What Is Wrapped XRP (wXRP) and How Does It Work? | Binance Academy

Wrapped XRP is a token pegged to XRP that can be used on blockchains other than XRP Ledger. Read more here ⬇️

1/18/2022 3:30:00 AM

Wrapped XRP is a token pegged to XRP that can be used on blockchains other than XRP Ledger. Read more here ⬇️

Wrapped XRP (wXRP) is an ERC-20 token on Ethereum that allows holders to invest XRP in Ethereum's developed DeFi ecosystem.

TL;DRWrapped XRP is a token pegged to XRP that can be used on blockchains other than XRP Ledger. The wrapped asset is exchangeable 1:1 with XRP held in reserve by a custodian that facilitates wrapping XRP and unwrapping wrapped XRP.The price of wrapped XRP is pegged to XRP due to arbitrage. When the price of wrapped XRP is higher, traders wrap the cheaper XRP and then sell wXRP, lowering its price. When the price of wrapped XRP is lower, traders buy and unwrap wXRP and sell XRP, increasing wXRP's price. This creates a steady peg between the two tokens.

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5m TL;DR Wrapped XRP is a token pegged to XRP that can be used on blockchains other than XRP Ledger. The wrapped asset is exchangeable 1:1 with XRP held in reserve by a custodian that facilitates wrapping XRP and unwrapping wrapped XRP. The price of wrapped XRP is pegged to XRP due to arbitrage. When the price of wrapped XRP is higher, traders wrap the cheaper XRP and then sell wXRP, lowering its price. When the price of wrapped XRP is lower, traders buy and unwrap wXRP and sell XRP, increasing wXRP's price. This creates a steady peg between the two tokens. Wrapping XRP allows you to use the DApp ecosystem of a different blockchain and diversify your portfolio on that chain. If you want to get started, you can purchase Wrapped.com’s ERC-20 Wrapped XRP (wXRP) via Binance. The reserves of wXRP are managed by the licensed custodian Hex Trust, and you can begin wrapping wXRP by signing up for an account with Wrapped. You can use wXRP to stake in liquidity pools by providing it in a token pair on platforms including Uniswap and Sushiswap. Introduction A typical cryptocurrency portfolio is likely to have coins and tokens across multiple blockchains. However, managing and investing all these assets can be tricky, especially when blockchains aren't interoperable. One way to overcome this is by using wrapped tokens to bridge coins from one chain to another. While wrapped versions of Bitcoin (BTC) and Ether (ETH) are already familiar sights on Decentralized Finance (DeFi) platforms and exchanges, we now have a new wrapped asset to work with: Wrapped XRP (wXRP). What is wrapped XRP?