Wrapped IoTeX
Crypto Overview
Overview
Wrapped IoTeX (WIOTX) is an ERC-20 token that represents IoTeX (IOTX) on the Ethereum blockchain. It maintains a 1:1 peg with native IOTX tokens through a wrapping mechanism.
Purpose and Utility
The primary purpose of WIOTX is to enable IoTeX token holders to access Ethereum's DeFi ecosystem while maintaining their IoTeX exposure. Users can wrap their IOTX tokens to get WIOTX, which can then be used on Ethereum-based platforms.
Business Model and Implementation
The wrapping mechanism is transparent and straightforward: Users deposit IOTX tokens into a smart contract that mints an equivalent amount of WIOTX. These tokens can be unwrapped at any time to retrieve the original IOTX.
Real-World Adoption
WIOTX is actively used for trading and liquidity provision on Ethereum-based decentralized exchanges. The token facilitates cross-chain operations between IoTeX and Ethereum networks.
Development Activity
The wrapping mechanism is maintained by the IoTeX team, who have demonstrated consistent development activity on the broader IoTeX ecosystem.
Token Distribution
WIOTX tokens are created only when users deposit IOTX, making the distribution dependent on user activity rather than predetermined allocations.
Crypto Impact
To assign a comfort level investing in Wrapped IoTeX from a halal perspective we need to determine whether it has a net positive or negative impact.
Towards this end, the table below is used to tally all the positive and negative considerations our members can think of related to Wrapped IoTeX.
If you don’t see something that should be listed, positive or negative, feel free to submit your own contribution using the button “Contribute”.
We will review your contribution for accuracy before publication.
Importantly, you can review listed contributions and vote on which one you think has the greatest impact, positive or negative.
You only have one vote per asset so use it wisely.
You can change your vote if you change your mind.