WOO Network (WOO)

Trading and Fee Discounts

WOO Network offers zero-fee trading on its centralized exchange WOO X, where staking WOO tokens reduces or offsets trading fees and API rate limits. Users also get trading rebates, referral bonuses, and free withdrawals by staking WOO.

Liquidity and Market Making

WOO Network connects traders, exchanges, institutions, and DeFi platforms to provide deep liquidity and better trade execution. It uses advanced technology like Synthetic Proactive Market Making (sPMM) to simulate order books and offer tight bid-ask spreads on both centralized (WOO X) and decentralized exchanges (WOOFi).

Staking and Yield Opportunities

Users can stake WOO tokens on WOO X and WOOFi to earn rewards, capture value from trading fees, and participate in yield farming or liquidity provision.

Governance and Community Participation

WOO token holders will have voting rights to influence the future development of the network, based on the amount and duration of their staked tokens.

Institutional and DeFi Use Cases

Institutions benefit from enhanced liquidity and reduced fees on quantitative trading strategies. DeFi platforms use WOO Network’s liquidity services to improve pricing and execution.

Future Use Cases

Plans include innovative debt or lending products, liquidity solutions for NFTs, and exclusive access to token sales and airdrops for WOO holders.

Pros

• Low trading fees starting at 0.03% per trade, making it cost-effective for spot trading.
• Deep liquidity providing stable prices and efficient trade execution.
• Supports a wide range of cryptocurrencies and over 200 trading pairs including margin and futures.
• Offers zero-fee trading options under certain conditions.
• Customizable trading interface tailored to user preferences.
• Integration with both centralized and decentralized finance platforms.
• Advanced features like API trading and automated bot connections.
• Decentralized exchange (WOOFi) operating on multiple blockchains with staking and liquidity provision.
• Monthly buyback and burn program to control token supply.
• Available in the USA with some state restrictions.
• Social media platform rewarding users for content creation.
• Strong partnerships with major exchanges like Binance and MEXC.
• Educational resources and tutorials for users.
• Supports cross-chain swaps and Layer-2 solutions to reduce transaction costs.

Cons

• Not regulated by any government authority, which may affect trust for some users.
• Only accepts and withdraws cryptocurrencies; no fiat currency support.
• Payment for Order Flow (PFOF) model may raise concerns about conflicts of interest.
• Some users report difficulties connecting wallets due to platform glitches.
• API trades incur slightly higher fees than regular trades.
• Limited availability in certain regions due to local regulations.
• The platform is still in beta with ongoing development and feature improvements.
• Withdrawal fees and conditions may vary and should be checked before use.

Founders

WOO Network was founded by Jack Tan and Mark Pimentel. They are also co-founders of Kronos Research, a cryptocurrency quantitative trading firm.

Background of Founders

• Jack Tan is a seasoned trader with over 30 years of experience. He graduated from Carnegie Mellon University and has worked at BNP Paribas and Deutsche Bank.
• Mark Pimentel started his career at Citadel Investment and later led the electronic development group there.

Company Origin

WOO Network was incubated by Kronos Research in 2019, aiming to provide deep liquidity and better trading execution for traders, exchanges, institutions, and DeFi platforms.

Major Investors

WOO Network has attracted investments from a wide range of investors, totaling around 70 known investors. Some notable names include Psalion, X21 Digital, Amber Group, Basics Capital, Caladan, Chain Capital, One Boat Capital, AKG Ventures, Krypital Group, Three Arrows Capital, Gate Ventures, Efficient Frontier, Selini Capital, AlphaLab Capital, Riverside Hedge, and Binance Labs.

Funding Rounds

• Series A round led by Binance Labs raised $12 million.
• A $30 million Series A round included investors like Three Arrows Capital, PSP Soteria Ventures, Gate Ventures, QCP Capital, Crypto.com Capital, Avalanche, BitTorrent, and others.
• Additional rounds raised $9 million from investors such as Wintermute, Selini Capital, Time Research, Presto Labs, Pulsar, AlphaLab Capital, Efficient Frontier, Amber, and Riverside Hedge.

Strategic and Institutional Support

• WOO Network was incubated by Kronos Research, a quantitative trading firm that also acts as its market maker.
• The network has backing from trading institutions, exchanges, venture funds, and research firms, showing broad industry support.

Investment Focus

• WOO Ventures, the investment arm of WOO Network, forms strategic partnerships with projects and ecosystems, often investing through token swaps to expand the WOO Network ecosystem.

Halal Status

The halal status of WOO Network is not definitively confirmed in the available information. Some discussions and analyses exist, but no clear consensus or official ruling is provided.

Reasoning

WOO Network is a liquidity provider and trading platform involved in DeFi and futures trading, which can raise questions in Islamic finance. Some sources mention confusion or debate about its permissibility due to its association with DeFi and futures, while others list similar tokens as halal.

Summary

No clear yes or no answer is available from the provided data regarding whether WOO Network is halal.