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Wrapped TRON

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Discover Wrapped TRON'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 TRON?

Wrapped TRON (WTRX) is a cryptocurrency that acts as a bridge between the TRON and Ethereum blockchain ecosystems. It is an ERC-20 token that represents TRON (TRX) on the Ethereum network, allowing users to access Ethereum's DeFi offerings while maintaining the benefits of TRON's high-speed and low-cost transactions.

How is Wrapped TRON used?

Wrapped TRON (WTRX) is a token that represents TRON (TRX) on other blockchain platforms, allowing TRX to be used in decentralized finance (DeFi) ecosystems. It is a wrapped token that is pegged to TRON at a 1:1 ratio, enabling users to access different blockchains and ecosystems without converting their original tokens. WTRX is used widely in various DeFi applications, including providing liquidity, token swaps, and margin trading.

How do I store Wrapped TRON?

To store Wrapped TRON (WTRX) tokens, you can use a digital wallet specifically designed for Wrapped TRON. These wallets come in various forms, including mobile wallets and paper wallets.

Mobile Wallets

Mobile digital wallets are software applications installed on your mobile device. They allow you to store and manage your WTRX tokens securely. These wallets can be custodial or non-custodial, depending on whether the provider holds your private key or not. They typically offer a user-friendly interface for sending and receiving digital currency and can manage multiple accounts and cryptocurrencies. Mobile wallets are available for both iOS and Android devices and can be downloaded from app stores like Google Play or Apple's App Store.

Paper Wallets

Paper wallets are physical documents containing your private keys and public address for WTRX. The private keys are printed in the form of QR codes or alphanumeric characters. Paper wallets are a secure offline storage method, but they require careful handling to avoid losing or compromising your private keys.

Other Options

Additionally, you can use crypto exchanges and platforms like Coinbase, CoinCarp, and Bitget to store and manage your WTRX tokens. These platforms provide secure storage and allow you to buy, sell, and trade your tokens.

How to buy Wrapped TRON?

To buy Wrapped TRON (WTRX) tokens, follow these steps:

  1. Choose a Decentralized Exchange (DEX): Select a DEX that supports Wrapped TRON, such as SunSwap (JustSwap).

  2. Set Up a Crypto Wallet: Download and install a Web3 crypto wallet like Metamask or an App wallet like Trust Wallet, which is supported by the chosen DEX.

  3. Transfer Base Currency: Transfer the mainnet cryptocurrency of the blockchain that the DEX runs on (e.g., ETH or BNB) to your self-custody crypto wallet address. You can purchase this currency using fiat if needed.

  1. Connect Wallet to DEX: Connect your wallet to the DEX by clicking "Connect Wallet" and following the instructions.

  2. Swap for WTRX: Find the "Swap" option on the DEX, select the token you want to trade from the "From" section and Wrapped TRON (WTRX) in the "To" section. Enter the amount you want to trade and confirm the swap.

  3. Verify Transaction: Check the details and confirm the swap. Your wallet will ask you to confirm the action.

  1. Monitor Transaction: You can view your transaction details on the block explorer.

Remember to be cautious of scam tokens on the DEX and ensure you are using the correct contract address for Wrapped TRON.

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History of Wrapped TRON

Wrapped TRON (WTRX) is a derivative of TRON (TRX) that allows users to access the Ethereum network while maintaining the value of their TRX tokens. The history of Wrapped TRON is closely tied to its purpose of bridging the gap between the TRON and Ethereum ecosystems.

Wrapped TRON was created to address the interoperability challenges between different blockchain networks. It enables users to utilize the strengths of both TRON and Ethereum, leveraging TRON's high-speed and low-cost transactions alongside Ethereum's advanced smart contract functionality and diverse DeFi offerings.

Wrapped TRON works by representing an equal value of TRON (TRX) tokens but in the form of ERC-20 tokens, which are compatible with the Ethereum network. This process is managed by a custodian or a decentralized protocol, depending on the wrapping model. The custodian holds the original TRX tokens and issues an equivalent amount of Wrapped TRON on the Ethereum blockchain.

Wrapped TRON has significant implications for the financial landscape, particularly within the growing decentralized finance (DeFi) sector. By acting as a bridge between the TRON and Ethereum ecosystems, WTRX enables TRX holders to access Ethereum's diverse DeFi offerings, increasing liquidity and facilitating greater interoperability between blockchain networks.

Wrapped TRON's price history has been erratic, with significant highs and lows. As of June 11, 2024, the live price of Wrapped TRON is $0.1118 per WTRX/USD, with a current market cap of $9.78 billion USD and a 24-hour trading volume of $1.24 million USD. The price has fluctuated over time, with an all-time high of $0.4799 and an all-time low of $0.0474.

Wrapped TRON's impact on finance is substantial, as it allows users to optimize their activities for cost efficiency, diversify their investment risks, and capitalize on the strengths of both ecosystems. This contributes to the ongoing evolution of the financial industry, enhancing the functionality, accessibility, and growth of the DeFi sector.

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How Wrapped TRON works

Wrapped TRON (WTRX) is a derivative of TRON (TRX) that allows users to access TRON functionality on the Ethereum network. This is achieved through a wrapping process where TRX coins are pegged on a 1:1 basis with WTRX tokens, which are issued on another blockchain. Users can swap their TRX for WTRX, enabling them to use TRON in Ethereum-based decentralized finance (DeFi) applications without having to convert their original tokens.

To wrap TRX into WTRX, users need to deposit their TRX into a smart contract that acts as a custodian. The smart contract then issues WTRX tokens, which are pegged to the value of the original TRX. This process allows users to access various DeFi protocols and services across different blockchains, such as Ethereum, BNB Chain, Polygon, and Solana, without losing exposure to their original asset.

Wrapped TRON aims to provide users with a seamless and secure way to access different DeFi protocols and services across various blockchains. The company's roadmap includes expanding its support for more blockchains and platforms, as well as launching additional products and features such as lending, borrowing, yield farming, and governance.

Wrapped TRON wallets, such as mobile and web wallets, are used to store and manage WTRX and other ERC-20 tokens. These wallets work by storing private and public keys, which are used to access and manage digital assets. Users can send and receive WTRX and other tokens using their private keys to sign transactions, which are then broadcast to the Wrapped TRON network for validation and inclusion in the blockchain.

Overall, Wrapped TRON enhances interoperability between different blockchain platforms, increasing liquidity and innovation in the DeFi space.

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Wrapped TRON's strengths

Wrapped TRON (WTRX) has several strengths that contribute to its value and potential in the cryptocurrency market:

  1. Interoperability: WTRX allows users to access the functionality and advantages of TRON across multiple blockchains, expanding interoperability and accessibility. This enables users to trade TRX on Ethereum DEX and CEX, participate in Ethereum dApps built on TRON, and access DeFi and yield farming on Ethereum with TRX.

  2. Seamless Bridge: WTRX serves as a bridge connecting TRON with various other blockchain platforms, enhancing liquidity and innovation in the DeFi space. This bridge facilitates the transfer of TRX between TRON and Ethereum, making it a crucial step towards enhancing interoperability.

  3. Wrapped Token: WTRX is a wrapped token that represents TRON (TRX) on the Ethereum network. This allows users to access different blockchains and ecosystems without having to convert their original tokens, providing a seamless and secure way to utilize TRX on Ethereum-based DeFi platforms.

  1. Strong Team: Wrapped TRON was established by Justin Sun and the TRON Foundation team, comprising experienced blockchain and cryptocurrency experts. This team includes notable figures such as Justin Sun (CEO), Lucien Chen (CTO), and Michelle Phan (CMO).

  2. Industry Recognition: Wrapped TRON has received positive insights from industry leaders such as Tim Draper, Marc Andreessen, and Naval Ravikant, who recognize its potential to enhance interoperability and accessibility in the blockchain world.

  3. Market Capitalization: WTRX has a significant market capitalization of $10.22 billion, indicating its substantial presence in the cryptocurrency market.

  1. Trading Volume: Wrapped TRON has a substantial 24-hour trading volume, which reflects its active market participation and liquidity.

These strengths collectively contribute to Wrapped TRON's value and potential in the cryptocurrency market.

Wrapped TRON's risks

Wrapped TRON (WTRX) carries several risks. One of the primary concerns is its high risk score based on InvestorsObserver research, indicating that it is a relatively high-risk investment. Additionally, WTRX is a volatile asset, which means its value can fluctuate significantly over time.

Another risk associated with WTRX is its centralization. Wrapped crypto assets, including WTRX, are often centralized, which can lead to security risks and potential vulnerabilities. Furthermore, WTRX is a token that wraps TRON functionality into an Ethereum-compatible format, which may introduce additional risks due to its reliance on both the TRON and Ethereum ecosystems.

In terms of staking, which is a key aspect of TRON's Delegated Proof of Stake (DPoS) consensus mechanism, there are some specific risks to consider. For instance, when initially voting (staking) TRON, funds are frozen for three days. If the price increases during this period and then drops, the staker may miss out on potential gains. However, after the initial three days, funds can be unfrozen at any time.

Overall, Wrapped TRON's risks are a combination of its inherent volatility, centralization, and the specific risks associated with staking and voting in the TRON ecosystem.

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Wrapped TRON's ecosystem

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Wrapped TRON’s team

  • Justin Sun and the TRON Foundation team: The Wrapped TRON team consists of experienced blockchain and cryptocurrency professionals, led by Justin Sun, who founded Wrapped TRON and the TRON Foundation.

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