What is wrap token?
A wrapped token is simply an ERC-20 version of a native token. For example, WETH (Wrapped Ether) is a wrapped version of Ethereum, designed to be exchanged 1:1 with ETH.
Last updated
A wrapped token is simply an ERC-20 version of a native token. For example, WETH (Wrapped Ether) is a wrapped version of Ethereum, designed to be exchanged 1:1 with ETH.
Last updated
In the blockchain space, native tokens like BTC, ETH, SOL, or DOT are specific to their respective blockchains. For example, BTC is the native token of Bitcoin, used for transaction fees and as a digital asset.
So, why do we need wrapped tokens? Have you ever heard of ERC-20 tokens like SHIBA, PEPE, or TRUMP? These are ERC-20 tokens created through smart contracts. Since they follow the ERC-20 standard, they can be easily integrated into DeFi platforms, traded on decentralized exchanges, and used in various smart contract functionalities—something native tokens cannot do directly. For instance, wrapped tokens enable features like delegated transfers, seamless liquidity provision, and compatibility with DeFi protocols.
Wrapped tokens are required for Offers in OpenMark. Supported wrapped tokens include:
WETH: Wrapped Ethereum
WNIBI: Wrapped NIBI (Nibiru chain)
WOMC: Wrapped OMC (OpenMark Chain)
Step 1: Login with your wallet.
Step 2: Click on your OMC.
Step 3: Enter the amount of OMC to swap for WOMC (1 OMC = 1 WOMC). Click 'Deposit' and sign the transaction to confirm
To convert WOMC back to OMC, simply click "Withdraw."
