Woo Network (WOO) Surges 20% as Project Declares Major Coin Burn

WOO, the native token of the Woo Network, saw a 20% surge on Tuesday because the team announced significant changes to its tokenomics.

Woo Network is a DeFi liquidity provider for institutional platforms and has attracted equity investments from backers like Binance.

Revamped Tokenomics for Woo

The Woo Network tokenomics revamp involves a series of improvements to its token distribution, the team announced on Monday, (January 10, 2023). These improvements are a part of efforts to deal with issues regarding the present token distribution.

Woo’s token revamp will begin with a planned burn of 705 million WOO tokens, currently value $127 million. Token burning in crypto is when coins are destroyed by sending them to a burn address, endlessly removing them from circulation. The planned burn will see 24% of the WOO token supply destroyed.

The tokens to be burned will come from the allocations given to WOO Ventures, WOO DAO, and the project’s insurance fund, in response to the announcement. Woo’s statement revealed 147,417,657 tokens from WOO Ventures, 259,136,204 tokens from WOO DAO, and 298,697,900 from the WOO insurance fund are a part of the coin burn process. Also, the project will wind down these affected segments following the token burn.

WOO Ventures was imagined to be the investment arm of the project, however the announcement cited “quite a lot of challenges” as being the rationale for discontinuing the endeavor.

Following the token burn, Woo Network says it’s going to embark on initiatives to enhance the utility of its native token.

The token burn announcement spurred a major uptick in price motion, with WOO gaining 20% in today’s trading. Tuesday’s price spike is consistent with a positive start of 2023 for the Woo token, which is up greater than 45% within the last seven days.

Crypto Tokens Record a Bullish Begin to 2023

The WOO token price is an element of a series of bullish price actions in the beginning of 2023. Bitcoin and the remainder of the crypto market have experienced significant gains within the early days of the brand new 12 months, with Solana bouncing 42% within the last week. Metaverse coins like ApeCoin and MANA have also posted double-digit gains inside this era.

Despite these pumps, the crypto market continues to be well off its November 2021 all-time high. The entire market capitalization is currently below $1 trillion after a year-long winter that touched virtually every corner of the industry.

The post Woo Network (WOO) Surges 20% as Project Declares Major Coin Burn appeared first on CryptoPotato.

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