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Wrapped HBAR

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Discover Wrapped HBAR'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 HBAR?

Wrapped HBAR (WHBAR) is a cryptocurrency launched in 2017 on the Hedera Hashgraph platform. It has a total supply of 50 billion tokens, with approximately 273 million in circulation. The token is highly volatile and not yet listed on major exchanges, making it difficult to predict its future value. Wrapped HBAR is designed to be a more efficient and secure alternative to traditional blockchain technology, with a focus on speed, efficiency, and security.

How is Wrapped HBAR used?

Wrapped HBAR (WHBAR) is an ERC-20 representation of the native Hedera Hashgraph (HBAR) token. It is used to enable the utilization of HBAR within decentralized applications (dApps) built on the Ethereum Virtual Machine (EVM) network. This is necessary because HBAR does not conform to the ERC-20 standard used by EVM dApps.

The wrapping process involves depositing HBAR into a smart contract, which then mints an ERC-20 compliant token, wHBAR, back to the depositor. This wrapped token can be used freely within EVM dApps. If needed, the wHBAR can be redeemed for the original HBAR by depositing the wHBAR back into the smart contract.

Wrapped HBAR is supported by various platforms, including SaucerSwap, which enables the conversion of native HBAR into wrapped HBAR and vice versa. It is also available for trading on exchanges like Binance and Gate.io, with a current market cap and trading volume.

How do I store Wrapped HBAR?

To store Wrapped HBAR (WHBAR) tokens, you can use a digital wallet that supports Ethereum-based tokens, such as MetaMask. Ensure you have the correct contract address for the ERC-20 version of WHBAR, which is available on Etherscan.

How to buy Wrapped HBAR?

To buy Wrapped HBAR (WHBAR) tokens, you can follow these steps:

  1. Use a Credit/Debit Card: You can purchase WHBAR using a credit or debit card through platforms like BYDFi.

  2. Decentralized Exchanges (DEX): WHBAR tokens can be traded on decentralized exchanges like SaucerSwap V2, where the most active trading pair is HBARX/WHBAR.

  3. Ethereum: You can also wrap HBAR on Hedera through a portal or trade it on Ethereum in a DEX.

  1. Gate.io: Gate.io is another platform where you can buy Wrapped HBAR (WHBAR) tokens.

  2. Storing WHBAR: After purchasing, consider storing your WHBAR tokens securely in a "cold wallet" such as a paper wallet or a hardware cold wallet to minimize the risk of hacks or exchange shutdowns.

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History of Wrapped HBAR

Wrapped HBAR (WHBAR) is a cryptocurrency launched in 2017 and operates on the Hedera Hashgraph platform. It was designed to be a fairer, more efficient system, eliminating some limitations faced by older blockchain-based platforms such as slow performance and instability.

Wrapped HBAR has a current supply of 50,000,000,000 and a circulating supply of 271,139,113 WHBAR. The total supply is capped at 50,000,000,000 WHBAR. The market capitalization of Wrapped HBAR is $23,895,071, with a 24-hour trading volume of $487,595.

Historical data for Wrapped HBAR is available, showing its price history sorted by date range with open and close prices, trading volume, and market capitalization. This data can be viewed in various formats, including daily, weekly, or monthly, dating back to its issuance.

Wrapped HBAR is closely tied to the Hedera Hashgraph platform, which was funded through an initial coin offering (ICO) in August 2018. The platform's native utility token, HBAR, has a dual role: it powers Hedera services and helps secure the network through staking.

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How Wrapped HBAR works

Wrapped HBAR (WHBAR) is a token that allows users to utilize the native HBAR token of the Hedera Hashgraph platform in a more versatile manner. Here's how it works:

What is Wrapped HBAR (WHBAR)?

Wrapped HBAR is a token that is created by "wrapping" the native HBAR token. This process involves projecting the HBAR deposit into a smart contract, which then issues an equal amount of WHBAR tokens. This allows users to use HBAR in various decentralized finance (DeFi) applications and platforms that are not native to the Hedera Hashgraph network.

How is WHBAR Used?

WHBAR tokens can be used on platforms that support Ethereum, allowing users to access a broader range of DeFi services. This includes staking, lending, and trading on platforms like Staked, Gitcoin, Dharma, and Leverj. The wrapped token enables users to earn yields on their HBAR holdings and participate in various DeFi activities.

How to Get Plain HBAR Back?

To convert WHBAR back to plain HBAR, users need to "unwrap" their tokens. This process involves returning the WHBAR tokens to the smart contract, which then returns the original HBAR tokens. This allows users to regain control of their native HBAR tokens and use them within the Hedera Hashgraph ecosystem.

Market and Community

Wrapped HBAR has a market capitalization of around $23.9 million and a circulating supply of approximately 271 million tokens. The token is traded on various exchanges, including decentralized exchanges (DEXs) that support the Hedera Hashgraph blockchain. The community surrounding WHBAR is active, with users seeking advice and support on platforms like Reddit.

Key Features
  • Wrapped Token: WHBAR is created by wrapping HBAR tokens in a smart contract.
  • DeFi Access: WHBAR allows users to access DeFi services on Ethereum-based platforms.
  • Staking and Lending: Users can earn yields on their WHBAR holdings through staking and lending.
  • Unwrapping: WHBAR can be converted back to plain HBAR tokens.

Overall, Wrapped HBAR provides a bridge between the Hedera Hashgraph ecosystem and the broader DeFi landscape, enabling users to maximize the utility of their HBAR holdings.

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Wrapped HBAR's strengths

Wrapped HBAR (WHBAR) has several strengths that contribute to its value and utility:

  1. Compatibility with Ethereum Network: WHBAR is an ERC-20 token, which allows it to interact seamlessly with smart contracts and decentralized applications (dApps) on the Ethereum blockchain. This compatibility expands the use cases for HBAR holders, enabling them to participate in the Ethereum ecosystem.

  2. Enables HBAR Usage in dApps: By wrapping HBAR into WHBAR, users can utilize their HBAR tokens in dApps that would otherwise be incompatible with the native HBAR. This bridging function enhances the versatility of HBAR and increases its adoption potential.

  3. 1:1 Representation: Each WHBAR is issued in a 1:1 ratio with the deposited HBAR, ensuring that the value of WHBAR is directly tied to the value of HBAR. This direct representation maintains the integrity and trustworthiness of the wrapped token.

  1. Easy Redemption: Users can easily redeem their WHBAR tokens for the original HBAR tokens by depositing the WHBAR back into the smart contract. This flexibility allows users to switch between the two forms of the token as needed.

  2. Potential for Growth: Wrapped HBAR is expected to grow in value as blockchain technology and its use cases expand. Predictions suggest that WHBAR could reach prices around $2.45 by 2030, driven by factors such as good governance, strong use cases, and broad acceptance.

These strengths collectively enhance the value and usability of Wrapped HBAR, making it an attractive option for users seeking to leverage the benefits of both the Hedera Hashgraph and Ethereum networks.

Wrapped HBAR's risks

Wrapped HBAR (WHBAR) carries several risks. One significant risk is the volatility of its price, which can change significantly over time. Additionally, InvestorsObserver research assigns a high risk rating to WHBAR, indicating that the risks may outweigh the rewards.

Another risk is associated with the Hashport Network, which is used to wrap HBAR. If the Hashport Network is compromised, users may lose their assets. This risk is mitigated by the network's validators, who must be credible and trustworthy to ensure the security of the assets being ported.

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Did Wrapped HBAR raise funds?

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Wrapped HBAR's ecosystem

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Wrapped HBAR’s team

  • Wrapped HBAR Team: The team behind Wrapped HBAR (WHBAR) includes contributors from various organizations such as Staked, Gitcoin, Dharma, Request, and Leverj, who are working together to maintain liquidity and provide access to wHBAR on Ethereum.

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