WOO experiences 6% surge in volatile crypto markets
The WOO network token, WOO, rose 6.15% to $0.2984, making it the top mover on April 27, with total trading volume in the last 24 hours amounting to $77,236,686.
The network, which includes a decentralized finance (CeFi) and decentralized finance (DeFi) ecosystem, has been gaining popularity ever since with recent news highlighting its outperformance of CAKE and UNI earlier this year.
Low cost alternative
The WOO Network is quickly gaining recognition as a unique project within the cryptocurrency space. Centralized Finance (CeFi) and Decentralized Finance (DeFi) services are designed to provide deeper liquidity to cryptocurrency market participants.
The project’s focus on blockchain technology is an important aspect that the company is marketing as a differentiator from its industry peers.
By utilizing this technology, the network infrastructure can provide traders, exchanges, institutions and DeFi platforms with greater market liquidity and faster trade execution at zero or low cost.
Since then, WOO Network has shown steady growth over the past three-month periods, with recent price fluctuations pushing the value above $0.32.
WOO moves into the zkSync era
Around the same time as the recent price spike, WOO Network shared an announcement that DeFi traders could not access WOOfi’s best prices on its zkSync Era solution for Ethereum scaling.
zkSync Era uses zero proofs to verify transactions without exposing data, thus enhancing the speed and cost effectiveness of transactions. The Layer 2 protocol bundles transactions together, extending the scale of Ethereum and providing users with an experience similar to using Ethereum but with allegedly higher speeds and lower fees.
In its announcement, WOOfi Shares plans to leverage sPMM v2’s capital-efficient liquidity to offer its price execution to zkSync Era immediately. Although the data is not conclusive as to whether this announcement affected the recent price hike, WOO has been featured in a number of news reports as the main driver in the past few weeks.
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