The WOO token looks good amid the release of its network Q1 report, which has shown some pretty positive results. The asset, trading at $0.257 as of press time, had recorded a 9% increase in valuation within 24 hours.
The assets trading volume also has seen a surge of 130% within the same period showing increased activity on the network ahead of the report. The asset has also recorded a notable 22% increase in valuation within one week.
WOO network’s Q1 report details
The first quarter of 2023 has been a mix of positives and negatives for the cryptocurrency industry, as highlighted in WOO Network’s Q1 report. On the positive side, bitcoin performed well, and ethereum made significant progress toward its Shanghai update, which is scheduled to launch in mid-April.
DeFi projects continued to launch new upgrades, with WOOFi Swap adapting to the layer 2 tools by launching support for the zkSync and Base testnets.
Despite facing significant regulatory actions and potential selling events, the industry remains optimistic, with the long-term outlook looking promising. WOO Network remains focused on innovation for both WOO X and WOOFi, with WOOFi experiencing explosive growth.
The platform’s record-breaking seven-day trading volume of $196 million and 100 million staked WOO resulted from an influx of new users following an upgrade to WOOFi’s cross-chain swaps.
WOOFi’s cross-chain support for ethereum, increased transaction speeds, efficient routing, and two innovative features have resulted in it being one of the top 11 most used DeFi protocols on DappRadar out of more than 3,000 registered dApps.
WOOFi added support for ARB and USDT on all chains, propelling it beyond $4 billion total trading volume and 4 million total WOO bought back.
The WOO token had a significant Q1, with a major update implemented in January. Nearly 25% of the initial max supply, or 700 million WOO, was burned, leaving 1.67 billion WOO tokens in circulation at the end of the quarter, representing 74.5% of the total supply.
On-chain, the amount of unique WOO-holding addresses ballooned from 32,400 to 40,200, an increase of 24%. Arbitrum grew to over 6,000 holders, representing 15% of the total on-chain addresses on an L2.
In conclusion, WOO Network’s Q1 report highlights the growth and success of its DeFi protocol, WOOFi. Despite the cryptocurrency industry’s challenges, WOO Network remains optimistic about the long-term outlook and is committed to innovation across CeFi and DeFi.