The five biggest questions about the new WOO token

The five biggest questions about the new WOO token

On October 30th, the WOO token officially landed on exchanges. Here is a quick recap of questions we gathered from the community.

1. What does the token distribution look like?

For all token related questions, we highly suggest reading the token page on our website first. However, we realize some of you are impatient and as such, have prepared an answer for you. Let’s start with the chart:

Initial token distribution

Now here is the latest token distribution from November 2, 2020:

Source: Etherscan.io

Like any good blockchain token, you can monitor it yourself by searching for the token contract address on Etherscan. But here’s a detailed explanation, in case you don’t feel like doing all the heavy lifting.

  1. Tokens from the Ecosystem Rewards wallet (Rank 1) were used to support Huobi’s marketing campaigns.
  2. The Team Rewards wallet (Rank 2) remains untouched according to the vesting schedule listed on the website.
  3. The Private Sale wallet (Rank 3) is unlocked according to the vesting schedule on the website.
  4. The Advisors wallet (Rank 4) remains untouched at 5%.
  5. The Liquidity Management wallet (Rank 5) had funds loaned to exchanges and market makers to provide initial liquidity during the token sale. Over time, these tokens will need to be returned to the Wootrade token treasury.

In the interest of being as transparent as possible, Wootrade will be giving quarterly financial updates on how tokens were distributed. This is part of our commitment to adhering to responsible industry practices as we develop a long-term token ecosystem.

2. Where can I get my hands on WOO?

The WOO token saw incredible interest with multiple exchanges and partners supporting the launch. Here’s a quick rundown of which exchanges the WOO token is now available on:

Note: Users should always exercise caution when depositing and storing funds with third-party exchanges.

Fun fact about Hoo.com: Our partners at Hoo.com have already implemented Wootrade’s network on their backend. That means when you make or take an order from the order book, it’s reflected throughout the Wootrade network. Users on Hoo.com will benefit from improved liquidity and less slippage. Try it out today?

3. If I want to go LONG, can I do that as well?

For advanced traders or people who like to live life on the edge, MXC has made Wootrade available on their margin trading section.

If you do want to give that a try, just remember that life is short, and don’t forget your stop losses.

4. I’m pro-decentralization, is WOO available on a DEX?

We applaud your dedication to the decentralized movement. Although we didn’t provide any liquidity ourselves, some proactive investors have taken the initiative on Uniswap. You can find info about the swap here.

DODO, another friend of the ecosystem (more on that later), has also opened a WOO/USDT pool on their innovative new DEX. Users can mine DODO on that platform by providing liquidity with WOO or any of the other supported tokens.

5. I’ve got my WOO, now what?

The million-dollar question! We are currently putting the finishing touches on our upcoming staking program. That is going to offer strong incentives for traders to get and lock WOO tokens, with particularly high benefits for early participants. For those that are too impatient to wait, there are a few other options:

  • Huobi Global’s holding/depositing campaigns, with 9 million WOO up for grabs. Read more.
  • MXC’s has a deposit WOO campaign with a prize pool of 10,000 USDT. You can also earn WOO by staking USDT on their MX DeFi platform.
  • Trading competition on Hoo.com. From October 30 through November 6, traders can win their share of 200,000 WOO tokens. Read more.
  • Provide liquidity on Uniswap or DODO to earn LP rewards.
Source: https://support.hbfile.net/hc/en-us/articles/900004245703

For all the latest updates on WOO, be sure to follow Wootrade on Twitter and Telegram.

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