Wrapped Zcash (WZEC) permits Zcash holders to make use of their funds within the Ethereum ecosystem.
The token was developed by Anchorage and Tokensoft, which plan to concern extra wrapped tokens sooner or later.
Different notable wrapped tokens embody Wrapped BTC and tBTC.
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Zcash can now be transferred on the Ethereum blockchain because of a brand new token known as “Wrapped Zcash” or WZEC.
How Wrapped Zcash Works
Wrapped tokens are pegged to the worth of one other cryptocurrency at a 1:1 ratio. On this case, Zcash (ZEC) is staked and Ethereum-based tokens of equal worth are issued.
WZEC is the results of a partnership between two crypto corporations, Anchorage and Tokensoft. Tokensoft shall be answerable for the technical improvement of the system that handles the token, whereas Anchorage shall be liable for the custody of WZEC’s crypto holdings.
Tokensoft and Anchorage observe that there’s “large worth in bridging layer one protocols with Ethereum.” WZEC is beneficial as a result of it permits Zcash holders to make use of their funds with Ethereum’s massive collection of DeFi companies and dApps. Customers may also profit from Zcash’s privateness options, one thing that Ethereum doesn’t present natively.
Wrapped Zcash may also profit Ethereum in a extra basic sense by bringing cash into the blockchain’s app ecosystem.
Different Wrapped Tokens
Zcash is the primary wrapped token that Anchorage and Tokensoft have launched. Nonetheless, it plans to concern different tokens sooner or later—“we sit up for working collectively to convey many extra layer one protocols to Ethereum sooner or later,” stated the businesses in a joint announcement.
Exterior of Zcash, wrapped tokens for Handshake, Avalanche, and Celo are into account.
Within the meantime, there are many different wrapped tokens developed by different corporations. Notable examples embody Wrapped Bitcoin (Bitcoin on the Ethereum blockchain), tBTC (Tezos on the Bitcoin blockchain), and StakedDASH (Sprint on the Ethereum blockchain). Stablecoins comparable to Tether, that are backed by money and different belongings, are typically thought-about wrapped tokens as nicely.
Although there are minor variations between every token, all wrapped tokens serve the same function—to maneuver an asset on a blockchain that was not designed to deal with that asset.
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