WOO Ventures to drop tokens to WOO X and WOOFi stakers

WOO X and WOOFi users who were staking 1800 WOO or more at the time of a snapshot taken on the 10th of January 2023 have been entered into a token giveaway

As part of plans to wind down WOO Ventures, WOO Network will be distributing a series of tokens to WOOFi and WOO X stakers. These tokens are the result of a number of investments made by WOO Ventures in early-stage projects, and they include:

• 107,515 QRDO (Qredo)
• 2,500,000 ERP (Entropyfi)
• 625,000 LUNR (LunarCrush)
• 33,154 STRP (Strips Finance)
• 2,000,000 DERI (Deri Protocol)
• 1,714,285 CLH (ClearDAO)
• 484,214 DODO (DODO DEX)

*Updated 24/02/2023 to reflect accurate numbers

WOO Network will distribute the tokens in two phases with DODO being dropped to WOO X stakers in phase one on the 10th of February. The remaining tokens of QRDO, ERP, LUNR, STRP, DERI, and CLH will go to WOOFi stakers in phase two on the 24th of February, with WOO X stakers having the option to opt-in by connecting their DeFi wallet to their WOO X accounts.

How will distribution work for phase one?

Everyone who was staking 1800 WOO or more on WOO X at the time of a snapshot taken on the 10th of January 00:00 UTC 2023 will receive an equal distribution of DODO. In total, 4,413 WOO X accounts are eligible, and they will each be given 109.7 DODO.  

The other tokens acquired by WOO Ventures are either not supported by WOO X, or their USD value is too low such that a recipient would be unable to execute a withdrawal or sell order should they wish to do so. These tokens will therefore be distributed on-chain in phase two.

How will distribution work for phase two?

All WOOFi and WOO X* stakers of 1800 WOO based on a snapshot taken on the 10th of January 00:00 UTC 2023 have received one entry into a giveaway of QRDO, ERP, LUNR, STRP, DERI, and CLH. Additional entries into the giveaway have been allocated to users who were staking beyond 1800 WOO, the specific details of which can be found in the table below.

Examples

Bob was a tier 1 WOO X staker at the time of the snapshot so Bob has received one entry.

Alicia was staking 600,000 WOO on WOOFi at the time of the snapshot and therefore Alicia has received 4 entries.

*Please note that WOO X stakers must connect a DeFi wallet to their account before the 17th of February 00:00 UTC to be eligible for the phase two token drop. If a user already has an on-chain wallet connected to their WOO X account and was included in the snapshot, then no action is required.

The DeFi wallet connected to the user’s WOO X account will be used as the destination address for any funds sent in the event that they are randomly drawn as a winner. Should every single WOO X staker from phase one connect their DeFi wallet before the deadline, there will be 5,030 wallets across WOO X and WOOFi with at least one entry, and 377 will be drawn as lucky winners.

The DODO from phase one will be dropped directly into the WOO X accounts of eligible participants on the 10th of February, and the fortunate winners from phase two will have one of the tokens from the table below transferred to their on-chain wallets on the 24th of February. Please note the tokens of phase two will need to be distributed via different networks, the details of which can be found here:

WOO Network reserves the right to the final interpretation and changes of all aspects of this airdrop, including but not limited to the amount, number of recipients as well as the dates set above.

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