WOO Network To Burn Over 705 Million WOO Tokens

Key Points:

• WOO Network, an Ethereum liquidity network, will introduce a number of upgrades to WOO tokenomics.
• WOO Ventures, WOO DAO, and the insurance fund will be shut down, resulting in the burning of more than 705 million WOO tokens, or about 24% of the maximum supply, by WOO Network.
• WOO Network will conduct a number of airdrops to current stakeholders on WOO X and WOOFi throughout the month of January as part of sunsetting WOO Ventures. In the upcoming weeks, more information regarding the final WOO Ventures airdrops will be made available.

WOO Network, an Ethereum liquidity network, will introduce a number of upgrades to WOO tokenomics.

WOO Network will bring out a number of upgrades to WOO tokenomics during the first half of 2023. The first stage will concentrate on fixing current problems and increasing transparency in token distribution.

WOO Ventures, WOO DAO, and the insurance fund will be shut down, resulting in the burning of more than 705 million WOO tokens, or nearly 24% of the maximum supply, by WOO Network.

The collapse of token systems such as LUNA and FTT has demonstrated the importance of having a resilient ecosystem, the project said, free from factors that would impact the token value, especially in adverse conditions to help WOO adjust its tokenomics.

In addition, several other factors, such as recent actions from regulators and feedback from the community, are also factors influencing this improvement.

In light of the developments of WOO Ventures, WOO Network has burned 147,417,657 tokens, representing the remaining amount of tokens from the five percent of max supply initially allocated to WOO Ventures.

WOO Network will conduct 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, more information regarding the last WOO Ventures airdrops will be made available.

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