Wrapped tokens are synthetic assets that make it possible for cryptocurrencies like bitcoin to trade on non-native blockchains such as Solana or Ethereum.
, one that can earn returns from something like liquidity pools on Uniswap or Yearn Finance, for example.
This system of minting and burning wBTC ensures there is always exactly one bitcoin backing every single wBTC in circulation. This is fundamentally similar to howAlternatively, you can buy wBTC for other cryptocurrencies on centralized or decentralized exchanges. Unlike wBTC, whose sole purpose is to port bitcoin onto non-native blockchains , one of the main purposes of wETH is to trade synthetic ether right on the Ethereum blockchain.
You can think of token standards as a set of rules a token must follow to ensure it is compatible with other Ethereum-based services and platforms. Different token standards are used to create different subsets of assets that are compatible with particular services, such as non-fungible tokens or fungible tokens.
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