Wrapped XBR – Symbol : xXBR
This token is a Wrapped XBR, it derives its pricing from a composite global pricing of Spot Brent in USD in real time. It represents the physical asset and all transactions occur on-chain on Pecu Novus. They are primarily used for staking protocols and volume will typically be thin.
What is a Wrapped Token?
A wrapped token is a digital asset that represents another cryptocurrency on a different blockchain or a physical asset. For example, a wrapped Bitcoin (xBTC) is a token that represents one Bitcoin on the Pecu Novus blockchain. Wrapped tokens are created by locking up the underlying asset in a smart contract on the original blockchain and then issuing a corresponding number of tokens on the new blockchain.
Wrapped tokens are useful because they allow users to interact with different blockchains and ecosystems. For example, xBTC allows users to trade Bitcoin on decentralized exchanges (DEXes) on the Pecu Novus blockchain such as HootDex, which would not be possible otherwise.
Wrapped tokens are also useful for staking protocols. For example, users can lend their xBTC on a DeFi platform on the Pecu Novus blockchain to earn fee’s or interest, or if available they can borrow xBTC to use in other DeFi applications on the Pecu Novus blockchain.
Here are some of the benefits of using wrapped tokens:
-
Interoperability: Wrapped tokens allow users to interact with different blockchains and ecosystems. This can be useful for trading, lending, borrowing, and other DeFi applications.
-
Efficiency: Wrapped tokens can be more efficient to use than native tokens on some blockchains. For example, xBTC transactions are processed faster and cheaper than Bitcoin transactions on the Bitcoin blockchain.
-
Security: Wrapped tokens are typically backed by the underlying asset in a smart contract. This makes them more secure than some other types of digital assets.
VIEW ALL TOKENS
As a courtesy HootDex is sharing Quote Links for traders to chart pricing outside of HootDex. Click below to view the chart:
FT ICE Brent Crude
LATEST CRYPTO & FINANCIAL NEWS
- FTX Cleared to Sell $873 Million in Grayscale Bitcoin Trust Shares and Other Holdings - Decrypt
- Bitcoin ETF race gets 13th entrant, BlackRock revises ETF model - Cointelegraph
- Grayscale Gears Up for Spot Bitcoin ETF, Updating Trust Agreement for Sake of ‘Operational Efficiencies’ - CoinDesk
- CME Bitcoin futures show investors betting on $40K BTC price - Cointelegraph
- BBB: What you need to know about cryptocurrency scams - WATN - Local 24
- Binance will end support for BUSD stablecoin in December - Cointelegraph
- : S&P 500 ends 0.1% lower; Nasdaq Composite off 0.2%
- : Dow flat as stocks end mostly lower
- : Dow Jones up 6 points, or less than 0.1%, at 35,422
- : S&P 500 down 0.1% to trade at the session’s low
- : Nasdaq Composite down 0.2%
- : U.S. stocks turn lower in final half-hour of trade
- Bitcoin briefly crosses $38,000 mark despite more fallout from Binance charges - CNBC
- 1 Top Crypto Stock To Buy For Bitcoin Exposure - Barchart
- Another Bitcoin ETF Hopeful Enters the Race - Decrypt
- One in Four Americans Own Bitcoin: Unchained Study - Bitcoin Magazine
- : January WTI oil climbs $1.45, or 1.9%, to settle at $77.86/bbl on Nymex
- : Dow Jones Industrial Average up 139 points, or 0.4%, near 35,557
- : Nasdaq Composite up 0.1%
- : S&P 500 steady at 0.2% gain