Themes, statistics, and analysis from the final quarter of 2021, plus a look back at the progress WOO Network has made this past year.
Continuing to provide transparency for our community and investors, WOO Network has prepared a quarterly report full of insights and important areas of development. This report also covers an annual review for the WOO Network, showcasing exciting growth and operational progress. In 2022, look forward to WOO Network scaling up user growth on WOO X, a multi-chain expansion for WOOFi, and more active token holder participation through WOO DAO.
In line with Q3, the cryptocurrency industry saw continued strength through late November. New all-time highs were made for Bitcoin at $69,400 and Ethereum at $4,850, along with many altcoins. Spot trading volumes continued to rise, alongside derivatives trading volume and open interest. Many layer one ecosystems saw further growth on-chain, particularly Avalanche, Terra, and Solana. To support further multi-chain growth, WOO Network continues to remain chain agnostic by expanding its liquidity network across all major blockchains.
Mirroring CeFi, growth in DeFi expanded throughout the first half of Q4. At peak, aggregate TVL across major blockchains nearly exceeded $260B, which represents a nearly 30% increase from the end of Q3. The largest DeFi applications continued expanding across networks and driving user growth through liquidity mining incentive programs.
However, by mid-November crypto assets, and risk markets more generally, began selling off. Macro factors, such as the Omicron variant and tightening monetary policy, have made investors cautious. Despite poor returns into year-end, many crypto assets protocols and applications maintained rapid developments of new features and updates. Through the DeFi 2.0 narrative, projects have also begun pursuing more sustainable tokenomics through initiatives like protocol-owned liquidity.
WOO Network Growth
Despite industry-wide trading volumes falling by nearly 25% in December, WOO Network ended the year with their strongest month yet, eclipsing $21B for the first time in a calendar month. Tracking back to Q4 of 2020, WOO Network was averaging just $11.3M per day, now the figure for all of Q4 was $671M, a cool 5,800% increase.
- WOO Network’s volume continued to expand throughout Q4, growing trading volumes across the WOO Network, as well as DeFi apps like dYdX and Paraswap
- Android mobile app launched, auto-staking on WOO X
- WOOFi Swap and Stake on BSC, over $50M in trading volume and 35M WOO staked
- WOO X continues to grow while remaining compliant with regulations globally, with now over 100 countries supported
- WOO getting listed on major exchanges ByBit and OKEx
The WOO Token
*All statistics in this report are accurate as of January 5th, 2022.
Quick Token Insights
- The circulating supply is 879,348,648, which accounts for 29.4% of the 2,990,872,183 total supply. The market capitalization reached $1.06B, which increased from $446M at the end of Q3.
- There are now over 20,937 unique on-chain addresses spanning the Ethereum, BSC, Polygon, Fantom, HECO, and Avalanche networks. This on-chain user base increased 34% from the previous quarter.
- For WOO, AMM liquidity is now spread across Uniswap V2, V3, Bancor, SushiSwap, SpookySwap, PancakeSwap, and Trader Joe. No third-party AMM has emerged as a clear leader for WOO’s on-chain liquidity.
- In CeFi, the largest markets are now WOO X (171M WOO), Huobi (42.3M WOO), KuCoin(25.7M WOO), OKEx (19.5M WOO), and AscendEx (11.8M WOO).
- Over 236M WOO tokens are currently staked across WOO X, institutional staking, and WOOFi, which represents a 35% increase from Q3. There are 3,475 retail users with at least 1,800 WOO staked, an increase of 44.8% from Q3.
Tokenomics and Statistics
The circulating supply increased by 358m WOO this quarter, driven by the ~300m WOO DAO tokens which were re-classified as ‘unlocked’. These tokens can be used in the ecosystem for grants, bounties, and treasury activities, subject to DAO approval. Aside from token swaps with NEAR and DODO, none of the DAO’s assets have actually left the DAO multi-sig wallet. Therefore, these tokens are circulating but not active without the DAO’s governance approving initiatives.
The remaining increase was due to ecosystem rewards, staking rewards, team vesting unlocks, WOO Ventures investments, and advisor vesting unlocks.
For Q4, the WOO token burns were as follows:
- October: 156,722
- November: 501,561
- December: 459,040
- Q4 Total: 1,117,323
- Total: 9,559,484
Through forming WOO DAO, WOO Network has embraced the vision of progressive decentralization. As the DAO’s treasury was seeded with nearly 300M WOO, the community has become actively engaged in establishing governance over WOO DAO initiatives. Growing the DAO will continue to increase transparency and enhance active community participation, which will help WOO Network integrate across the DeFi ecosystem and accelerate growth globally.
The WOO DAO governance process has two phases, starting with a WOO Request for Comment (WRC) and a WOO Improvement Proposal (WIP). After discussing an initiative’s WRC, a temperature check vote captures the community’s support for proceeding to a formal vote. Upon moving ahead with the WRC, the proposal is finalized by specifying key parameters and then a vote on the WIP occurs. WOO token holders must stake at least 1,800 WOO on WOO X or WOOFi to register as a voter in WOO DAO.
The scope of WOO DAO initiatives will grow as the DAO achieves progressive decentralization. Some milestones for WOO DAO to accomplish are partnering with leading DeFi apps, establishing forums for governance, transitioning to on-chain voting, expanding the WOOFi product suite and transferring ownership of WOO DAO’s treasury to a committee of community members.
Talent acquisition and HR progress
- There are 102 total team members in WOO Network with 6 new members added in Q4.
- The new Poland office has been set up successfully, four more physical offices are under construction based in Europe and South Asia.
- Multiple offline community events were hosted in Taiwan with hundreds of participants, such as the Blockchain Youth Summit, JC Conference, and the NTU crypto trading contest.
- WOO Network saw strong support around the world. Wooriors are now speaking 10 languages and we are aiming to add 2 more regional communities soon.
- Community members contributed to the formation of WOO DAO, igniting a proactive approach to global and regional growth through DAO initiatives.
- The total number of Wooriors grew 29% from 82,112 to 106,023 across all WOO Network’s social media channels.
- WOO X is gaining popularity in regional markets. Arabic counties are shooting up the trading volume board while India and Turkey brought the highest traffic to x.woo.org. To support the local market, WOO X officially opened in Turkey as wootr.org. More localizations are planned for 2022.
- Over 84,912 unique users visited WOO X, and 15,763 landed on WOOFi in this quarter (Google analytics).
- WOO Network built strong connections with other communities and projects, one of the notable cooperations resulted in creating WOO Network’s NFTs with Project Galaxy.
PERP, ZRX, SHIB, BTT, CAKE, SPELL, ROOK, ENS, AURORA, YGG, BIT, GALA, LRC, REN, PSP were added to the liquidity network. WOO X became one of the first trading venues to support BOBA and AURORA.
WOO X currently supports 85 trading pairs available for manual and API trading.
Future outlook: values
2021 saw rapid growth for WOO Network, and our goals for 2022 are there to set the bar even higher:
- Acceleration and Execution: Increase volume and other business metrics across WOO Network via onboarding more clients and institutional partners across a suite of our existing products alongside our continuous efforts to innovate and deliver additional products and features to those clients.
- Innovation and disruption: WOO Network is focused on building products that help traders and investors perform at a high level. 2021 laid the foundation for our product offering, which will be built upon with zero-fee perpetual futures, social trading, and pioneering DeFi products.
- Community and user growth: Focused on attracting more community members, token holders, platform users, and active WOO DAO members across a multitude of global regions. WOO DAO will be instrumental in driving community growth and cementing itself as one of the most collaborative, fair, and transparent organizations in the space.
WOO Network will set the precedent for democratized liquidity access, affordably or even for free — whether that be for other centralized exchanges, decentralized exchanges, institutional clients, or independent traders. 2022 will be the year for capital-efficient, zero-fee markets, and leading the pack will be those who can execute traders’ needs at the highest level.
For more info, be sure to follow us on social media:
- Reddit: https://www.reddit.com/r/WOO_X
- Website: https://woo.org
- Twitter: https://twitter.com/WOOnetwork
- Discord: https://discord.gg/woonetwork
- Telegram: https://t.me/woonetwork
- Telegram Announcements: https://t.me/woonetworkann
- Medium: https://medium.com/woonetwork
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