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Wrapped Centrifuge
#484 WCFG

Wrapped Centrifuge

+2.94%

$0.29147800

$102,351,789

Total Market Cap

351,169,169 WCFG

Circulating Supply

$151,926

24h Volume

$102,351,789

Total Market Cap

351,169,169 WCFG

Circulating Supply

$151,926

24h Volume

Technical analysis

Latest Signals

# Signal Exchange Type Age
Cryptocurrency Converter
Wrapped Centrifuge
WCFG
Wrapped Centrifuge
USD
USD
US Dollar

Wrapped Centrifuge can be found on the following exchanges

Logo Exchange Price Pair Spread 24h Volume
Coinbase Advanced logo Coinbase Advanced $0.291 WCFG-USD $0.00 $130,161

What is Wrapped Centrifuge (WCFG)?

Wrapped Centrifuge (WCFG) is an ERC-20 version of the native Centrifuge (CFG) token that exists on the Ethereum blockchain. The Wrapped Centrifuge token allows CFG holders to utilize their tokens within the Ethereum ecosystem and access various decentralized finance (DeFi) applications. WCFG maintains a 1:1 peg with the native CFG token, meaning each WCFG represents one CFG token held in custody.

How Does Wrapped Centrifuge (WCFG) Work?

Wrapped Centrifuge (WCFG) functions through a wrapping mechanism that locks the original CFG tokens in a smart contract and mints an equivalent amount of WCFG on the Ethereum blockchain. This process allows Centrifuge's utility to extend beyond its native blockchain and integrate with Ethereum's vast DeFi ecosystem.

The wrapping process works as follows:

  • Users deposit their native CFG tokens into a designated smart contract
  • The contract locks these tokens as collateral
  • An equivalent amount of WCFG is minted on the Ethereum blockchain
  • Users can later "unwrap" their tokens by burning the WCFG to release the original CFG

This wrapping mechanism ensures that the total circulating supply of CFG and WCFG combined remains constant, preventing any inflation in the token supply.

Does Wrapped Centrifuge (WCFG) Offer Staking and Mining?

Wrapped Centrifuge (WCFG) itself does not directly support mining, as it exists on Ethereum which has transitioned to a Proof of Stake consensus mechanism. As for staking, WCFG holders have several options:

Staking Options

While direct staking of WCFG on Ethereum isn't native to the token's functionality, WCFG holders can:

  • Provide liquidity to WCFG pairs in Ethereum-based DeFi protocols and earn rewards
  • Unwrap WCFG back to native CFG and stake it on the Centrifuge Chain for governance rewards
  • Participate in yield farming opportunities available across various DeFi platforms that support WCFG

The native CFG token supports staking on the Centrifuge Chain, where holders can participate in network security and governance. If you wish to stake, you would typically need to convert your WCFG back to CFG first.

What is Wrapped Centrifuge (WCFG) Used For?

Wrapped Centrifuge (WCFG) serves multiple purposes within the broader cryptocurrency ecosystem:

Main Utilities of WCFG:
  • Ethereum DeFi Access: WCFG allows Centrifuge token holders to access Ethereum-based DeFi protocols, including lending platforms, decentralized exchanges, and yield farming opportunities
  • Enhanced Liquidity: By existing on Ethereum, WCFG can access deeper liquidity pools and greater trading volume compared to the native blockchain
  • Cross-Platform Flexibility: Users can move value between the Centrifuge ecosystem and Ethereum-based applications without completely exiting their CFG position
  • Governance Participation: When unwrapped back to CFG, token holders can participate in Centrifuge's on-chain governance
Distribution of WCFG

The distribution of Wrapped Centrifuge (WCFG) is directly tied to user demand for wrapping the native CFG token. Unlike a traditional token launch with an initial distribution event, WCFG is minted when users deposit CFG and burned when they withdraw it. This means there was no initial distribution event specifically for WCFG, as its existence depends entirely on users wrapping their existing CFG tokens.

The original CFG token had its own distribution methodology during its launch, which typically included allocations for team members, early investors, community incentives, and ecosystem development.

Trading Wrapped Centrifuge (WCFG)

Wrapped Centrifuge (WCFG) can be traded on various cryptocurrency exchanges that support ERC-20 tokens. For traders looking to optimize their trading experience, Cryptohopper's automated trading bot offers a convenient solution for trading WCFG across multiple exchanges. This platform allows users to implement sophisticated trading strategies for WCFG without having to manually monitor market conditions around the clock.

Benefits of Trading WCFG with Automated Solutions
  • 24/7 trading capability without manual intervention
  • Implementation of complex trading strategies based on technical indicators
  • Portfolio diversification across multiple cryptocurrencies including WCFG
  • Risk management through stop-loss and take-profit features
Additional Information About Wrapped Centrifuge (WCFG)

Centrifuge itself is a protocol that connects real-world assets (RWAs) to DeFi, allowing businesses to finance real-world assets on-chain. The wrapping of CFG to WCFG represents a bridge between this innovative RWA platform and the broader Ethereum ecosystem.

When considering investment in WCFG, it's important to understand that its value is directly tied to the native CFG token and the overall success of the Centrifuge protocol in bringing real-world assets into the blockchain space. As with any cryptocurrency investment, conducting thorough research and understanding the underlying technology and tokenomics is essential before trading WCFG.

Latest WCFG to USD price calculator

Below are the most popular denominations to convert to USD and back into WCFG

WCFG US Dollar
0.01WCFG 0.00USD
0.1WCFG 0.03USD
1WCFG 0.29USD
2WCFG 0.58USD
3WCFG 0.87USD
5WCFG 1.46USD
10WCFG 2.91USD
25WCFG 7.29USD
50WCFG 14.57USD
100WCFG 29.15USD
250WCFG 72.87USD
500WCFG 145.74USD
1000WCFG 291.48USD
10000WCFG 2,914.78USD
50000WCFG 14,573.90USD
100000WCFG 29,147.80USD
US Dollar WCFG
0.01 USD 0.03430791WCFG
0.1 USD 0.34307907WCFG
1 USD 3.43079066WCFG
2 USD 6.86158132WCFG
3 USD 10.29237198WCFG
5 USD 17.15395330WCFG
10 USD 34.30790660WCFG
25 USD 85.76976650WCFG
50 USD 171.53953300WCFG
100 USD 343.07906600WCFG
250 USD 857.69766500WCFG
500 USD 1,715.39533001WCFG
1000 USD 3,430.79066002WCFG
10000 USD 34,307.90660016WCFG
50000 USD 171,539.53300078WCFG
100000 USD 343,079.06600155WCFG

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