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What is WOOF Token?
WOOF is a utility token launched on the Solana blockchain by the WOOF platform to power its ecosystem that includes DEX, NFT marketplace, and other infrastructural elements.
Full description of WOOF Token
WOOF is a utility
Token (?) launched on the Solana
Blockchain (?) by the WOOF platform to power its ecosystem that includes DEX,
NFT (Non-Fungible Token) (?) marketplace, and other infrastructural elements.
WOOF is a
Decentralized (?) platform that is governed by the community that takes all important decisions through voting. The community is directed by a specific committee forming a governance structure of the platform.
The key goal of the project founders of the project was the creation of a good community and the development of a social token on the Solana blockchain similar to other dog meme-tokens. The asset is not associated with any complex technical ideas which makes it more attractive to non-savvy customers who can join the
Cryptocurrency (?) space using this engaging and entertaining format. In this way, the platform strives to become a reputable entry point for new cryptocurrency users.
The history of WOOF
The founders made a decision concerning the release of the token WOOF in May 2021. It was meant to be a fun experiment during which 50% of the supply was burned on a daily basis. As a result, a trillion tokens decreased to twenty billion. Overall, 98% of the circulating supply has been burned. The airdropping promotion campaigns arranged at that period attracted ten thousand users.
The WOOF token didn’t have a presale, and nobody intended to derive profits from investments. Also, the community had some problems in the midst of the bear cycle and the future of the project wasn’t clear at that time. However, the founders came up with a new product to give a boost to the community. The team started developing an NFT marketplace that contributed to the growth of the ecosystem.
In September 2021, the team again resorted to
Airdrops (?) for the revival of the ecosystem but distributed them in the form of NFTs. On the whole, 6,421 NFTs worth 1 million WOOF were dropped to the community members. Since the start of the project, the team members have always been dedicated to community growth. Eventually, their openness, a high level of engagement with the community, and a fair distribution method were rewarded. New users flocked to the platform in October 2021. The WOOF community has grown organically in a relatively short period of time strengthening the platform.
The WOOF platform
The team of the WOOF platform has created a peer-to-peer
Exchange (or Cryptocurrency exchange) (?) with the goal to establish innovative infrastructure to improve the Solana ecosystem. It is worth mentioning that the throughput of the blockchain is 60 thousand transactions per second with the potential to grow up to 710 thousand TPS. This high transaction processing speed is possible thanks to the Proof of History (PoH)
Consensus (?) algorithm and the Gulfstream and Turbine communication protocols.
The WOOF platform pays much attention to the education of users. The company wants to bring awareness to those who only start their journey in this area, therefore it publishes different articles, guides, videos, and walkthroughs to help them make the right decision on the basis of their knowledge in the sphere of decentralized finance and NFT.
The platform has also launched the WOOF Charity Initiative that was inspired by animal lovers that make up a significant part of the community. Funds for charity are raised through the sale of WOOF merchandise, and transaction fees from DEX and NFT Marketplaces. The company has already donated to such organizations as Mission K9 Rescue, Southeastern Guide Dogs, Muttvile Senior Dog Rescue, and Wolf Trap Animal Rescue.
WOOF products
Striving to help users increase their revenue, the team of the platform has made it possible to stake WOOF. The developers also work on the NFT marketplace, which is an aggregator combining different NFT marketplaces on the Solana blockchain. With its help, users can find all NFTs of the required collection in one place, without the necessity to look for these items on different marketplaces.
The ecosystem manages two NFT projects at the time of writing. $WOOF Gen Art Series can serve as airdrop pass for NFT projects in the WOOF Launchpad. The other NFT is $WOOF, a multi-dog breed avatar concept enabling the members of DAO to participate in the community governance.
The token WOOF was created to strengthen the community and contribute to its decentralization. The decentralized leadership includes several committees and task groups working over different aspects of development and ecosystem growth. The issues tey solve cover such questions as social media presence, cryptocurrency education, the development of the blockchain, and charity issues mentioned above.
WOOFDAO was officially founded in November 2021. The founders studied the patterns of other DAOs that became reputed in the
Crypto (?) world such as CityDAO, MonkeyDAO, etc. trying to create the system following the example of these platforms. Thus, they have designed a scheme that excludes the possibility of manipulation of the platform by a single person or group.
The goals of the DAO are the protocol government, management of treasury funds, and decentralization of leadership by transfer of WOOF tokens to the most interested members of the ecosystem who invest more than others. Two categories of users get the voting power in the DAO. These are holders of 10 million WOOF tokens and WOOFERS NFT. Each participant has a vote to prevent whales from buying votes to affect the decisions and future of the platform in this way.
How to buy WOOF
At the time of writing, the WOOF token is available for purchase on Orca, Bitrue, and Raydium platforms. However, more exchange listings are coming soon. Users can buy WOOF through a Woofswap, which is a decentralized exchange application. Also, one can easily swap WOOF and other tokens on the Solana blockchain with a cryptocurrency
Wallet (?) Phantom.
WOOF team
Though transparency is one of the benefits of the platform, there are no real photos and real names of the team on the website as they display their nicknames only. However, they openly communicate with the members of the ecosystem thus building trust and faith in the project. For instance, at the beginning of December 2021, the AMA was held on the Discord platform, where the members of the team answered the questions of users.
- Exchange symbol (?): WOOF
- Cryptocurrency type (?): Token (?)
WOOF Token for developers
WOOF Token social sites
Source: NOMICS