Wrapped Harmony
Crypto Overview
Overview
Wrapped Harmony (WONE) is an ERC-20 token that represents Harmony ONE tokens on the Ethereum network. It maintains a 1:1 peg with the native ONE token.
Purpose and Utility
The primary purpose of WONE is to enable Harmony ONE tokens to be used within the Ethereum ecosystem. This allows ONE holders to access Ethereum-based applications and services while maintaining their exposure to ONE. The wrapping process involves depositing ONE tokens with a custodian who then mints the equivalent amount of WONE tokens.
Business Model and Operations
The wrapping and unwrapping mechanism is transparent and automated through smart contracts. The process does not involve interest-bearing components or prohibited activities. The token serves purely as a bridge between Harmony and Ethereum networks.
Real-World Adoption
WONE is actively used for cross-chain operations between Harmony and Ethereum networks. The token maintains significant trading volume across various decentralized exchanges and has integration with multiple DeFi protocols.
Platform Development
The wrapped token contract is based on established standards and maintains regular technical updates. The underlying Harmony network continues active development with a focus on cross-chain interoperability.
Token Distribution
WONE tokens are created only when native ONE tokens are deposited, maintaining a transparent and verifiable 1:1 backing. There is no pre-mine or founder allocation specific to WONE tokens, as they are purely a wrapped version of existing ONE tokens.
Crypto Impact
To assign a comfort level investing in Wrapped Harmony 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 Harmony.
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.