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Wrapped Core

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Discover Wrapped Core'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 Core?

Wrapped Core (WCORE) is a tokenized representation of another cryptocurrency, mirroring its value on a different blockchain. It allows users to trade and interact with the original asset on a non-native platform, enhancing interoperability and flexibility in the cryptocurrency ecosystem.

How is Wrapped Core used?

Wrapped Core (WCORE) is a cryptocurrency token designed to be interoperable across different blockchain networks. It is a wrapped token, which means it is backed by another asset, often native to a particular blockchain or network, and is "wrapped" to make it usable on a different blockchain or in a particular environment.

Wrapped Core is used to enhance cross-chain compatibility, liquidity, and asset functionality. It allows users to take advantage of various features and services provided on several blockchains by enabling assets from one blockchain to be used easily on another. This token is especially beneficial for decentralized finance (DeFi) applications and promotes a more interconnected and versatile cryptocurrency ecosystem.

In essence, Wrapped Core enables users to interact with different blockchain networks seamlessly, fostering a more dynamic and accessible crypto economy.

How do I store Wrapped Core?

To store Wrapped Core (WCORE) tokens, you need a crypto wallet that supports the token. Choose a wallet that works well in your area and is compatible with WCORE. This will ensure you can securely store and manage your tokens.

How to buy Wrapped Core?

To buy Wrapped Core (WCORE) tokens, follow these steps:

  1. Choose a Crypto Wallet: Select a reliable wallet that works well in your area and accepts your payment method. Popular options include Coinbase Wallet, MetaMask, and TrustWallet. Ensure you understand the differences between hot and cold wallets to choose the best fit for your needs.

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

  3. Buy a Base Currency: Choose a cryptocurrency exchange platform and purchase a widely accepted base currency like Bitcoin, Ethereum, or Tether. This will be used to trade WCORE and other coins.

  1. Transfer Funds to Your Wallet: Withdraw your base currency to your crypto wallet by logging into your exchange account, providing your wallet address, and specifying the amount to transfer.

  2. Select a Decentralized Exchange (DEX): Choose a DEX that supports your wallet. Compare trading fees and liquidity to ensure the best trading conditions.

  3. Buy Wrapped Core (WCORE): Connect your wallet to the DEX, select WCORE from the list, and enter the amount you want to trade. Be cautious of market trends and diversify your portfolio to minimize risks.

  1. Verify the Smart Contract: If WCORE is not listed on the DEX, use tools like BscScan or Etherscan to locate the smart contract address. Ensure you have the correct address to avoid scams.

Additionally, you can explore various exchanges and markets where WCORE is available, such as Bitrue, CoinScan, and Gate.io, to find the best option for your needs.

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History of Wrapped Core

Wrapped Core (WCORE) is a cryptocurrency that has been traded on various exchanges. Its historical prices can be tracked back to its issuance, providing insights into its market performance over time. The token's price has fluctuated significantly, with notable highs and lows. For instance, its all-time high was recorded on April 2, 2024, at $4.14, while its all-time low was on September 17, 2023, at $0.3503.

Wrapped Core operates on an EVM-compatible L1 blockchain, utilizing a novel consensus mechanism called "Satoshi Plus." This mechanism combines delegated Bitcoin mining hash with delegated proof of stake to secure the network, aiming to balance decentralization, security, and composability.

The token's market capitalization and trading volume have also experienced significant changes. At one point, its market capitalization stood at $11,230,194, with a 24-hour trading volume of $612,830. The token's circulating supply is 8,814,004 WCORE, with a maximum supply capped at 2,100,000,000 WCORE.

Wrapped Core can be traded on decentralized exchanges, with popular trading pairs including USDC/WCORE on Sushiswap V3 (Core). The token's price is calculated in real-time by aggregating data from multiple exchanges and markets, using a global volume-weighted average formula.

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How Wrapped Core works

Wrapped Core (WCORE) is a type of wrapped token that allows users to utilize assets from one blockchain on another blockchain. In this case, WCORE is designed to bridge the gap between different blockchain networks, enabling seamless interactions and transactions between them.

How Wrapped Core Works

Wrapped Core operates by creating a tokenized representation of another asset. This tokenized asset, WCORE, is pegged to the value of the original asset at a 1:1 ratio. Here’s how it works:

  1. Wrapping Process: When a user wants to use their assets on a different blockchain, they "wrap" their tokens by locking them into a smart contract. This process creates a new token, WCORE, which is compatible with the target blockchain.

  2. Tokenized Representation: WCORE is essentially a digital voucher that represents the original asset. It is fully backed by the original asset, which is stored securely in a digital vault.

  3. Interoperability: WCORE can be used on the target blockchain, allowing users to participate in decentralized finance (DeFi) applications, yield farming, and governance token activities that were previously inaccessible.

  1. Redemption: At any time, users can "unwrap" their WCORE tokens to retrieve their original assets. This process involves destroying the WCORE token and releasing the original asset from the digital vault.
Benefits of Wrapped Core

Wrapped Core offers several benefits:

  • Interoperability: WCORE enables users to move their assets between blockchain environments without worrying about interoperability issues.
  • Flexibility: Users can participate in DeFi activities on different blockchains without needing to sell their original assets.
  • Security: The original assets are securely stored in a digital vault, ensuring their safety while allowing users to utilize them on other blockchains.
Key Features of Wrapped Core
  • Tokenized Representation: WCORE is a tokenized version of another asset, pegged to its value at a 1:1 ratio.
  • Smart Contract: The wrapping process involves locking the original asset into a smart contract, ensuring the security and integrity of the process.
  • Digital Vault: The original assets are stored securely in a digital vault, accessible only through the unwrapping process.
Conclusion

Wrapped Core (WCORE) is a powerful tool that bridges the gap between different blockchain networks, enabling users to utilize their assets in new and flexible ways. By providing interoperability, security, and flexibility, WCORE is poised to play a significant role in the future of blockchain technology and decentralized finance.

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Wrapped Core's strengths

Wrapped Core (WCORE) is a cryptocurrency launched in 2023, built on an EVM-compatible L1 blockchain called Core. This blockchain utilizes a novel consensus mechanism called "Satoshi Plus," which combines delegated Bitcoin mining hash and delegated proof of stake to secure the network. This unique mechanism allows Core to provide the composability of an EVM chain while maintaining the decentralization and security of Bitcoin, effectively addressing the blockchain trilemma.

Wrapped Core's strengths include its ability to leverage the security of Bitcoin while still offering the flexibility and composability of an EVM chain. This makes it an attractive option for users seeking a robust and decentralized blockchain solution. Additionally, WCORE is traded on several decentralized exchanges, including Sushiswap V3, Archerswap, and IcecreamSwap, providing users with multiple options to buy and trade the token.

Wrapped Core's risks

Wrapped Core (WCORE) carries several financial risks. One significant risk is counterparty risk, where the entities responsible for managing the underlying collateral assets may fail to perform their duties adequately. Additionally, there is a centralization risk since WCORE tokens may be issued by a single central authority, which can compromise the decentralized nature of blockchain technology.

Another risk is regulatory risk, as new laws or regulations may restrict or prohibit WCORE tokens, their issuance, trading, or redemption. Technical risks also exist, including the possibility of smart contract bugs, hacking attempts, network congestion, or other issues that can impact the tokens or the blockchains they trade on.

Furthermore, WCORE tokens are considered high-risk investments, and the Financial Conduct Authority (FCA) does not protect them under the UK regulatory regime. This means that investors are not guaranteed protection if something goes wrong, and they should be prepared to lose all their invested money.

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Wrapped Core's ecosystem

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Wrapped Core’s team

  • Wrapped Core (WCORE) Team: The team behind Wrapped Core (WCORE) includes notable figures such as Jonah Erlich, who was a core member of ConstitutionDAO and played a significant role in its decentralized governance and community engagement.

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