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Wrapped IoTeX

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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 IoTeX?

Wrapped IoTeX (WIOTX) is a cryptocurrency that operates on the IoTex platform. It is a wrapped token, meaning it is a tokenized representation of another asset, specifically IoTex. This token allows users to interact with the IoTex ecosystem and participate in its decentralized applications and services.

How is Wrapped IoTeX used?

Wrapped IoTeX (WIOTX) is a cryptocurrency that plays a crucial role in facilitating the transfer of the native IOTX token between different blockchain networks. Here are the key ways WIOTX is used:

  1. Cross-Chain Bridge: WIOTX is used to bridge the native IOTX token from the IoTeX blockchain to other blockchains, such as Ethereum, Polygon, and Binance Smart Chain (BSC), through the iotube bridge ecosystem. This allows for seamless token transfers across different networks.

  2. Wrapped Token: WIOTX is a wrapped version of the native IOTX token, designed to be directly exchangeable with IOTX at a consistent 1:1 ratio. This wrapping process enables the use of IOTX on other blockchains, enhancing its interoperability.

  3. Exchangeability: WIOTX can be unwrapped back to the native IOTX token on the IoTeX blockchain using services like iotube or the mimo Decentralized Exchange (DEX).

  1. Market Participation: WIOTX is traded on various exchanges, allowing users to buy and sell it. Its market performance is tracked through metrics like market capitalization, trading volume, and price charts.

  2. Token Utility: WIOTX inherits the utility of the native IOTX token, which is used for various purposes within the IoTeX ecosystem, including node rewards, staking by validators, delegate election, and the burn-drop mechanism.

In summary, Wrapped IoTeX (WIOTX) serves as a bridge token, enabling the native IOTX token to interact with other blockchain networks and facilitating its use across different platforms.

How do I store Wrapped IoTeX?

To store Wrapped IoTeX (WIOTX) tokens, you need to follow these steps:

  1. Create an Ethereum Wallet: You need a wallet that supports Ethereum, such as Metamask. This is because WIOTX is an ERC20 token on the Ethereum blockchain.

  2. Add WIOTX to Your Wallet: You need to add the WIOTX token to your Ethereum wallet. This can be done by importing the token contract address into your wallet.

  3. Transfer WIOTX to Your Wallet: Once you have added the WIOTX token, you can transfer your WIOTX tokens to your Ethereum wallet address.

  1. Use a Bridge Service: If you want to convert your WIOTX tokens to native IOTX tokens, you need to use a bridge service like ioTube. This service allows you to transfer tokens between different blockchains.

  2. Unwrap WIOTX to Native IOTX: After using the bridge service, you can unwrap your WIOTX tokens to native IOTX tokens using a service like mimo DEX.

By following these steps, you can store your Wrapped IoTeX tokens securely and convert them to native IOTX tokens if needed.

How to buy Wrapped IoTeX?

To buy Wrapped IoTeX (WIOTX) tokens, you can follow these steps:

  1. Choose an Exchange: WIOTX tokens can be traded on decentralized exchanges. The most popular exchange to buy and trade Wrapped IoTex is Mimo, where the most active trading pair is IOETH/WIOTX.

  2. Create an Account: Sign up for an account on the chosen exchange, such as Mimo, following their registration process.

  3. Deposit Funds: Deposit the necessary funds, such as Ethereum (ETH), into your exchange account.

  1. Place an Order: Use the deposited funds to place a buy order for WIOTX tokens. You can set the price you are willing to pay or use the market price.

  2. Store Your Tokens: After purchasing WIOTX tokens, consider storing them securely in a cold wallet, such as a paper wallet or a hardware cold wallet, for long-term storage.

By following these steps, you can successfully buy Wrapped IoTeX tokens.

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History of Wrapped IoTeX

Wrapped IoTeX (WIOTX) is a cryptocurrency that operates on the IoTeX platform. It is a wrapped token, meaning it is a tokenized representation of another asset, specifically the native IoTeX token (IOTX). The history of WIOTX is closely tied to the evolution of the IoTeX ecosystem.

The IoTeX blockchain was officially launched in 2019, and with it, the native IOTX token became available. Initially, an ERC20 version of the IOTX token was used on the Ethereum blockchain. To facilitate the transition to the native IOTX token, a service called "tube" was introduced, allowing users to swap their ERC20 IOTX tokens for native IOTX tokens. This service was later expanded and evolved into the ioTube bridge, which enabled seamless token transfers between different blockchain networks.

The Wrapped IoTeX (WIOTX) token was designed to be directly exchangeable with the native IOTX token at a consistent 1:1 ratio. This exchange, also known as "unwrapping," can be performed on the ioTube service or on decentralized exchanges like mimo. The WIOTX token is used to facilitate the bridging of IOTX tokens between the IoTeX blockchain and other blockchains supported by ioTube, ensuring interoperability and ease of use across different networks.

Throughout its history, the price of WIOTX has been erratic, with significant highs and lows. It has experienced notable fluctuations, including a significant drop in value following a market correction. Despite these fluctuations, WIOTX remains an important part of the IoTeX ecosystem, providing users with a flexible and accessible way to interact with the native IOTX token.

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How Wrapped IoTeX works

Wrapped IoTeX (WIOTX) is a tokenized representation of the IoTeX (IOTX) cryptocurrency. It operates on the IoTeX platform and is designed to facilitate the transfer of IOTX tokens between different blockchain networks.

To understand how WIOTX works, it is essential to know that IoTeX is a layer one open-source and decentralized blockchain platform. It aims to provide a secure and reliable communication network between IoT devices and individuals. The IoTeX blockchain supports real products, including supply chain optimization tools and blockchain-powered cameras, and is compliant with the Ethereum Virtual Machine (EVM), making it scalable and efficient.

The primary purpose of WIOTX is to enable the transfer of IOTX tokens from the native IoTeX blockchain to other blockchain networks, such as Ethereum. This is necessary because some exchanges, like Coinbase, only accept IOTX tokens in the form of ERC-20 tokens, which are compatible with the Ethereum blockchain. To achieve this, users need to wrap their native IOTX tokens into WIOTX tokens using services like Mimo. Once wrapped, these tokens can be bridged to the Ethereum blockchain using tools like ioTube, where they are converted into ERC-20 tokens, known as IOTX-E.

This process allows users to transfer their IOTX tokens to exchanges that only support ERC-20 tokens, ensuring seamless interaction between different blockchain ecosystems. The wrapped token, WIOTX, plays a crucial role in this process by providing a compatible format for IOTX tokens to be transferred and used across various blockchain networks.

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Wrapped IoTeX's strengths

Wrapped IoTeX (WIOTX) has several strengths that make it an attractive investment opportunity:

  1. Security Enhancement: WIOTX plays a crucial role in enhancing the security of the IoTeX network. By staking WIOTX, token holders contribute to the network's security and earn rewards in return, ensuring the integrity of the blockchain.

  2. Interoperability: WIOTX is designed to be directly exchangeable with the native IOTX token at a consistent 1:1 ratio, facilitating seamless token transfers across different blockchain networks through the iotube bridge.

  3. Market Liquidity: WIOTX is actively traded on multiple markets, ensuring liquidity for investors and providing opportunities for price appreciation.

  1. Reward Mechanism: WIOTX holders can participate in the Roll-DPoS consensus mechanism, earning rewards for staking and voting for Delegates. This incentivizes token holders to contribute to the network's security and governance.

  2. Strong Community: The IoTeX community is active and engaged, with resources such as the IoTeX Staking Portal and ioPay app making it easier for users to participate in staking and manage their tokens.

  3. Token Utility: WIOTX serves multiple roles in maintaining the crypto-economic security of the IoTeX network, including rewards for nodes, transaction fees, and donations.

These strengths demonstrate the potential of Wrapped IoTeX as a reliable and rewarding investment in the cryptocurrency market.

Wrapped IoTeX's risks

Wrapped IoTeX (WIOTX) is an ERC20 token that represents the native IOTX token on the Ethereum blockchain. It is designed to be directly exchangeable with the native IOTX token at a consistent 1:1 ratio. This exchangeability allows for seamless token transfers across different blockchain networks. However, there are some financial risks associated with WIOTX:

  1. Risk of Losing Tokens: If you attempt to transfer your native IOTX to a Coinbase wallet without wrapping it to WIOTX, you risk losing your tokens. This is because Coinbase operates IoTeX trades on the Ethereum blockchain and can only send/receive IOTX-E (ERC20) tokens, not native IOTX tokens.

  2. Complexity of Wrapping and Bridging: The process of wrapping IOTX to WIOTX and bridging it to other blockchains involves multiple steps, including using services like Mimo and ioTube. This complexity can lead to errors and potential losses if not done correctly.

  3. Market Volatility: As with any cryptocurrency, WIOTX is subject to market fluctuations, which can result in significant losses if not managed properly.

  1. Risk of Manipulation: Although IoTeX has a low risk of manipulation according to InvestorsObserver analysis, there is still a possibility that the price can be influenced by limited trading and changes in volume and market capitalization.

These risks highlight the importance of understanding the technical aspects of WIOTX and the IoTeX ecosystem to minimize potential financial losses.

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Wrapped IoTeX's ecosystem

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Wrapped IoTeX’s team

  • Raullen Chai: Co-founder and CEO of IoTeX, leading the vision to build a decentralized network for billions of devices and machines at scale.
  • Mukul Agarwal: Employee at IoTeX, contributing to the development of the DePIN ecosystem.
  • Raymond Liao: Employee at IoTeX, involved in the growth and expansion of the IoTeX network.
  • Dustin Xie: Employee at IoTeX, working on the integration of DePIN devices and decentralized applications.
  • Gracy Chen: Representative from Bitget, participating in events and discussions related to DePIN and RWA founders.
  • Andy Chatham: Representative from DIMO, involved in events and discussions related to DePIN and RWA founders.
  • Scott Sigel: Representative from Helium, participating in events and discussions related to DePIN and RWA founders.
  • Andrej R: Representative from Wynd Network, involved in events and discussions related to DePIN and RWA founders.
  • Mahesh Ramakrishnan: Representative from Escape Velocity (EV3), participating in events and discussions related to DePIN and RWA founders.

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