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wrapped POKT

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Discover wrapped POKT'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 POKT?

Wrapped POKT (WPOKT) is a tokenized version of Pocket (POKT) that runs on the Ethereum blockchain. It is compliant with ERC-20 standards, allowing for seamless integration with Ethereum's DeFi and DAO ecosystem. WPOKT is backed by POKT at a 1:1 ratio, enabling users to transfer liquidity between the POKT and ETH networks in a decentralized manner. Holders of WPOKT can bridge it to the Pocket Network blockchain to stake as node runners, validators, or applications/gateways, accessing the relay throughput provided by Pocket Network.

How is wrapped POKT used?

Wrapped POKT (wPOKT) is an Ethereum ERC-20 token backed 1:1 by POKT. It is designed to enhance the interoperability of Pocket Network with the Ethereum ecosystem, particularly in DeFi and DAO tooling and infrastructure. This token allows for improved liquidity and access to POKT, enabling financial integrations such as streaming payments and DAO budgeting.

Usage
  • Interoperability: wPOKT enables the integration of Pocket Network with Ethereum's ecosystem, allowing for seamless interactions between the two networks.
  • Liquidity: wPOKT improves liquidity for POKT by providing an Ethereum-based representation that can be traded on platforms like Uniswap.
  • Staking: Holders of wPOKT can bridge it back to the Pocket Network blockchain to stake as node runners, validators, or application/gateway operators, accessing the relay throughput provided by Pocket Network.
  • Liquidity Provision: Users can act as liquidity providers in the wPOKT/ETH liquidity pool on Uniswap, contributing to the token's market stability.
Key Features
  • 1:1 Backing: wPOKT is backed by POKT at a 1:1 ratio, ensuring that each wPOKT token can be swapped for one POKT token and vice versa.
  • ERC-20 Compliance: wPOKT is fully compliant with the Ethereum ERC-20 standard, ensuring compatibility with Ethereum's ecosystem.
Accessing wPOKT
  • Uniswap: wPOKT can be accessed and traded on Uniswap, a popular decentralized exchange.
  • Bridge: Users can wrap their POKT to wPOKT using the wPOKT bridge, which involves locking POKT in a vault and minting the corresponding wPOKT tokens.
  • Liquidity Pools: wPOKT can be staked in liquidity pools on Uniswap, providing liquidity and earning rewards.

How do I store wrapped POKT?

To store wrapped POKT (wPOKT) tokens, you can use an Ethereum wallet that supports ERC-20 tokens. The official POKT wallet does not have built-in support for wPOKT, but you can import the official wallet to either a Ledger or NodeWallet, which are compatible with wPOKT.

How to buy wrapped POKT?

Wrapped POKT (wPOKT) tokens can be purchased on various exchanges, both decentralized and centralized. Here are the steps to buy wPOKT tokens:

  1. Decentralized Exchanges (DEXs):

    • Uniswap V2 (Ethereum): This is the most popular exchange for buying and trading wPOKT tokens. You can trade wPOKT/WETH pairs on Uniswap V2.
    • Uniswap V3 (Ethereum): Another option for trading wPOKT tokens is Uniswap V3.
    • Bilaxy: Bilaxy is another decentralized exchange where you can buy wPOKT tokens.
  2. Centralized Exchanges (CEXs):

    • Gate.io: Gate.io is a centralized exchange where you can buy wPOKT tokens. The current price and trading volume can be found on their website.
  3. Over-the-Counter (OTC) Trading Desks:

  • White-label Markets: OTC desks are operated by intermediaries who match buyers and sellers. They are typically used for large volume trades and can be found on the POKT forum.
  1. Liquidity Pools:
    • Uniswap wPOKT/ETH Liquidity Pool: You can also act as a liquidity provider in the wPOKT/ETH liquidity pool on Uniswap, which helps maintain liquidity and facilitates trading.

Before buying, ensure you have a compatible wallet set up, such as MetaMask, and that you have imported the wPOKT token contract address (0x67f4c72a50f8df6487720261e188f2abe83f57d7).

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History of wrapped POKT

Wrapped POKT (WPOKT) is a tokenized version of Pocket (POKT) that runs on the Ethereum blockchain. It is compliant with the ERC-20 standard, allowing it to be fully integrated with Ethereum's ecosystem of DeFi and DAO tooling and infrastructure. WPOKT is backed by POKT at a 1:1 ratio via a network of validators, enabling users to transfer liquidity between the POKT and ETH networks in a decentralized manner.

Historically, Wrapped POKT has experienced significant price fluctuations. Its all-time high was recorded on March 27, 2024, and its all-time low was recorded on October 25, 2023. The token's price has been known to rise and fall rapidly, with recent increases and decreases in the past 24 hours and 7 days.

Wrapped POKT can be traded on various exchanges, including decentralized and centralized platforms. The most active trading pair is WPOKT/WETH on Uniswap V2 (Ethereum), with significant trading volumes reported in the last 24 hours. The token's market capitalization and circulating supply are also tracked by various cryptocurrency platforms.

In terms of usage, holders of WPOKT can bridge it over to the Pocket Network blockchain to stake as node runners, validators, or directly as applications/gateways, accessing the relay throughput provided by Pocket Network. Additionally, WPOKT can be added to MetaMask, allowing users to view their token holdings and trade on decentralized exchanges.

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How wrapped POKT works

Wrapped POKT (WPOKT) is a tokenized version of Pocket (POKT) that runs on the Ethereum blockchain. This allows it to be fully integrated and interoperable with Ethereum's ecosystem of decentralized finance (DeFi) and decentralized autonomous organization (DAO) tooling and infrastructure.

Key Features
  • ERC-20 Compliance: WPOKT is compliant with the ERC-20 standard, ensuring seamless integration with Ethereum's ecosystem.
  • 1:1 Backing: WPOKT is backed by POKT at a 1:1 ratio via a network of validators, allowing users to transfer liquidity between the POKT and the ETH networks in a decentralized and autonomous manner.
  • Bridging: Holders of WPOKT can bridge it over to the Pocket Network blockchain to stake as a node runner, validator, or directly as an application/gateway, accessing the relay throughput that Pocket Network provides.
Benefits
  • Interoperability: WPOKT enables the interoperability of Pocket Network with best-in-class DeFi and DAO tooling and infrastructure, improving liquidity and access to POKT.
  • Programmatic Primitive: WPOKT can be the foundation for more sophisticated Pocket products in the future, unlocking financial legos such as streaming payments and DAO budgeting.
Maintenance of 1:1 Value
  • Minting and Burning: To mint WPOKT, POKT is first locked in the bridge vault, and the corresponding amount of WPOKT is minted. When WPOKT is swapped back for POKT, the WPOKT is burned, maintaining the 1:1 relationship.
Wrapping and Unwrapping
  • Wrapping Tutorial: Users can follow a step-by-step guide to wrap their POKT and bridge it to Ethereum, and vice versa.

Overall, Wrapped POKT (WPOKT) provides a tokenized version of Pocket (POKT) on the Ethereum blockchain, enhancing its usability and integration with DeFi and DAO tools while maintaining a 1:1 value with POKT.

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wrapped POKT's strengths

Wrapped POKT (wPOKT) is a tokenized version of Pocket (POKT) that runs on the Ethereum blockchain. It is compliant with ERC-20, allowing it to be fully integrated and interoperable with Ethereum's ecosystem of DeFi and DAO tooling and infrastructure. This integration offers several advantages, including the ability to transfer liquidity between the POKT and the ETH networks in a decentralized and autonomous manner.

One of the key strengths of wPOKT is its ability to bridge liquidity between the Pocket Network and Ethereum ecosystems. This allows users to access the relay throughput that Pocket Network provides, making it a valuable tool for developers and users alike. Additionally, wPOKT is backed by POKT at a 1:1 ratio via a network of validators, ensuring that the token maintains its value and integrity.

Another strength of wPOKT is its availability on various exchanges and platforms. It can be traded on multiple exchanges, including Uniswap, Bilaxy, and others, providing users with a range of options for buying and selling the token. Furthermore, wPOKT can be earned by running nodes or completing certain bounty tasks, offering users alternative ways to acquire the token.

Overall, the strengths of wPOKT lie in its interoperability, liquidity bridging capabilities, and availability on multiple platforms, making it a valuable asset for those involved in the Pocket Network and Ethereum ecosystems.

wrapped POKT's risks

Wrapped POKT (WPOKT) carries several financial risks. As a tokenized version of POKT that runs on the Ethereum network, it is highly speculative and comes with many risks. Trading and investing in WPOKT can result in significant losses due to market volatility and supply and demand pressures. The price of WPOKT may diverge from the price of POKT, and market pressures can cause the value to fluctuate. Additionally, the process of wrapping and unwrapping POKT involves gas fees in ETH, which can add to the overall cost and risk of investment.

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wrapped POKT's ecosystem

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wrapped POKT’s team

  • Michael O'Rourke: Co-founder and CEO of Pocket Network, an accomplished developer with a long history of working with high-tech companies and considered an early innovator in the blockchain space.
  • Luis de Leon: Co-founder and CTO of Pocket Network, a professional developer with a decade-long background in full stack development roles, bringing a wealth of knowledge to the table.
  • Andrew Nguyen: Pocket Core Protocol Lead, a seasoned blockchain engineer.
  • Adam Liposky: Ecosystem Operations Lead, a heavily experienced builder and creator.
  • Patrick Maguire: Operations Lead, an expert crypto operator.
  • Alex Firmani: Director of Engineering, a technical wizard with experience in high-tech startups, including Amazon during the dotcom boom.

Whalee AI

The fundamental analysis assistant for crypto value investors.

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