Wrapped Token
19 hours agoA Wrapped Token is a type of cryptocurrency that is valued at a 1:1 ratio with another token. The values of both tokens are identical, with one token's value supporting the other.
The tokens are the same in value, differing only in the blockchains they operate on. For example, Bitcoin (BTC) functions on the Bitcoin blockchain. In its current state, it cannot interact with the Ethereum blockchain.
However, by wrapping Bitcoin, you can exchange "regular" BTC for a version that maintains the same price but is compatible with the Ethereum blockchain. This approach addresses the issue of blockchain interoperability.
The wrapping process involves taking BTC and minting an equivalent amount of wBTC. The wrapped token serves as a bridge between the two blockchains, preserving the structure as much as possible.
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