• Woo Network (WOO) token surged by 20% after the team announced major changes to its tokenomics
• The changes will involve a planned burn of 705 million WOO tokens, currently worth $127 million
• The revamp is part of efforts to address issues regarding the current token distribution
The Woo Network, a DeFi liquidity provider for institutional platforms, has seen a major surge in its token, WOO, on Tuesday, following the announcement of significant changes to its tokenomics. The project has attracted equity investments from backers such as Binance and is expected to bring about major changes to the crypto space.
The team behind Woo Network has announced that the changes to its tokenomics will begin with a planned burn of 705 million WOO tokens, currently worth $127 million. Token burning in crypto is when coins are destroyed by sending them to a burn address and are taken out of circulation. This process reduces the total supply of tokens and increases the value of the remaining tokens.
The revamp is part of efforts to address various issues regarding the current token distribution. The team has also announced that the burn address will be visible to the public and the amount of WOO will be tracked in real-time.
The announcements were followed by a surge in the price of the WOO token. The price of the token rose by over 20%, from $0.18 to $0.22. This marks a significant increase and is likely to attract more investors to the project.
The Woo Network tokenomics revamp is expected to bring about major changes to the DeFi space. The team is confident that the changes will help to promote the adoption of the project and its token. Furthermore, the new tokenomics are likely to boost liquidity and increase the value of the token.
The team behind the Woo Network has been working hard to ensure that the project succeeds. The revamp is a testament to their commitment to the success of the project. The team is confident that the changes will help to make the project more attractive to investors and allow it to become a major player in the DeFi space.