As of recent reports, WOO has again erupted on a 24% token burn supply rate. The failure of token ecosystems like LUNA and FTT has shown how crucial it is to have a robust ecosystem free from elements that might lower the value of the token, especially under difficult circumstances. With the WOO token at its foundation, these occasions have given people the chance to learn, adjust, and advance the WOO ecosystem. Additional motivators for modifying how WOO will be used by existing and prospective future token holders include comments from the community and recent regulatory measures.
A new era for the $WOO token
As a first step in a series of improvements, WOO Network has burned 705M $WOO tokens – over 24% of the total supply.
Here’s a breakdown of how we are propelling $WOO into a position of strength in the market (1/4)
👉https://t.co/TNHJ6fia49 pic.twitter.com/H7CcditgfO
— WOO X (@_WOO_X) January 10, 2023
A look into WOO’s ventures
WOO Ventures was created to make investments in initiatives that benefit the ecosystem of the WOO Network. The progress of WOO Ventures was, however, delayed by a variety of difficulties. First, investment allocation to top initiatives was very competitive during the bull market and is still fiercely competitive now as large sums of money from venture capitalists and investors chased a small number of high-quality businesses.
Second, owning WOO tokens increased unneeded volatility in a venture that was already very risky and needed funding injections to expand. Third, WOO Ventures’ capacity to offer timely airdrops to WOO stakeholders was constrained by the lengthy vesting periods of projects. The number of WOO staked across WOO X and WOOFi considerably outpaced the value of tokens obtained through WOO Ventures investments, especially in the present depth of the bear market, which reduced the incentives earned per staker, as WOO Network grew over the years.
In light of these events, WOO Network burnt 147,417,657 tokens, which correspond to the leftover tokens from the initial allocation of 5% of the maximum supply to WOO Ventures. WOO Network will execute a number of airdrops to current stakeholders on WOO X and WOOFi over the month of January as part of sunsetting WOO Ventures. In the upcoming weeks, further information on the last WOO Ventures airdrops will be made available.
WOO’s mission
To encourage more active governance, and community involvement, and to strengthen WOO Network’s visibility throughout DeFi, WOO DAO was founded. After just one year of operation, WOO DAO had developed a sizable following, which prompted the creation of WOO Force, an organization with the mission of spreading knowledge of WOO Network via local markets and DeFi communities. WOO Network’s activities continued to be centralized and outside the purview of the DAO, which was the fundamental disadvantage of the WOO DAO.
As the firm endeavors to develop the finest possible ecosystem and range of goods, its community’s participation in determining the future of WOO Network continues to be a major focus. As a result, WOO DAO will change into WOO Force with the intention of focusing more on community interaction than governance. With this change, WOO Network will be able to actively engage the community through channels on Twitter, Telegram, Discord, and other platforms.
As a result, WOO Network burnt 259,136,204 tokens assigned to the WOO DAO treasury and distributed 5,000,000 tokens from the treasury to the operating budget of WOO Force. The ecosystem team at WOO Network has received all non-WOO crypto assets (stablecoins and other tokens) from the treasury of the WOO DAO in order to fund future community-building efforts.
