Bender Labs launched Wrap Protocol on both the Tezos (XTZ) and Ethereum (ETH) main network.
As a decentralized bridge between Ethereum and Tezos, users can transfer Ethereum ERC20 and ERC721 tokens to the Tezos blockchain. Users wrap these tokens in FA2 tokens on Tezos, and their value is tied to the original tokens. The tokens are then compatible with most of the decentralized financial protocols ( Defi ) on the Tezos blockchain, such as Quipuswap, Atomex, or Kolibri.
Packing time
At the time of launch, the time needed to package the token will be approximately one hour. It will take the same amount of time to unpack. When a user requests a transaction packing or unpacking on Dapp, the procedure will take one hour to free tokens to the address of the user. Users can view their pending trades on the dAppie Wrap. Packing and unpacking charges are 0.15%.
Can you Earn $ WRAP
The issuance of the native $ WRAP tokens took place in parallel with the launch as ERC20 tokens wrapped in FA2 using the Wrap Protocol. The first batch of $ WRAPs will be distributed one month after Wrap Protocol is launched.
According to the whitepaper, 40% of the weekly $ WRAP tokens will be distributed to users every week. Subsequently, signers will receive another 50%. Finally, the dev pool will get the last 10%. Ultimately, $ WRAP will be distributed weekly to users and signers based on their activity a month in advance. The weekly distribution of $ WRAP will follow an exponentially declining curve totaling 100 million coins.
Signatory quorum.
As a decentralized protocol, Wrap relies on a strong user and developer federation set up to guarantee its stability. Accordingly, this strong federation will consist of a Signatory Quorum. It is a group of entities cooperating with each other to guarantee the stability of the connection between Wrap tokens and their ERC20 counterparts. The founders of the signatories are Bender Labs, MadFish, Bake N Rolls, Baking Bad, and Blockscale. The Quorum will operate from three of the five boards of directors.
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