Wrapped Telos (WTEL) is a decentralized cryptocurrency that is designed to represent Telos (TLOS) tokens on the Ethereum blockchain using a protocol called Wrapped Tokens.
Wrapped Tokens are created to enable the interoperability between different blockchain networks. In the case of Wrapped Telos, TLOS tokens from the native Telos blockchain are locked in a smart contract, and an equivalent amount of Wrapped Telos (WTEL) tokens are minted on the Ethereum blockchain. This allows users to trade, transfer, or use TLOS tokens on the Ethereum network, opening up possibilities for DeFi applications, liquidity provision, and decentralized exchanges.
By wrapping Telos tokens through the Wrapped Token protocol, users can take advantage of the benefits offered by the Ethereum ecosystem, such as accessing various decentralized applications (dApps), participating in yield farming, or leveraging other DeFi instruments. Additionally, wrapping tokens also increases the exposure and accessibility of Telos to a wider range of users within the Ethereum community.
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