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Wrapped CRO

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Discover Wrapped CRO'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 CRO?

Wrapped CRO (WCRO) is a DeFi-compatible version of the native CRO token, which is used for gas fees on the Cronos chain. It is a mid-cap asset with a fixed supply and is moderately correlated to the overall market. WCRO is necessary for CRO to interact with smart contracts and can be freely interchanged with native CRO at a 1:1 rate. It is used for trading and financial services within the Cronos ecosystem.

How is Wrapped CRO used?

Wrapped CRO (WCRO) is a cryptocurrency that allows the native CRO token to interact with smart contracts on different blockchains. It is wrapped to the CRC-20 standard, which enables it to be used on platforms that do not support the native CRO token. WCRO is primarily used for trading on decentralized exchanges, particularly on the Cronos chain, where it is necessary for interacting with smart contracts such as the Crystal Farm smart contracts.

WCRO can be stored on centralized exchanges (CEX) or in non-custodial wallets, providing users with control over their private keys. It can also be used for staking, lending, and yield farming to earn passive income.

Additionally, WCRO can be swapped for other tokens on the Cronos chain, and it is automatically wrapped from native CRO before being staked in farms or mines on the VVS platform. This allows for seamless interaction between different tokens and platforms.

How do I store Wrapped CRO?

To store Wrapped CRO (WCRO) tokens, you need to follow these steps:

  1. Choose a Crypto Wallet: Select a reliable and secure crypto wallet that supports WCRO tokens. Ensure the wallet is compatible with the Cronos blockchain, as WCRO is a bridged token on this blockchain.

  2. Set up your Wallet: Create and set up your chosen wallet, following the wallet provider's instructions. This typically involves creating a password, securing your private keys, and configuring any additional security measures.

  3. Buy or Transfer WCRO: Acquire WCRO tokens by buying them on a decentralized exchange like VVS Finance or by transferring them from another wallet. Make sure to use the correct contract address for WCRO, which is 0x5c7f8a570d578ed84e63fdfa7b1ee72deae1ae23.

  1. Store WCRO in your Wallet: Once you have WCRO tokens, store them securely in your wallet. Ensure you have the correct wallet address and that your wallet is configured to support WCRO tokens.

By following these steps, you can safely store your Wrapped CRO (WCRO) tokens in a crypto wallet.

How to buy Wrapped CRO?

To buy Wrapped CRO (WCRO) tokens, follow these steps:

  1. Choose a Crypto Wallet: Select a reliable crypto wallet that supports your preferred payment method and policies. Popular options include Coinbase Wallet, MetaMask, and TrustWallet. Download the wallet extension or app from the relevant stores.

  2. Set up your Wallet: Create an account, provide personal information, and set a strong password. You will receive a secret recovery phrase or seed words, which you should note down carefully.

  3. Buy your Base Currency: Choose a cryptocurrency exchange platform and buy a base currency such as Bitcoin, Ethereum, or Tether. This will be used to trade WCRO.

  1. Transfer Funds to your Wallet: Withdraw your base currency to your crypto wallet by providing your wallet address and the amount to transfer.

  2. Choose a Decentralized Exchange (DEX): Select a DEX that supports your wallet. Compare trading fees and liquidity before making a choice.

  3. Buy Wrapped CRO (WCRO): Connect your wallet to the DEX and select WCRO from the list. Enter the amount you want to trade. Be cautious of market trends and diversify your portfolio.

  1. Check Smart Contracts (if needed): If WCRO is not listed on the DEX, use bscscan or etherscan to find the smart contract address. Copy and paste it into the DEX, ensuring you have the correct address to avoid scams.

Popular exchanges for buying WCRO include VVS Finance, where the most active trading pair is VVS/WCRO.

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History of Wrapped CRO

Wrapped CRO (WCRO) is the DeFi-compatible version of CRO, the native token of the Cronos chain. It is used for gas fees on the Cronos network and for staking to secure the Crypto.org blockchain. The total supply of CRO initially started with 100 billion tokens, but 70% was burned in early 2021, reducing the outstanding supply to 30 billion tokens. A portion of the outstanding supply, about 5 billion tokens, is reserved to fund block rewards for Crypto.org validators.

Wrapped CRO has a fixed supply and is moderately correlated to the overall market. It has no dependencies and is a mid-cap asset that represents the protocol's native governance or utility token. This asset depends on a centralized entity for custody services.

Wrapped CRO's price history can be tracked through various tools, allowing users to display price data in their preferred currency and adjust the level of detail by choosing between different frequencies such as daily, weekly, and monthly. The token's historical data includes open, high, low, and close prices, as well as trading volume and market capitalization.

Wrapped CRO has experienced significant price fluctuations, with an all-time high of $0.9328 on November 24, 2021, and an all-time low of $0.04885 on October 11, 2023. The token's current market capitalization and trading volume are updated in real-time, providing investors with essential information for their investment decisions.

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How Wrapped CRO works

Wrapped CRO (WCRO) is a cryptocurrency that allows the native CRO token to interact with smart contracts on different blockchains. It is a wrapped version of the CRO token, which means it is pegged 1:1 with the native CRO token but follows the CRC-20 standard. This standard allows WCRO to be used on platforms that do not support the native CRO token directly.

WCRO is primarily used for trading and interacting with smart contracts on the Cronos chain. It is necessary because the native CRO token does not have the standard of a typical CRC20 token, which is required for these interactions. This wrapping process enables the CRO token to be used seamlessly on platforms that support CRC-20 tokens, such as decentralized exchanges and smart contracts.

When you buy or trade WCRO, you are essentially buying or trading the wrapped version of the CRO token. The price of WCRO is calculated by aggregating data from various exchanges and markets, using a global volume-weighted average formula. This ensures that the price of WCRO reflects the current market value of the CRO token.

WCRO can be traded on decentralized exchanges like VVS Finance, where it is paired with other tokens. The trading volume of WCRO is tracked in real-time, and its price performance is compared to other cryptocurrencies in the Ethereum ecosystem.

In terms of buying WCRO, you can do so through centralized exchanges like KuCoin or decentralized exchanges like VVS Finance. The process typically involves creating an account, verifying your identity, adding a payment method, and then purchasing WCRO using fiat currency or other cryptocurrencies. On decentralized exchanges, you need to have a compatible wallet and the base currency to swap for WCRO.

Overall, Wrapped CRO (WCRO) is a crucial tool for users who want to interact with smart contracts and trade on platforms that do not support the native CRO token. Its price is determined by market forces, and it can be bought and traded through various exchanges and wallets.

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Wrapped CRO's strengths

Wrapped CRO (WCRO) has several strengths that make it a valuable token in the cryptocurrency market:

  1. Interoperability: WCRO allows the Crypto.com Coin (CRO) to be used on the Ethereum blockchain, expanding its functionality and usability across different blockchain ecosystems. This interoperability bridges the gap between the Crypto.com chain and Ethereum, enabling users to leverage Ethereum's robust infrastructure.

  2. Flexibility: Wrapped CRO provides users with the flexibility to switch between the Ethereum network and the Crypto.com chain, giving them more options for transactions and interactions.

  3. Price Equivalence: The Wrapped CRO token maintains an equal value with the native CRO, simplifying inter-blockchain transactions and ensuring that users can seamlessly move between the two ecosystems.

  1. Decentralized Exchanges and Financial Services: WCRO can be utilized on various Ethereum-based decentralized exchanges (DEX) and DeFi platforms, increasing the utility of the coin and providing more opportunities for users.

  2. Liquidity Provision: By transforming CRO to ERC-20 through wrapping, individuals can participate in providing liquidity on Ethereum-based platforms, further enhancing the token's functionality.

  3. Tokenization: The wrapping process also enables more comprehensive tokenization efforts, allowing assets from other chains to be represented on the Ethereum blockchain.

These strengths make Wrapped CRO a versatile and valuable token, offering users a range of benefits and opportunities within the cryptocurrency market.

Wrapped CRO's risks

Wrapped CRO (WCRO) carries several financial risks. These include:

  1. Counterparty Risk: The entities involved in managing the underlying collateral assets may fail to fulfill their obligations, potentially impacting the value of WCRO.

  2. Centralization Risk: WCRO is issued by a central authority, which can lead to a lack of decentralization and potential vulnerabilities.

  3. Regulatory Risks: New laws or regulations may restrict or prohibit WCRO, affecting its trading and redemption.

  1. Technical Risks: Smart contract bugs, hacking attempts, or network congestion can impact WCRO's value and functionality.

  2. Custodial Risk: The underlying assets for WCRO may be held in custody by a third party, which can lead to risks such as insolvency, mismanagement, or fraud.

  3. Bridging Risk: Technical issues with the integration layers that facilitate the bridging of assets between different blockchain ecosystems can hamper the use of WCRO.

  1. Pricing Disparity: Market inefficiencies or liquidity issues can cause the price of WCRO to diverge from its underlying asset, CRO.

  2. Smart Contract Risk: The smart contracts used to ensure WCRO's value remains pegged to CRO can have vulnerabilities or flaws that can be exploited, leading to potential losses.

These risks highlight the importance of thorough research and caution when investing in WCRO or any other cryptocurrency.

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Did Wrapped CRO raise funds?

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Wrapped CRO's ecosystem

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Wrapped CRO’s team

  • Wrapped CRO (WCRO) Team: The team behind Wrapped CRO (WCRO) is Crypto.com, which includes key members such as Kris Marszalek (Co-Founder & CEO), Rafael Melo (Co-Founder & CFO), Bobby Bao (Co-Founder, Head of Crypto.com Capital), and Eric Anziani (President & COO).

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The fundamental analysis assistant for crypto value investors.

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