Building in Bear: WOOtopia offers a peek at WOO Network's optimistic plans

Building in Bear: WOOtopia offers a peek at WOO Network's optimistic plans

WOO Network gave its Twitter followers a sneak peek at upcoming products and services ahead of its Q1 report, focusing on being one of the top three CeFi and DEX exchanges.

In a recent WOOtopia, the company’s regular live community call, the Ecosystem team revealed that it hired more staff members with senior roles allowing the organization to position itself in a more advantageous position when the bear market ends.

The discussion provided an update on its tokenomics revamp, shift in WOOFi’s strategy, conservative and meticulous stance on onboarding ambassadors, and the company’s regional expansion plan. In order to demonstrate WOO Network's transparency, the team didn't back down from answering community concerns.

Tokenomics Update - what happens now that there is no burn mechanism?

The Ecosystem team revealed that WOO Network is now at the next phase of its tokenomics revamp after it has ceased its burning mechanism. A new staking program will connect new products like social trading, earn vaults, launchpad, etc to the amount of WOO staked, where more access and reduced fees are eligible for users who stake more WOO. The team also said that a significant share of the remaining ecosystem tokens was placed into time-locked vesting contracts for more complete transparency and clarity around token supply.

In early January, WOO Network rolled out its improvements to WOO tokenomics. The first part focused on making the token distribution more transparent which includes burning over 705 million WOO tokens, about 24% of the max supply, as it wound down WOO Ventures, WOO DAO, and the insurance fund.

Why is WOOFi moving to Ethereum L2s/scaling solutions?

WOOFi continues to expand to new ecosystems across Ethereum L2s/scaling solutions, as it aligns itself closer to the Ethereum ecosystem by integrating zkSync and BASE. Kevin Feng, head of DeFi at WOO Network noted that it is important for WOOFi, as an early-stage project, to be able to pivot the focus based on the read of the industry and the readiness of WOOFi products.

“There is a clear L2 narrative developing with a number of high-profile projects going live in the next few months including BASE, zkSync Era, Polygon zkEVM, and Scroll. This will attract a lot of user attention and capital. WOOFi didn’t use to be an early adopter of new ecosystems, but since the product is getting more mature - we are confident to have more swift deployment in new and promising ecosystems. This will greatly benefit us from both fees and reputation perspectives. The Arbitrum airdrop is evidence of this thesis,” Feng said.

Feng said that WOOFi staking is still underway, and smart contract development and audit were done. “We’re working on perfecting the UI since the new version has more gamification in it. Also, more L2 deployments will benefit staking when it’s launched - more fees and more rewards for stakers,” Feng said.

Bearish on the US approach to innovation

Ben Yorke of the Ecosystem said the WOO Network is establishing a strong foothold in Turkey, Poland, Ukraine, London, as well as Asia, in locations where innovation can thrive and communities can be strengthened. In response to a question about plans for WOO to establish a company in the US, he said that current conditions are not enticing for crypto companies generally, since players need to innovate and adjust quickly while the US stifles this kind of growth, with a lot of retroactive enforcement.

Yorke further noted the importance of working closely with the communities as a key factor in building and calibrating the product for professional traders. This is even as the company has a conservative and meticulous stance on onboarding ambassadors who truly represent WOO Network’s cultural DNA. Examples of this include the recent WOO Network’s Traders’ Soirée in the UK, and most recently the traders' meetup in Poland. These events were attended by top trading community members, well-respected traders, institutions, allied projects, and CT personalities.

There will be more updates about the WOO Network in a scheduled 2023 Q1 report coming out in a few weeks.

Related story - London's fast-growing crypto community influences UK views on digital assets

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