, is a professional trading platform featuring customizable modules and lower to zero-fees complete with deep liquidity. WOO Network was incubated by Kronos Research, a quantitative trading firm generating $5-10B in daily volume.
About the HBAR Foundation
Founded in 2021, the HBAR Foundation fuels the development of the Hedera ecosystem by providing grants and other resources to developers, startups, and organizations that seek to launch decentralized applications in DeFi, NFTs, CBDCs, Sustainability, gaming, and other sectors. In addition to providing funding through a streamlined grant process, the HBAR Foundation acts as an integrated force multiplier through expert support across technical, marketing, business development, and other operational functions that are required to scale.