Wrapped ETH – Symbol : xETH
This token is a Wrapped ETH, it derives its pricing from a composite global pricing of Ethereum in USD in real time. It represents the actual digital asset and all transactions occur on-chain on Pecu Novus. They are primarily used for staking protocols and volume will typically be thin.
What is a Wrapped Token?
A wrapped token is a digital asset that represents another cryptocurrency on a different blockchain or a physical asset. For example, a wrapped Bitcoin (xBTC) is a token that represents one Bitcoin on the Pecu Novus blockchain. Wrapped tokens are created by locking up the underlying asset in a smart contract on the original blockchain and then issuing a corresponding number of tokens on the new blockchain.
Wrapped tokens are useful because they allow users to interact with different blockchains and ecosystems. For example, xBTC allows users to trade Bitcoin on decentralized exchanges (DEXes) on the Pecu Novus blockchain such as HootDex, which would not be possible otherwise.
Wrapped tokens are also useful for staking protocols. For example, users can lend their xBTC on a DeFi platform on the Pecu Novus blockchain to earn fee’s or interest, or if available they can borrow xBTC to use in other DeFi applications on the Pecu Novus blockchain.
Here are some of the benefits of using wrapped tokens:
-
Interoperability: Wrapped tokens allow users to interact with different blockchains and ecosystems. This can be useful for trading, lending, borrowing, and other DeFi applications.
-
Efficiency: Wrapped tokens can be more efficient to use than native tokens on some blockchains. For example, xBTC transactions are processed faster and cheaper than Bitcoin transactions on the Bitcoin blockchain.
-
Security: Wrapped tokens are typically backed by the underlying asset in a smart contract. This makes them more secure than some other types of digital assets.
VIEW ALL TOKENS
LATEST CRYPTO & FINANCIAL NEWS
- Stock market today: Dow, S&P 500, Nasdaq futures signal a return to roaring rally as bitcoin tops $82000 - Yahoo Finance
- Crypto Surges to Another Record on Trump Optimism - Bloomberg
- Tesla, bitcoin and dollar jump as investors pile into ‘Trump trades’ - Financial Times
- Stock Market Today: Bitcoin Hits New Record Above $82,000; Dow Futures Grind Higher — Live Updates - The Wall Street Journal
- Intesa Sanpaolo issues tokenized commercial paper as part of ECB DLT settlement trials - Ledger Insights
- Launch of New Multi-Asset Wallet Function Enhances User Asset Management Experience at UVKXE - GlobeNewswire
- Nansen Expands to Bitcoin Layer 2, Will Provide Analytics for Bitlayer - CoinDesk
- Here’s How High The Dogecoin Price Could Go If It Mirrors Past Bull Cycles | Bitcoinist.com - Bitcoinist
- Bitcoin tops $82,000 as crypto euphoria over Trump win shows no sign of waning - CNBC
- Bitcoin tops $82,000 as crypto euphoria over Trump win shows no sign of waning - NBC Philadelphia
- Tesla, DJT, Coinbase, Robinhood, Autolus, and More Stock Market Movers - Barron's
- Stock market today: Bitcoin above $82000, global stocks mixed after Wall Street rally - The Associated Press
- ‘Just Getting Started’ – Analyst Unveils Big Dogecoin Target, Sees ‘Crazy Bullish’ Chart for Ethereum-Based Coin - The Daily Hodl
- Dogecoin outperforms bitcoin as Trump spurs crypto speculation - Deccan Herald
- Bitcoin Price Blasts Past $82,000, Sparking ‘Extreme Greed’ in Crypto Market - Decrypt
- Bitcoin price tops $81,000 for first time amid ‘Trump pump’ - The Guardian
- sCrypt Hackathon winner Gassed Up solves ‘trust dilemma’ with Bitcoin - CoinGeek
- France issues first digitally native note - The DESK
- Nansen scales analytics beyond Ethereum with Bitcoin L2 integration - Cointelegraph
- CEO Interview: Pay-as-You-Go Options Help LatAm Consumers Battle ‘Prepaid Fatigue’ - PYMNTS.com