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Woo Network (WOO) Surges 20% as Project Announces Major Coin Burn

Woo Network is a DeFi liquidity provider for institutional platforms and has attracted equity investments from backers like Binance.

The Woo Network tokenomics revamp involves a series of improvements to its token distribution, the team announced on Monday, (January 10, 2023). These improvements are part of efforts to address issues regarding the current token distribution.

Woo’s token revamp 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, forever removing them from circulation. The planned burn will see 24% of the WOO token supply destroyed.

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