@d12321 30 July 2023 more from that month

What are wrapped tokens 🫥 The use of cryptocurrencies is not limited to their native blockchain, for example, you can use bitcoin on the Ethereum network, trading on the DEX or earning in DeFi. Wrapped tokens are a technology for issuing a copy of a cryptocurrency on another blockchain. The most famous such token is Wrapped Bitcoin (WBTC), which allows you to transfer the value of bitcoin to the Ethereum network. Wrapped Bitcoin works like this: you send bitcoin to a special address (in storage), and a smart contract on the ETH network issues and sends WBTC to your wallet. To get your BTC back, you need to return WBTC. You can sell the wrapped token and then the right to the original asset will pass to the buyer 🤔 Wrapped tokens are issued at a ratio of 1:1, their price must be equal to the value of the original asset. But due to problems with the protocol, the blockchain, or simply the market, this anchor can break. Save so you don't forget @