WOO Network to allocate over $200 million to the DAO treasury

The WOO Network project will create a DAO to transition to decentralised governance and will place about 300 million WOO tokens (~$220 million) into the DAO’s treasury.

According to the statement, the main aims of the WOO DAO will be:

• increase WOO Network’s influence in the growing DeFi ecosystem;
• increase transparency of the network for participants;
• expansion of the product line of the decentralised exchange WOOFi;
• active community engagement to support the global growth of WOO Network.

The project team initially reserved 10% of the total native token supply of 3 billion coins. These funds will be moved to the WOO DAO treasury multisignature wallet.

The expansion of the community’s governance capabilities will proceed gradually to mitigate risks associated with rapid decentralisation.

In the first phase, seven selected long-standing team members will control the DAO wallet. 

Only after a lengthy period will the DAO be able to pursue certain initiatives, including developing staking proposals and awarding grants for product development for WOOFi. In the second phase, the number of wallet signatories will also grow to include community participants.

In the third phase, a further move towards decentralised governance is envisaged.

«This could include full reliance on on-chain voting to approve and implement proposals, as well as the transfer of ownership of the WOO DAO treasury to a committee of community members,» the statement said.

In November, the WOO Network raised $30 million in a Series A funding round with participation from Three Arrows Capital, Crypto.com Capital, Avalanche Foundation and others.