NEAR Foundation and WOO Network Complete $5 Million Token Swap To Create a Strategic Partnership Between Ecosystems
NEAR Foundation and WOO Network are announcing the completion of a $5 million swap of native NEAR and WOO tokens. This comes as part of an agreement for WOO Network to become a key builder in the NEAR Protocol ecosystem, leveraging its strengths as a leading liquidity network. The tokens have a five year vesting period in which the two platforms will collaborate and create shared value for their respective token economies.
NEAR is a development platform built on a sharded, proof-of-stake, layer-one blockchain that offers drastically lower transaction fees while maintaining high throughputs. NEAR made headlines earlier this year when it announced a $800 million fund to accelerate building on their ecosystem.
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WOO Network has a proven track record of delivering value in DeFi, both as a liquidity source for dYdX’s top designated market maker Kronos Research, and as a recipient of Binance Smart Chain’s (BSC) Most Valuable Builder program. Last month, WOO Network deployed WOOFi Swap on BSC, a decentralized exchange that simulates WOO Network’s CeFi liquidity on chain. WOO Network also provides liquidity used in ParaSwap’s private pools, supporting market-maker Kronos Research.
“At NEAR, we’ve always believed the future success of blockchain technology will be built on collaboration. Partnering with a class-leading project like WOO to help foster growth, share skills and information and develop new and more powerful decentralized tools is part of that vision,” said Erik Trautman, NEAR Foundation CEO.
For WOO Network, the NEAR tokens will be staked and become part of the balance sheet for the newly-formed WOO DAO. The WOO DAO is being initiated to manage a treasury of 300 million WOO tokens, which will be used to accelerate growth for the liquidity network.
“The strategic relationship with NEAR will put us in a strong position to build the next generation of products powered by decentralized technology,” said Ran Yi, Head of Ecosystem at WOO Network.
“The NEAR tokens will be staked by the WOO DAO to generate yield, be used in governance, and cement our commitment as a NEAR ecosystem stakeholder. We can also support the growth of the NEAR ecosystem and community by leveraging our suite of centralized products, helping our respective projects grow in unison.”
About NEAR Protocol
NEAR is a high-performance blockchain that is designed to be super-fast, incredibly secure, and infinitely scalable. NEAR’s vision is to create a network that enables people to re-imagine finance, creativity and community in new and inclusive ways.
NEAR is built by an award-winning team of engineers and entrepreneurs to be simple to use, inclusive and good for the environment. NEAR is backed by top VCs such as A16Z, Pantera Capital, Electric Capital, Dragonfly Capital, Coinbase Ventures, Blockchain.com, and Baidu Ventures.
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About WOO Network
WOO Network is a deep liquidity network connecting traders, exchanges, institutions, and DeFi platforms with democratized access to the best-in-class liquidity and trading execution at lower or zero cost. Its flagship product, WOO X, is a professional trading platform featuring customizable modules and lower to zero-fees complete with deep liquidity. WOO Network was incubated by Kronos Research, a quantitative trading firm generating $5–10B in daily volume.