Wrapped Avalanche (Universal)Price

(UAVAX)

Wrapped Avalanche (Universal), known by the token symbol uAVAX, is a decentralized finance asset designed to represent the native Avalanche (AVAX) token on different blockchain networks. It is part of a broader initiative called Universal Assets or uAssets, which aims to bring liquidity from various major cryptocurrencies and centralized exchange assets directly onto multiple blockchains in a standardized format. The primary function of uAVAX is to enable interoperability. While the native AVAX token operates on the Avalanche blockchain, uAVAX allows users to utilize the value of Avalanche within other ecosystems, such as Layer 2 networks like Base. This integration helps users participate in decentralized applications, liquidity pools, and lending protocols on chains where native AVAX might not be directly accessible or easily transferable. Technically, uAVAX is a wrapped token. This means it is backed one-to-one by the original native asset. For every uAVAX token in circulation on a secondary network, an equivalent amount of native AVAX is held in secure custody. This backing is often verifiable through proof-of-reserves mechanisms, ensuring that the total supply of the wrapped token matches the assets held in reserve. Users can generally mint uAVAX by depositing native AVAX or redeem it to get the original asset back, maintaining a consistent link between the two. The project simplifies the user experience by reducing the need for complex manual bridging or relying on multiple centralized exchange accounts to move assets between networks. By providing a unified version of the token that can live on various chains, the project supports a more connected and fluid Web3 environment. It allows developers to integrate Avalanche-based liquidity into their decentralized finance products across the wider crypto ecosystem without requiring users to leave their preferred blockchain environment. In summary, Wrapped Avalanche (Universal) serves as a bridge for value and utility, extending the reach of the Avalanche network to other compatible blockchains while maintaining transparency and security through a collateralized wrapping model. Learn more

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