What is WOMC?
Basically, WOMC is a wrapped token of OMC and represents the value of OMC.
Last updated
Basically, WOMC is a wrapped token of OMC and represents the value of OMC.
Last updated
Wrapped crypto tokens are digital assets that represent another cryptocurrency on a different blockchain. They are designed to address the challenge of interoperability between different blockchain networks, allowing assets from one blockchain to be used on another.
Mirroring Value: Wrapped tokens mirror the value of the original asset they represent. For example, Wrapped Bitcoin (wBTC) on the Ethereum blockchain mirrors the value of Bitcoin. This enables users to interact with Ethereum-based decentralized applications (dApps) while holding a token that represents Bitcoin.
Creation Process: To create a wrapped token, the original asset (e.g., Bitcoin) is securely locked in a digital vault, and a new token is minted on a different blockchain (e.g., Ethereum). This new token can be used on the blockchain it was minted on, offering the same value as the original asset.
Enhancing Interoperability: Wrapped tokens are crucial in the decentralized finance (DeFi) space, as they facilitate smoother and more efficient movement of funds across different blockchains. For example, wBTC allows Bitcoin holders to participate in Ethereum-based DeFi platforms.
Boosting Liquidity: Wrapped tokens increase liquidity in the DeFi market by enabling assets from various blockchains to be used across different platforms. This leads to more capital being available, which can increase trading activity and engagement in the DeFi ecosystem.
Step 1: Connect 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
