Wrapped IoTeX (WIOTX) is a cryptocurrency that operates on the IoTex platform. It is a wrapped token, meaning it is a tokenized representation of another asset, specifically IoTex. This token allows users to interact with the IoTex ecosystem and participate in its decentralized applications and services.
Wrapped IoTeX (WIOTX) is a cryptocurrency that plays a crucial role in facilitating the transfer of the native IOTX token between different blockchain networks. Here are the key ways WIOTX is used:
Cross-Chain Bridge: WIOTX is used to bridge the native IOTX token from the IoTeX blockchain to other blockchains, such as Ethereum, Polygon, and Binance Smart Chain (BSC), through the iotube bridge ecosystem. This allows for seamless token transfers across different networks.
Wrapped Token: WIOTX is a wrapped version of the native IOTX token, designed to be directly exchangeable with IOTX at a consistent 1:1 ratio. This wrapping process enables the use of IOTX on other blockchains, enhancing its interoperability.
Exchangeability: WIOTX can be unwrapped back to the native IOTX token on the IoTeX blockchain using services like iotube or the mimo Decentralized Exchange (DEX).
Market Participation: WIOTX is traded on various exchanges, allowing users to buy and sell it. Its market performance is tracked through metrics like market capitalization, trading volume, and price charts.
Token Utility: WIOTX inherits the utility of the native IOTX token, which is used for various purposes within the IoTeX ecosystem, including node rewards, staking by validators, delegate election, and the burn-drop mechanism.
In summary, Wrapped IoTeX (WIOTX) serves as a bridge token, enabling the native IOTX token to interact with other blockchain networks and facilitating its use across different platforms.
To store Wrapped IoTeX (WIOTX) tokens, you need to follow these steps:
Create an Ethereum Wallet: You need a wallet that supports Ethereum, such as Metamask. This is because WIOTX is an ERC20 token on the Ethereum blockchain.
Add WIOTX to Your Wallet: You need to add the WIOTX token to your Ethereum wallet. This can be done by importing the token contract address into your wallet.
Transfer WIOTX to Your Wallet: Once you have added the WIOTX token, you can transfer your WIOTX tokens to your Ethereum wallet address.
Use a Bridge Service: If you want to convert your WIOTX tokens to native IOTX tokens, you need to use a bridge service like ioTube. This service allows you to transfer tokens between different blockchains.
Unwrap WIOTX to Native IOTX: After using the bridge service, you can unwrap your WIOTX tokens to native IOTX tokens using a service like mimo DEX.
By following these steps, you can store your Wrapped IoTeX tokens securely and convert them to native IOTX tokens if needed.
To buy Wrapped IoTeX (WIOTX) tokens, you can follow these steps:
Choose an Exchange: WIOTX tokens can be traded on decentralized exchanges. The most popular exchange to buy and trade Wrapped IoTex is Mimo, where the most active trading pair is IOETH/WIOTX.
Create an Account: Sign up for an account on the chosen exchange, such as Mimo, following their registration process.
Deposit Funds: Deposit the necessary funds, such as Ethereum (ETH), into your exchange account.
Place an Order: Use the deposited funds to place a buy order for WIOTX tokens. You can set the price you are willing to pay or use the market price.
Store Your Tokens: After purchasing WIOTX tokens, consider storing them securely in a cold wallet, such as a paper wallet or a hardware cold wallet, for long-term storage.
By following these steps, you can successfully buy Wrapped IoTeX tokens.