Wrapped tokens are available on most major exchanges and wallets and while the reason why they call it ‘wrapped’ quite frankly escapes me, it is relatively easy to define what they are and what you can do with them.
A wrapped token is essentially pegged to an equivalent coin or token, kinda like a derivative product, and it follows the price pattern of the original token. wBTC, for example, is an ERC-20 token pegged to Bitcoin (1wBTC = 1 BTC), but it’s DeFi compatible precisely because it doesn’t operate on the original Bitcoin blockchain.
The biggest advantage is you can use them on different blockchains and there is a ‘wrapped’ version of most major coins and token, including wNano, wBTC, wETH.
Is there anything you wanna add? Feel free to share in the comments.
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