Buy Wrapped XRP (WXRP)
What is Wrapped XRP?
Wrapped XRP (wXRP) is a token pegged to XRP, designed to be used on blockchains other than the XRP Ledger. It is exchangeable 1:1 with XRP, which is held in reserve by a custodian. This allows XRP to be used in ecosystems and applications outside of its native blockchain.
How does Wrapped XRP work?
Wrapped XRP operates by allowing users to send XRP to a smart contract, which then issues an equivalent amount of wrapped XRP tokens (wXRP). The original XRP is held securely in reserve by a custodian, ensuring that each wXRP token is fully backed by an actual XRP. This process leverages smart contracts and the custodian's role to manage the wrapping (minting) and unwrapping (burning) of XRP effectively.
What are the potential use cases for Wrapped XRP?
Wrapped XRP can be utilised in several ways:
- DeFi Lending and Trading: wXRP allows participation in decentralised finance (DeFi) platforms for lending, borrowing, and margin trading.
- Liquidity Pools: wXRP can be provided to liquidity pools on decentralised exchanges like Uniswap, enhancing trading efficiency.
- Yield Farming: Users can engage in yield farming by staking wXRP in various DeFi protocols for rewards.
- Cross-Chain Interoperability: wXRP can facilitate transactions across different blockchain networks, presenting a gateway for XRP holders to access a broader range of decentralised applications (DApps).
What is the history of Wrapped XRP?
Wrapped XRP was not developed by Ripple but emerged from the wider initiative to enhance blockchain interoperability. It was created by a project team and is supported by platforms such as Wrapped.com. Wrapped.com, operated by Tokensoft, along with partners like Anchorage, initiated this concept to broaden the usability of digital tokens like XRP across different blockchain networks. The introduction of wXRP represents a strategic move to diversify XRP's utility beyond its native ledger, thereby integrating it into the larger DeFi ecosystem.
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Frequently Asked Questions (FAQs)
What is the current price of Wrapped XRP (WXRP)?
The Wrapped XRP price is $3.6475 AUD, representing a +4.08% from the day prior.
Where is the best place to buy Wrapped XRP (WXRP) in Australia?
The best place to buy Wrapped XRP (WXRP) 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 XRP (WXRP) 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 XRP (WXRP)?
The trading volume of Wrapped XRP (WXRP) is $24.1K AUD in the last 24hrs, representing a +4.08% from the day prior.
How can I buy Wrapped XRP (WXRP)?
Wrapped XRP (WXRP) 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 XRP (WXRP)?
The current market cap of Wrapped XRP (WXRP) is $64.9M AUD.
Can I convert Wrapped XRP (WXRP) to cash?
Yes - With Coinstash you can convert your Wrapped XRP (WXRP) to AUD instantly. You can also withdraw AUD to your Australian bank account instantly and for free with no withdrawal fees.
How many Wrapped XRP (WXRP) are there?
The current circulating supply of Wrapped XRP (WXRP) is 17.9M.
Is Coinstash a safe place to buy Wrapped XRP (WXRP) in Australia?
Yes - Coinstash is one of Australia's safest and most trusted platforms for buying and selling Wrapped XRP (WXRP) 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.