Wrapped OnePrice

(WONE)

Wrapped One, commonly known as WONE, is a digital asset that represents the native Harmony token, ONE, in a format compatible with smart contracts. It functions as an HRC-20 token on the Harmony blockchain. The HRC-20 standard is Harmony’s equivalent to the popular ERC-20 standard used on the Ethereum network. The primary reason for the existence of Wrapped One is to bridge the gap between the native ONE token and decentralized applications. While the native ONE token is used for fundamental network activities like paying for gas fees and staking in the consensus mechanism, it is not inherently compatible with many decentralized finance protocols. By wrapping the native token into the WONE format, users can interact with various web3 tools and services. WONE maintains a strictly pegged value to the native ONE token at a one-to-one ratio. This means for every unit of WONE in circulation, there is a corresponding native ONE token held securely. The process of creating WONE is known as wrapping. When a user wraps their tokens, they deposit native ONE into a smart contract, which then issues an equivalent amount of WONE to the user’s wallet. This process is fully reversible through a procedure called unwrapping, where the WONE is sent back to the contract, destroyed, and the original native tokens are released. In the Web3 ecosystem, Wrapped One plays a vital role in enhancing liquidity and utility. It allows holders to participate in decentralized exchanges, where they can provide liquidity to trading pairs or swap for other assets. It also enables participation in lending and borrowing platforms, as well as yield farming initiatives. Because it adheres to a standard token format, WONE can be easily integrated by developers into new applications, making it a foundational component for the growth of the Harmony network's decentralized finance landscape. Beyond simple transactions, WONE is used in governance and voting within specific decentralized protocols. It essentially acts as a versatile version of the native currency, allowing it to move freely across different parts of the blockchain's infrastructure. This interoperability is a key feature of modern blockchain design, ensuring that assets are not restricted to basic transfers but can instead be utilized in complex operations. Learn more

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