Proposal to whitelist WOO

BancorDAO Whitelist Wootrade Network WOO Proposal

This proposal is expected to appear on Snapshot for voting on Monday 27 April 2021 at 12:00 pm UTC

TL;DR

  • Proposal to whitelist Wootrade Network’s native token WOO.
  • There are no apparent security concerns that would prohibit whitelist status.
  • There is no reason to doubt the legitimacy of the Wootrade project. The team is identified and features Kronos Research co-founders Mark and Jack with funding from top VCs including Dragonfly Capital and Three Arrows Capital.
  • The benefit to Bancor is clear. Integration with Wootrade can open the possibility to, among others, bring some of its trading volume to Bancor and integrate a liquidity providing solution on Bancor through the Wootrade platform.

WOO token address: 0x4691937a7508860f876c9c0a2a617e7d9e945d4b

Project Website: https://woo.trade/

Token Security

WOO does not have an elastic supply, or rebase mechanism. The Wootrade ERC-20 contracts do not have permissions that grant administrators unrestricted mint/burn capabilities. WOO is a capped-supply token with a total supply of 3 billion tokens and circulating supply of 432,413,779.00 WOO. The contracts and addresses with the highest concentration (top 10 and >1% of circulating supply) of WOO tokens are the token vesting contracts, one Huobi wallet, one Bitmax wallet, team wallets and a wallet with 1.86%.

Project

Wootrade is a layer one darkpool trading platform infrastructure complete with deep liquidity, frontend trading GUI, and the ability to integrate into any exchange, trading desk, wallet, dApp, or other trading-related platform. Wootrade is able to leverage rebates from high volume institutional traders and market makers, giving the retail traders and B2B clients high-depth, zero-fee trading.

Wootrade aims to solve the liquidity, cost, and adverse selection issues of cryptocurrency trading for exchanges, institutions, and (eventually) retail traders through the use of redesigned incentive mechanics around the WOO token.

Tokenomics

Wootrade launched its mainnet on October 30, 2020 with 3 billion WOO tokens created at genesis. 20% was sold at private sale with vesting between six months and two years. 20% is reserved for the team, with vesting between six months and four years. 5% is reserved for advisors, vested over 4 years. 50% of the supply is reserved for ecosystem rewards.

WOO tokens (ERC-20) are bought back and burned each month with portions of revenue amassed on Wootrade. It will be utilized in the decentralized governance of Wootrade, and unlocks access to zero-fee trading for the institutional and retail users on the Wootrade network.

  • WOO can be amassed by users and B2B clients to apply for reduced, zero, or even negative fees on the platform.
  • WOO can be used as collateral on Wootrade to trade spot / futures.
  • WOO entitles users to receive fee discounts on Kronos Research asset management products.
  • WOO will serve as a method of capturing value from numerous DeFi applications
  • WOO governance framework will involve staking tokens to accrue voting points.

Community and Communication

Wootrade is active on Reddit and Telegram. The Wootrade team also operates official Twitter, Instagram, Facebook, LinkedIn and Medium accounts. Github activity is limited to the Wootrade documentation, with activity since 27th August, 2019. The development team is presented on the Wootrade website. The team integrates Kronos Research co-founders Jack Tan and Mark Pimentel.

The team’s official e-mail contact is admin@woo.network.

Available Audits

The WOO ERC-20 token contract is a standard OpenZepelling contract. The Wootrade contracts have not been audited yet.

Market and Trading Data

  • WOO’s price at the time of writing is $0.7310.
  • All-time high: $1.10 (16th April 2021).
  • All-time low: $0.02211546 (4th January, 2021).
  • Price 90 days ago: $0.024814.
  • 376,235,705 tokens in circulation.
  • 3,000,000,000 maximum supply.
  • The current market capitalization is $278,902,173.
  • The WOO token is available on major exchanges, including Uniswap, Sushiswap, Huobi Global, Gate.io, Bitmax and Bitmart.
  • The 24-hour spot volumes range from $92,217 (Gate.io) to $11,287,288 (Bitmart).

This is my first proposal, feel free to correct any mistakes please.

12 Likes

Excellent, thank you for publishing this! I will be supporting this vote as well as the upcoming coinvestment vote if we can get this Whitelisted.

4 Likes

Nice job. Looks like everything is here. I will put this on LEVEL 2 end of the week, and onto Snapshot on Monday.

Thank you for your hard work!

6 Likes

Excellent proposal, has my support as well.

3 Likes

Ben from Wootrade here - was surprised to see this pop up on the Bancor Forum. As a Bancor user myself, would strongly support this.

5 Likes

Great initiative! I fully support whitelisting of WOO / $WOO tokens. Looking forward to their official launch of Woo X for us retail investors as well…

1 Like

Has my vote, all 5 vbnt

4 Likes

It’s really cool to see that Wootrade has such followers. I hope Bancor will see great potential in Woo.

1 Like

Totally behind this. Nice write up too. Has my vote

2 Likes