Important Notice
Deposits and withdrawals are not currently available for this coin.
CelsiusX Wrapped ETH (CXETH) is a wrapped token that represents Ethereum (ETH) on another blockchain, specifically the Polygon (formerly Matic Network) blockchain. Wrapped tokens allow users to utilise assets from one blockchain within the ecosystem of another blockchain, enhancing interoperability and usability.
CelsiusX Wrapped ETH (CXETH) functions through a wrapping process where Ethereum (ETH) is locked in a smart contract, and an equivalent amount of CXETH is issued on the Polygon blockchain. The smart contracts ensure that each CXETH token is backed 1:1 by the corresponding ETH. This process enables users to use Ethereum within the CelsiusX ecosystem on Polygon, providing access to faster transactions and lower fees compared to the Ethereum mainnet.
CelsiusX Wrapped ETH (CXETH) is a product of the Celsius Network, aimed at enhancing cross-chain interoperability and usability of Ethereum. Celsius Network, known for its financial services in the cryptocurrency space, has undergone significant changes, including declaring bankruptcy and restructuring. These events have influenced the functionality and operations of CXETH. Despite these challenges, the use of CXETH continues within the CelsiusX ecosystem and broader Polygon-based applications to provide users with a seamless experience for using Ethereum on different blockchain platforms. For up-to-date information, users are encouraged to consult official CelsiusX documentation or support channels.
Note: The specifics around the current state and utility of CXETH can be influenced by the ongoing developments within Celsius Network, so it is advisable to verify the latest status from reliable sources.