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Wrapped Cardano

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Discover Wrapped Cardano's fundamentals and latest news.

This content was generated by Whalee (BETA), an AI crypto assitant that analyses cryptocurrencies. Informations can be incomplete and/or erroneous. Please always double check and DYOR.

What is Wrapped Cardano?

Wrapped Cardano (WADA) is a cryptocurrency launched in 2017, operating on the Cronos platform. It has a total supply of 36.74 billion WADA and a maximum supply of 45 billion WADA. Wrapped Cardano is traded on multiple active markets, with a significant market capitalization. The token's price and trading volume are updated in real-time, reflecting its market performance.

How is Wrapped Cardano used?

Wrapped Cardano (WADA) is a cryptocurrency that allows users to utilize their Cardano (ADA) on other blockchain networks and decentralized applications (dApps) without leaving the Cardano ecosystem. This is achieved through a wrapping process, where ADA is locked in a wallet and exchanged for WADA at a 1:1 ratio. The WADA can then be used on other networks, such as Stellar, to access various dApps and services that are not available on the Cardano network.

The wrapping process is facilitated by the Wrapnetwork, which aims to bridge the gap between different blockchain networks and increase the utility of ADA. This allows ADA holders to extract more value from their assets by using them in a broader range of applications, including yield farming, liquidity mining, and lending. The unwrapping process reverses this, converting WADA back into ADA.

Wrapped Cardano is designed to enhance the adoption rate of Cardano by providing users with greater flexibility and access to a wider range of services, all while maintaining the security and integrity of the Cardano network.

How do I store Wrapped Cardano?

To store Wrapped Cardano (WADA) tokens, you can follow these steps:

  1. Choose a Crypto Wallet: Select a reliable crypto wallet that supports WADA tokens. Popular options include Coinbase Wallet, MetaMask, and TrustWallet. You can download the wallet extension on Google Chrome or the wallet app from the iOS App Store or Google Play.

  2. Set up Your Wallet: Create an account by providing your personal information and selecting a strong password. You will be given a Secret Recovery Phrase or Seed Words, which is crucial to note down accurately in case you lose your wallet.

  3. Transfer Funds to Your Wallet: Once you have bought WADA tokens, you can withdraw them to your crypto wallet. Log into your account on the exchange platform, provide your wallet address, and the amount you want to transfer. After a brief wait, you should see your funds appear in your crypto wallet.

  1. Secure Your Wallet: Ensure your wallet is secure by using strong passwords, keeping your recovery phrase safe, and regularly updating your wallet software to prevent any potential security vulnerabilities.

By following these steps, you can safely store your Wrapped Cardano (WADA) tokens in your chosen crypto wallet.

How to buy Wrapped Cardano?

To buy Wrapped Cardano (WADA) tokens, follow these steps:

  1. Choose a Crypto Wallet: Select a reliable crypto wallet that suits your needs. Popular options include Coinbase Wallet, MetaMask, and TrustWallet. Consider the type of wallet you need, such as a hot wallet for frequent trading or a cold wallet for long-term storage.

  2. Set up Your Wallet: Create an account, provide personal information, and set a strong password. You will also receive a secret recovery phrase or seed words, which are crucial for recovering your wallet if lost.

  3. Buy Your Base Currency: Choose a cryptocurrency exchange platform and purchase a base currency, such as Bitcoin, Ethereum, or Tether. This will be used to trade WADA and other coins.

  1. Transfer Funds to Your Wallet: Withdraw your base currency to your crypto wallet. Log into your exchange account, provide your wallet address, and specify the amount to transfer.

  2. Choose a Decentralized Exchange (DEX): Select a DEX that supports your wallet. Popular DEX options include Pancake Swap, Binance, Kraken, and Kucoin. Ensure the exchange supports the trading pair you need, such as WADA/WCRO or WADA/VVS.

  3. Buy Wrapped Cardano (WADA): Connect your wallet to the DEX and start trading. Select WADA from the list and enter the amount you want to trade. Be cautious of market trends, trading fees, and crypto taxes due to high volatility.

  1. Verify Smart Contracts (If Needed): If WADA is not listed on the DEX, you can use bscscan or etherscan to locate the smart contract address. Copy and paste it into the DEX to complete the transaction.

Additionally, you can explore peer-to-peer marketplaces like Symlix, which allow users to buy and sell WADA directly with various payment options.

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History of Wrapped Cardano

Wrapped Cardano (WADA) is a cryptocurrency that was launched in 2017. It operates on the Cronos platform and has a significant supply of tokens. The current supply of Wrapped Cardano is around 12,586,735.67856166 tokens, although other sources indicate a much larger supply of 35,591,462,141.758 tokens.

Wrapped Cardano has experienced price fluctuations over time. Historical price data is available, showing daily, weekly, or monthly price movements since its inception. The cryptocurrency has seen both increases and decreases in value, with a notable all-time high of $1.88 in May 2024 and an all-time low of $0.2362 in November 2022.

Wrapped Cardano is traded on various exchanges, with a significant trading volume. The cryptocurrency is listed on platforms like Coinbase and CoinMarketCap, where users can find real-time price information and market trends. Despite the price changes, Wrapped Cardano remains a notable player in the cryptocurrency market.

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How Wrapped Cardano works

Wrapped Cardano (WADA) is a cryptocurrency designed to bridge the gap between the Cardano network and other blockchain ecosystems. It allows users to utilize their Cardano (ADA) assets on various decentralized applications (dApps) and blockchains without leaving the Cardano network.

Wrapping Process

The wrapping process involves locking ADA on the Cardano network and issuing a corresponding amount of WADA on another blockchain, such as Stellar or Ethereum. This process is facilitated by a service like Wrapnetwork, which acts as an intermediary to lock and unlock assets between the two networks.

  1. Locking ADA: Users send their ADA to a designated wallet address, where it is locked and held until the user decides to unwrap it back into ADA.

  2. Issuing WADA: Once the ADA is locked, the equivalent amount of WADA is issued on the target blockchain. This WADA can then be used on various dApps and platforms that support the target blockchain.

Unwrapping Process

The unwrapping process is the reverse of the wrapping process. Users can unwrap their WADA back into ADA by interacting with the smart contract on the target blockchain. This process involves sending the WADA to a specific contract address, which then unlocks the corresponding ADA on the Cardano network.

Key Features
  • 1:1 Ratio: The wrapping process maintains a 1:1 ratio between ADA and WADA, ensuring that the value of ADA is preserved when converted to WADA.
  • Interoperability: WADA enables users to access a broader range of dApps and services across different blockchains, increasing the utility of ADA.
  • Low Transaction Fees: The use of networks like Stellar for the wrapping process helps keep transaction fees low, making it more practical for users to test and utilize the service.
Technical Details
  • Smart Contracts: WADA is implemented using smart contracts on the target blockchain. These contracts manage the wrapping and unwrapping processes, ensuring that the conversion between ADA and WADA is secure and reliable.
  • Contract Addresses: Specific contract addresses are used for wrapping and unwrapping WADA. For example, the contract address for wADA on the Cardano mainnet is 0xAE83571000aF4499798d1e3b0fA0070EB3A3E3F9.
Market and Trading

Wrapped Cardano (WADA) is traded on various cryptocurrency exchanges and can be purchased using different base currencies like Bitcoin, Ethereum, or Tether. The price of WADA is subject to market fluctuations and can be influenced by factors such as trading volume, liquidity, and overall market sentiment.

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Wrapped Cardano's strengths

Wrapped Cardano (WADA) is a token that represents Cardano (ADA) on the Ethereum blockchain. Its primary strength lies in its interoperability between the two networks. This allows users to interact with ADA assets on the Ethereum network, which opens up new possibilities for trading, staking, and utilizing ADA in various decentralized applications. This interoperability also benefits from the security and liquidity of Ethereum, making it a valuable tool for users who want to bridge between the two networks.

Wrapped Cardano's risks

Wrapped Cardano (WADA) carries several financial risks that investors should be aware of:

  1. Counterparty Risks: Wrapped tokens, including WADA, rely on custodians to hold the underlying assets. Users are exposed to the risk that the custodian may fail to maintain the reserved assets securely or issue the wrapped tokens reliably, which can lead to potential mismanagement or loss of assets.

  2. Centralization Concerns: Wrapped tokens often rely on centralized custodians, which introduces a level of centralization and reliance on a third-party entity. This can lead to risks such as single points of failure, potential censorship, or custodial mismanagement.

  3. Regulatory Risks: Wrapped tokens may be subject to restrictions or limitations imposed by regulatory authorities or industry participants, which can impact their fungibility and transferability.

  1. Technical Risks: Wrapped tokens often rely on smart contracts, which are subject to potential vulnerabilities such as coding errors, security flaws, and hacking risks. Additionally, they can be targets for phishing attacks and scams.

  2. Volatility and Market Risks: The value of Wrapped Cardano can be highly volatile, with significant price fluctuations. This means that investors may lose money if they invest in WADA.

  3. Liquidity Risks: There is no guarantee that investments in WADA can be easily sold at any given time, as the ability to sell depends on market supply and demand.

  1. Operational Risks: Operational failings such as technology outages, cyber-attacks, and comingling of funds can cause unwanted delays and make it difficult to sell WADA.

  2. Lack of Protection: Investments in WADA are not protected by the Financial Services Compensation Scheme (FSCS) or the Financial Ombudsman Service (FOS), which means investors have limited recourse in case of issues.

These risks highlight the importance of thorough research and caution when investing in Wrapped Cardano (WADA) or any other cryptocurrency.

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Did Wrapped Cardano raise funds?

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Wrapped Cardano's ecosystem

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Wrapped Cardano’s team

  • Wrapped Cardano (WADA) Team: The team behind Wrapped Cardano (WADA) includes Frank Gosselink (CEO), Joost Zuidberg (CEO), and Tamara Monzon (Interim COO) from the Cardano Development management board.

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