Wrapped ADA WADA

O WADA

Wrapped ADA (wADA) is a tokenized version of ADA, the native cryptocurrency of the Cardano blockchain. It is an ERC-20 token that represents ADA on the Ethereum blockchain. The purpose of wrapping ADA is to enable its use in decentralized finance (DeFi) applications and platforms that are built on Ethereum. By wrapping ADA, users can access a wider range of financial services and opportunities within the Ethereum ecosystem while still holding their ADA assets. The process involves depositing ADA into a smart contract, which then mints an equivalent amount of wADA tokens on Ethereum. These wADA tokens can be traded, lent, borrowed, and used in various DeFi protocols. It's important to note that wADA is backed by real ADA at a 1:1 ratio, ensuring that the value of wADA tracks the value of ADA.