Understanding WOO: Q4 2023 report and outlook for 2024
This extensive, 17-page report and outlook include ecosystem highlights, forecasts, new product information, and general market insights for the upcoming year.
View the full PDF for all the information, including the message from Co-Founder Jack Tan that's shared below:
In the wake of the tumultuous events in the crypto industry following the 2022 self-inflicted meltdowns, our approach has been steadfast and unwavering. We have remained focused on building, just as we have done through previous cycles. Our journey has been marked not just by adversity, but by our resilience and grit to overcome challenges.
We are no strangers to tough times, and indeed, it's often said that adversity builds character. The year 2023 tested our mettle, reinforcing our ability to adapt, be resourceful, and make decisive moves. Our team has emerged stronger, fortified by the very challenges we faced. But it's important to acknowledge that our progress is not a solo achievement. It's the collective effort of our dedicated team, supportive community, committed partners, expert advisors, and trustful investors. Your unwavering belief in our vision to inspire confidence, higher performance, and joy in every user has always been our foundation.
Looking backward and into the future
From launching Multi-MM, the first transparent and live balance sheet, to WOO Turkey, WOOFI Swap, and orderbook dex, and securing multiple VASP registrations, our journey has been eventful and varied. As our frequent Twitter updates show, we've been incessantly building. Some projects yielded substantial benefits with minimal effort, while others demanded considerable resources but fell short in user engagement. In this industry, as in life, there's no prize for simply battling hardship. Instead, our focus now is on high-impact projects, where we're confident the results will be self-evident.
The past few years have been a crucible of learning, honing our ability to sidestep high-difficulty, low-impact scenarios. We're now dancing more skillfully towards our vision. Regulation in both CeFi and DeFi is intensifying, and we choose not to resist but to embrace these changes. WOO X aims to secure licensing in key local and global jurisdictions, targeting an IPO to compete with giants like Coinbase. Having excluded US users and implemented stringent KYC & AML policies from the outset, we're now well-positioned to accelerate our growth on the regulated path unfolding before us.
CeFi will continue to thrive for the foreseeable future, even as regulations become stricter. However, I firmly believe that the future belongs to DeFi. Its competitive nature is evident: WOOFi Swap, for instance, has captured roughly 2% of the overall market without resorting to WOO token incentives. This success is due to the absence of barriers in the DeFi swap market — the best price simply prevails. With a fast-improving user experience, we anticipate a significant shift in trading volume to DeFi in 2024 and beyond. Our focus is not on biases or hopes but on clear-sightedness and delivering unique value.
In this report, we take a comprehensive look at our range of products and give special focus to the WOO token, the cornerstone of our ecosystem. We take a moment to acknowledge the substantial progress of our CeFi and DeFi trading platforms. Our approach to assessing our past performance is rigorous and exacting, and as we gaze into the future, we do so humbly, fully aware of the unpredictable nature of this fast-changing industry. Recognizing the inherent unpredictability of outcomes in this dynamic industry, we chose long ago to embrace uncertainty, pack ample grit and determination, and most importantly, enjoy the journey!
Jack Tan,
Co-founder, WOO
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The content above is neither a recommendation for investment and trading strategies nor does it constitute an offer, solicitation, or recommendation of any product or service. The content is for informational sharing purposes only. Anyone who makes or changes the investment decision based on the content shall undertake the result or loss by himself/herself.
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