What is wELCASH?
Wrapped ELCASH (wELCASH) is a BEP-20 token representing ELCASH on the Binance Smart Chain blockchain. The idea behind it was to make it possible for users to take part in decentralized finance (DeFi).
Users can create wELCASH tokens by storing ELCASH with a custodian. They can also send wELCASH back and receive ELCASH in return. This process is called burning and it ensures that there is always the same number of coins available on the market.
The wELCASH tokens can only be minted when backed by ELCASH. The value of wELCASH is always pegged to ELCASH on a 1:1 ratio.
Why use wELCASH?
By using wELCASH, users get the opportunity to take advantage of the Binance Smart Chain infrastructure and gain exposure to smart contract functionalities. Introducing new use cases relating to smart contracts and decentralized applications (dApps) ensures further growth of the e ELCASH ecosystem. These include DeFi yield farming and lending platforms, BEP-20 compatible wallets and many more.
Thanks to decentralized exchanges (DEXs), wELCASH brings greater liquidity to the ELCASH community. Up to now, users have had to go through centralized exchanges (CEXs) to swap ELCASH for any BEP-20 token. With wELCASH, any ERC-20 token can be traded almost instantly thanks to DEXs. And the number of available tokens is much greater than on CEXs.
Who can use wELCASH?
wELCASH is a go-to token for anyone looking for new ways to use ELCASH coins and wanting to take advantage of the Binance Smart Chain infrastructure.
It is an excellent choice for opportunists supporting ELCASH and thinking to explore the DeFi possibilities of the Binance Smart Chain ecosystem, like yield farming and lending platforms.
wELCASH can be transferred between exchanges with more efficiency, so it is recommended for traders looking for better liquidity and a broader choice of BEP-20 tokens.
Institutions that manage multiple cryptocurrencies across different networks can also benefit from using wELCASH. It allows them to take advantage of ELCASH and Binance Smart Chain solutions, making it easy to organize everything in one place.
Proof of Assets
Proof of Assets (PoA) ensures that the entire system is transparent. It shows that wELCASH is backed by ELCASH on a 1:1 ratio. The tokens are burned when wELCASH is exchanged for ELCASH and the whole process can be traced on the blockchain.
wELCASH is minted through a unique smart contract. The balance of ELCASH and wELCASH is always the same. You can check it using the smart contract address.
Convert ELCASH to wELCASHConvert
wELCASH has been audited by CertiK
CertiK leads blockchain security by pioneering the use of cutting-edge Formal Verification technology on smart contracts and blockchains. Unlike traditional security audits, Formal Verification mathematically proves program correctness and hacker-resistance.