The native token of a trading and liquidity platform has skyrocketed by nearly 58% this week amid a new perpetual contract listing.
WOO Network (WOO) is a liquidity platform that offers both centralized and decentralized exchanges (DEXs).
The project’s utility token, WOO, is trading at $0.386 at time of writing, up from $0.245 one week ago. The 93rd-ranked crypto asset by market cap is also up more than 23% in the past day.
WOO’s gains materialized as Seychelles-based crypto exchange BitMEX listed a WOO perpetual contract with up to 10x leverage. The contract is margined in top stablecoin USDT.
The WOO Network also released its annual report on the project’s development progress in 2023.
WOO Network co-founder Jake Tan says the project has continued to take a “steadfast and unwavering” approach to building following the crypto market implosion in late 2022.
“From launching Multi-MM, the first transparent and live balance sheet, to WOO Turkey, WOOFI Swap, and orderbook DEX, and securing multiple VASP (Virtual Asset Service Provider) registrations, our journey has been eventful and varied. As our frequent Twitter updates show, we’ve been incessantly building. Some projects yielded substantial benefits with minimal effort, while others demanded considerable resources but fell short in user engagement.”
The project predicts that its decentralized exchange, WOOFI, will have more than $25 billion in aggregate trading volume next year.
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