Wrapping a crypto token is a way of making it available on protocols other than the one it was originally designed for, bringing increased liquidity to the target ecosystem. Each wrapped bitcoin represents one of the original, which is stored in custody. When a trader wants to redeem the wrapped token for bitcoin, the wrapped version is “burnt,” or deleted from the chain, and the original is released.
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This article first appeared in Miner Weekly, a weekly newsletter by BlocksBridge Consulting, curating the latest news in energy, bitcoin,...
