Wrapped HBAR (WHBAR) is a cryptocurrency launched in 2017 on the Hedera Hashgraph platform. It has a total supply of 50 billion tokens, with approximately 273 million in circulation. The token is highly volatile and not yet listed on major exchanges, making it difficult to predict its future value. Wrapped HBAR is designed to be a more efficient and secure alternative to traditional blockchain technology, with a focus on speed, efficiency, and security.
Wrapped HBAR (WHBAR) is an ERC-20 representation of the native Hedera Hashgraph (HBAR) token. It is used to enable the utilization of HBAR within decentralized applications (dApps) built on the Ethereum Virtual Machine (EVM) network. This is necessary because HBAR does not conform to the ERC-20 standard used by EVM dApps.
The wrapping process involves depositing HBAR into a smart contract, which then mints an ERC-20 compliant token, wHBAR, back to the depositor. This wrapped token can be used freely within EVM dApps. If needed, the wHBAR can be redeemed for the original HBAR by depositing the wHBAR back into the smart contract.
Wrapped HBAR is supported by various platforms, including SaucerSwap, which enables the conversion of native HBAR into wrapped HBAR and vice versa. It is also available for trading on exchanges like Binance and Gate.io, with a current market cap and trading volume.
To store Wrapped HBAR (WHBAR) tokens, you can use a digital wallet that supports Ethereum-based tokens, such as MetaMask. Ensure you have the correct contract address for the ERC-20 version of WHBAR, which is available on Etherscan.
To buy Wrapped HBAR (WHBAR) tokens, you can follow these steps:
Use a Credit/Debit Card: You can purchase WHBAR using a credit or debit card through platforms like BYDFi.
Decentralized Exchanges (DEX): WHBAR tokens can be traded on decentralized exchanges like SaucerSwap V2, where the most active trading pair is HBARX/WHBAR.
Ethereum: You can also wrap HBAR on Hedera through a portal or trade it on Ethereum in a DEX.
Gate.io: Gate.io is another platform where you can buy Wrapped HBAR (WHBAR) tokens.
Storing WHBAR: After purchasing, consider storing your WHBAR tokens securely in a "cold wallet" such as a paper wallet or a hardware cold wallet to minimize the risk of hacks or exchange shutdowns.