Buy Wrapped Near (WNEAR)
What is Wrapped Near (WNEAR)?
Wrapped Near (WNEAR) is a tokenised version of the NEAR cryptocurrency, designed to be compatible with other blockchain ecosystems, particularly Ethereum. This token allows NEAR to be used on different blockchains by locking the original NEAR tokens on the NEAR blockchain and issuing an equivalent amount of Wrapped Near tokens on another blockchain. This process enables greater interoperability and utility for the NEAR token across various blockchain platforms.
How does Wrapped Near work?
Wrapped Near operates through a wrapping mechanism, which involves locking NEAR tokens on the NEAR Protocol and issuing an equivalent amount of WNEAR tokens on another blockchain, such as Ethereum. The process can be summarised as follows:
- Deposit NEAR: Users deposit NEAR tokens into a smart contract on the NEAR blockchain.
- Issuance of WNEAR: The smart contract locks these NEAR tokens and issues an equivalent amount of WNEAR tokens on the target blockchain, like Ethereum.
- Use on Other Blockchains: WNEAR tokens can then be used in various decentralised applications (dApps) and services on the target blockchain.
- Redemption: To convert WNEAR back to NEAR, users can send their WNEAR tokens back to the smart contract, which releases the locked NEAR tokens.
What are the potential use cases for Wrapped Near?
Wrapped Near has several potential use cases:
- Cross-Chain DeFi: WNEAR can be used in Ethereum-based decentralised finance (DeFi) applications, allowing NEAR token holders to participate in lending, borrowing, and other financial services on Ethereum.
- Interoperable NFTs: WNEAR enables the transfer and use of NFTs between the NEAR Protocol and Ethereum, enhancing the reach and functionality of digital collectibles.
- Cross-Chain Gaming: WNEAR facilitates the use of NEAR tokens in blockchain-based gaming platforms built on Ethereum, expanding the gaming use cases for NEAR.
- Stablecoin Integration: WNEAR can integrate with stablecoins, providing stable value storage and transfer capabilities for applications on both NEAR and Ethereum.
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Frequently Asked Questions (FAQs)
What is the current price of Wrapped Near (WNEAR)?
The Wrapped Near price is $11.23 AUD, representing a +5.85% from the day prior.
Where is the best place to buy Wrapped Near (WNEAR) in Australia?
The best place to buy Wrapped Near (WNEAR) in Australia is right here! Coinstash is one of Australia's leading and most trusted cryptocurrency exchanges. Built by investors, for investors - Coinstash offers a secure and user-friendly platform to buy and sell Wrapped Near (WNEAR) and over 1,000 other cryptocurrencies. Enjoy low fees, excellent customer support and access to an array of powerful trading tools and investing features.
What is the daily trading volume of Wrapped Near (WNEAR)?
The trading volume of Wrapped Near (WNEAR) is $1.6M AUD in the last 24hrs, representing a +5.85% from the day prior.
How can I buy Wrapped Near (WNEAR)?
Wrapped Near (WNEAR) can be purchased on Coinstash with AUD or by trading other cryptocurrencies for it. Coinstash offers various AUD deposit methods including bank transfers, POLi and PayID.
What is the market cap of Wrapped Near (WNEAR)?
The current market cap of Wrapped Near (WNEAR) is $12.8M AUD.
Can I convert Wrapped Near (WNEAR) to cash?
Yes - With Coinstash you can convert your Wrapped Near (WNEAR) to AUD instantly. You can also withdraw AUD to your Australian bank account instantly and for free with no withdrawal fees.
How many Wrapped Near (WNEAR) are there?
The current circulating supply of Wrapped Near (WNEAR) is 1.2M.
Is Coinstash a safe place to buy Wrapped Near (WNEAR) in Australia?
Yes - Coinstash is one of Australia's safest and most trusted platforms for buying and selling Wrapped Near (WNEAR) and other cryptocurrencies. Coinstash's industry-leading security practices provide the highest level of protection for your investments. Coinstash is licensed, compliant and AUSTRAC registered in Australia. You can learn more about our security practices here.