No items found.

Wrapped EGLD

price
change

Discover Wrapped EGLD'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 EGLD?

Wrapped EGLD (WEGLD) is a cryptocurrency token that represents the native token EGLD of the MultiversX blockchain protocol. MultiversX aims to provide fast transaction speeds using sharding and supports fintech, decentralized finance, and the Internet of Things. EGLD serves as a store of value, medium of exchange, and governance token, empowering users to deploy smart contracts and participate in network decisions.

How is Wrapped EGLD used?

Wrapped EGLD (WEGLD) is a token that serves several purposes within the MultiversX ecosystem. It acts as a store of value currency to pay for network usage, a medium of exchange between platform users and validators, and a governance token, allowing its holders to vote on network decisions. Additionally, WEGLD empowers participants to perform any network action, such as deploying smart contracts, protocols, and decentralized applications (dApps) on the platform.

How do I store Wrapped EGLD?

To store Wrapped EGLD (WEGLD) tokens, you can follow these steps:

  1. Choose a Crypto Wallet: Select a reliable crypto wallet that supports WEGLD 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 personal information and 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 your base currency (e.g., Bitcoin, Ethereum, or Tether), withdraw it to your crypto wallet. Log into your exchange account, provide your wallet address, and specify the amount to transfer.

  1. Store WEGLD Tokens: After transferring funds, you can use a decentralized exchange (DEX) like PancakeSwap to buy WEGLD tokens. Connect your wallet to the DEX, select WEGLD, and enter the amount you want to trade.

By following these steps, you can securely store your Wrapped EGLD tokens in your chosen crypto wallet.

How to buy Wrapped EGLD?

To buy Wrapped EGLD (WEGLD) tokens, follow these steps:

  1. Choose a Crypto Wallet: Select a reliable crypto wallet that supports WEGLD and is compatible with your preferred payment method. 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, provide personal information, and set 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. Buy a Base Currency: Choose a cryptocurrency exchange platform and buy a base currency, such as Bitcoin, Ethereum, or Tether, which can be used to trade WEGLD.

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

  2. Select a Decentralized Exchange (DEX): Choose a DEX that supports your wallet, such as Pancake Swap. Compare liquidity and trading fees among different DEXs.

  3. Buy WEGLD with Your Base Currency: Connect your wallet to the DEX, select WEGLD, and enter the amount you want to trade. Be cautious of market trends and diversify your portfolio to minimize risks.

  1. Check for Smart Contracts: If WEGLD is not listed on the DEX, use bscscan or etherscan to locate the smart contract address and paste it into the DEX. Ensure you have the correct contract address to avoid scams.

By following these steps, you can successfully purchase Wrapped EGLD (WEGLD) tokens.

Discover
Wrapped EGLD
We give you the tools to invest your time and money in 1000+ tokens.
Subscribe

History of Wrapped EGLD

Wrapped EGLD (WEGLD) is a cryptocurrency token that represents the native token of the MultiversX blockchain protocol. The protocol aims to provide fast transaction speeds using sharding and has a wide range of applications in fintech, decentralized finance, and the Internet of Things.

MultiversX was first announced in August 2019, and its mainnet went live in July 2020. The native token, EGLD, serves as a store of value, a medium of exchange, and a governance token, allowing holders to vote on network decisions. It is also used to pay for network usage and transaction fees.

Historically, the price of WEGLD has fluctuated significantly. On June 6, 2022, it reached an all-time high of $827.47. As of June 19, 2024, the price of WEGLD is around $29.92, indicating a significant decline from its peak. Over the last month, the price has gone down by 20.80% against the US Dollar.

Wrapped EGLD can be traded on various exchanges, including decentralized exchanges (DEXes) like Pancakeswap V3 and PancakeSwap (v2), which offer liquidity and security for trading WEGLD. The token's market capitalization and trading volume have also varied over time, with a market capitalization of around $8.79 million and a 24-hour trading volume of $8.25 thousand as of June 19, 2024.

Overall, Wrapped EGLD is a token that represents the MultiversX blockchain protocol, which aims to provide fast and efficient transactions. Its price has experienced significant fluctuations, and it can be traded on various exchanges.

Discover
Wrapped EGLD
We give you the tools to invest your time and money in 1000+ tokens.
Subscribe

How Wrapped EGLD works

Wrapped EGLD (WEGLD) is a token that represents the value of Elrond (EGLD) on other blockchain networks. It allows users to utilize EGLD on platforms that do not natively support it. This is achieved by "wrapping" the EGLD token, effectively creating a new token that mirrors the value of EGLD.

Key Features
  • Wrapped Token: WEGLD is a wrapped token, meaning its value is tied to the value of EGLD. This allows users to use EGLD on platforms that do not natively support it.
  • Cross-Chain Compatibility: WEGLD enables the use of EGLD on different blockchain networks, expanding its usability and accessibility.
  • Decentralized Exchanges: WEGLD can be traded on decentralized exchanges (DEXs) such as PancakeSwap, allowing for peer-to-peer transactions.
How to Buy WEGLD

To buy WEGLD, you need to follow these steps:

  1. Choose a Crypto Wallet: Select a reliable crypto wallet that supports WEGLD, such as Coinbase Wallet, MetaMask, or TrustWallet.
  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 for security.
  3. Buy Base Currency: Purchase a base currency like Bitcoin, Ethereum, or Tether on a cryptocurrency exchange platform.
  4. Transfer Funds to Wallet: Withdraw the base currency to your crypto wallet.
  5. Choose a DEX: Select a decentralized exchange that supports your wallet and WEGLD, such as PancakeSwap.
  6. Buy WEGLD: Connect your wallet to the DEX and trade your base currency for WEGLD.
Price and Performance

The price of WEGLD is calculated in real-time by aggregating data from multiple exchanges and markets. It can be traded on various DEXs, with its performance compared to other cryptocurrencies and its peers in the BNB Chain Ecosystem.

Security and Risks

When buying and trading WEGLD, it is essential to be aware of market risks and volatility. Diversifying your portfolio and being cautious of scams are crucial to minimizing potential losses.

Discover
Wrapped EGLD
We give you the tools to invest your time and money in 1000+ tokens.
Subscribe

Wrapped EGLD's strengths

Wrapped EGLD (WEGLD) has several strengths that make it an attractive investment opportunity:

  1. Limited Supply: WEGLD has a capped issuance model, ensuring that only a predetermined number of tokens will ever be created. This limited supply can lead to increased demand and potentially drive up the value of the token.

  2. Security and Governance: WEGLD is the native token of the MultiversX network, which means it plays a crucial role in securing the network and enabling governance. This adds value to the token as it is essential for the network's operation and decision-making processes.

  3. Staking and Rewards: WEGLD holders can earn rewards through staking, which incentivizes participation and helps maintain the network's security. This passive income opportunity can attract investors seeking returns on their holdings.

  1. Scalability and Performance: MultiversX, the underlying blockchain, is designed for high performance, with the ability to handle 15,000 transactions per second. This scalability can make WEGLD more appealing for users and developers seeking fast and efficient transactions.

  2. Diverse Use Cases: WEGLD can be used for various purposes, including paying transaction fees, deploying smart contracts, and participating in governance. This versatility increases its utility and potential adoption.

  3. Wide Availability: WEGLD is listed on multiple exchanges and wallets, making it easily accessible to investors and users. This widespread availability can contribute to its liquidity and market presence.

These strengths collectively contribute to WEGLD's value proposition and make it an attractive option for investors seeking a cryptocurrency with a strong underlying ecosystem.

Wrapped EGLD's risks

Wrapped EGLD (WEGLD) is a cryptocurrency token that carries several financial risks. Here are some of the key risks associated with investing in WEGLD:

  1. Market Volatility: WEGLD's price can fluctuate significantly over short periods, resulting in substantial losses for investors. For instance, the token's price has experienced significant swings in the past, with an all-time high of $827.47 and an all-time low of $5.97.

  2. Trading Volume: The trading volume of WEGLD can be relatively low, which can impact liquidity and make it difficult to buy or sell the token quickly and at a favorable price. The trading volume has been reported to be around $1.09 million in the last 24 hours.

  3. Market Dominance: WEGLD has a relatively low market dominance of 0.0025%, indicating that it is a smaller player in the cryptocurrency market. This can make it more susceptible to market fluctuations and less influential in shaping market trends.

  1. Supply and Demand: The token's price is heavily influenced by supply and demand. If there is a significant increase in supply or a decrease in demand, the price can drop substantially. The current circulating supply of WEGLD is 300,000 tokens.

  2. Regulatory Risks: Cryptocurrencies are subject to changing regulatory environments, which can impact their value. If regulatory bodies impose stricter rules or restrictions on WEGLD, its price could be negatively affected.

  3. Security Risks: As with any cryptocurrency, WEGLD is vulnerable to security risks such as hacking, theft, and other cyber threats. If the token's underlying blockchain or exchanges are compromised, investors could lose their funds.

  1. Interoperability Risks: WEGLD is designed to be interoperable across different blockchain networks. However, if these networks experience technical issues or compatibility problems, the token's value could be impacted.

  2. Liquidity Risks: WEGLD is used as collateral for lending and borrowing in DeFi applications. If liquidity dries up in these applications, it could lead to a decrease in the token's value.

  3. Competition Risks: The cryptocurrency market is highly competitive, with many tokens vying for market share. If WEGLD fails to differentiate itself or keep up with technological advancements, it could lose ground to competitors.

  1. Investment Risks: Investing in WEGLD, like any cryptocurrency, carries inherent risks. Investors should be aware that they could lose some or all of their investment if the token's value declines.

It is essential for investors to carefully evaluate these risks and consider their own financial goals and risk tolerance before investing in Wrapped EGLD (WEGLD).

Discover
Wrapped EGLD
We give you the tools to invest your time and money in 1000+ tokens.
Subscribe

Did Wrapped EGLD raise funds?

Discover
Wrapped EGLD
We give you the tools to invest your time and money in 1000+ tokens.
Subscribe

Wrapped EGLD's ecosystem

No items found.
No items found.
Discover
Wrapped EGLD
We give you the tools to invest your time and money in 1000+ tokens.
Subscribe

Wrapped EGLD’s team

  • Wrapped Elrond (WEGLD) Team: The team behind Wrapped Elrond (WEGLD) includes notable members such as Beniamin Mincu (Founder and CEO), Lucian Todea (Founder and COO), and other key contributors who have played significant roles in the development and maintenance of the MultiversX ecosystem.

Whalee AI

The fundamental analysis assistant for crypto value investors.

Wrapped EGLD NEWS REPORT

Latest news

Want an analysis of Wrapped EGLD? Tell us on discord.

Similar tokens

Looks like we're missing similar tokens!
Help us improve!
Tell us what you think of this page and which features you would like to see next.
OPEN FORM