What are wrapped tokens?

Wrapped tokens are a type of cryptocurrency that represents another cryptocurrency or asset. This wrapping process allows the token to be used on a different blockchain. For example, a wrapped Bitcoin (WBTC) is a tokenized version of Bitcoin that can be used on the Ethereum blockchain. The process involves depositing the original asset into a smart contract, which then mints an equivalent amount of wrapped tokens on the new blockchain. This allows users to access the liquidity and functionality of different blockchains while still holding the original asset.

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