What is Wrapped AVAX?
Wrapped AVAX (WAVAX) is an ERC-20 token that is backed by an equal amount of AVAX. It is designed to allow AVAX to operate within environments that require ERC-20 compliance, thereby enabling participation in a wide range of decentralized applications. This wrapping mechanism facilitates flexibility and interoperability without altering the intrinsic value of the underlying token.
Wrapped AVAX goals
The primary purpose of Wrapped AVAX is to bridge the gap between native AVAX and the broader ecosystem of Ethereum-compatible decentralized finance applications. By converting AVAX into an ERC-20 token, WAVAX overcomes compatibility restrictions and allows for seamless interactions on various DeFi platforms. This increased utility paves the way for improved liquidity, easier token swapping, and enhanced participation in smart contract-driven protocols.
Wrapped AVAX fondamentals
Wrapped AVAX functions by locking native AVAX tokens and issuing an equivalent number of WAVAX tokens, ensuring that each token is backed equally. The token’s circulating supply is represented as 15763139 WAVAX while its overall market valuation is denoted as $392571666. WAVAX serves a conversion tool that maintains a constant value relative to AVAX without altering the established token distribution.
Marketcap
$0.39257167B
Total number of Wrapped AVAX
15763139 WAVAX
Wrapped AVAX technology
The technology underlying Wrapped AVAX leverages the Avalanche C-Chain, an EVM-compatible blockchain known for its rapid transaction finality and security. It operates by locking native AVAX and minting an equivalent amount of ERC-20 compliant WAVAX tokens, thereby ensuring that every token is fully collateralized. This secure and transparent conversion process not only maintains the value of the underlying asset but also allows for easy integration with decentralized platforms that rely on the ERC-20 standard.
Wrapped AVAX competitors
Wrapped AVAX distinguishes itself by providing a robust bridge between the Avalanche network and ERC-20 based ecosystems, offering enhanced interoperability that many competitors do not. Its primary competitive advantage lies in the ease of conversion and direct equivalence between AVAX and WAVAX, combined with the efficiency and speed of the underlying Avalanche C-Chain. This integration enables users to engage in decentralized finance applications seamlessly, positioning WAVAX favorably against similar wrapped token offerings in the market.
Wrapped AVAX price history
Frequently asked questions
WAVAX is an ERC-20 token that represents an equal amount of AVAX, enabling users to access decentralized applications that require ERC-20 tokens.
The conversion process involves locking native AVAX tokens and minting an equivalent number of WAVAX tokens, ensuring each token is backed equally.
WAVAX was developed to enhance the interoperability of AVAX by making it compatible with Ethereum-based applications, thus expanding its use in DeFi and other decentralized ecosystems.
Wrapped AVAX operates on the Avalanche C-Chain, an EVM-compatible blockchain that offers high throughput and rapid transaction finality.
WAVAX enables seamless integration into decentralized finance applications, enhances liquidity by bridging different ecosystems, and benefits from the speed and efficiency of the Avalanche network.
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