Wrapped Near (WNEAR) is a cryptocurrency that represents a 1:1 equivalent of Near on the Near Blockchain. It allows users to transfer the value of Near across different blockchains, enhancing interoperability and facilitating cross-chain transactions. WNEAR can be traded on decentralized exchanges such as NearPAD, Nomiswap, and AuroraSwap, and its price is calculated by aggregating data from multiple exchanges and markets.
Wrapped Near (WNEAR) is a cryptocurrency that allows users to earn rewards by confirming blockchain transactions, known as mining. It is a 1:1 equivalent of Near, represented on the Near Blockchain, and is used to facilitate transactions on platforms that do not natively support Near tokens.
WNEAR is particularly useful on decentralized exchanges like NearPAD, Nomiswap, and AuroraSwap, where it can be traded and swapped with other tokens. For instance, to swap Near to USDC on Ref Finance, users first need to swap Near to WNEAR and then to USDC. This process enables seamless interactions within the DeFi ecosystem.
To store Wrapped Near (WNEAR) tokens, you can use the NEAR wallet. Here are the steps:
Connect Your Wallet: Ensure you have a NEAR wallet set up and connected to the Ref Finance platform.
Wrap NEAR to WNEAR: If you have NEAR tokens, you can wrap them to WNEAR using the Ref Finance platform. This process is reversible, meaning you can unwrap WNEAR back to NEAR when needed.
Store WNEAR: Once you have WNEAR tokens, they will be stored in your NEAR wallet. You can view your WNEAR balance in the wallet.
Use WNEAR on DeFi Platforms: WNEAR tokens can be used on various DeFi platforms like Ref Finance for swapping, adding to liquidity pools, and bridging to/from other blockchains.
Unwrap WNEAR to NEAR: If you need to withdraw your tokens to an external exchange like Binance or Huobi, you must unwrap WNEAR back to NEAR first. This is because WNEAR tokens are not compatible with these exchanges.
By following these steps, you can securely store and manage your Wrapped Near (WNEAR) tokens within the NEAR ecosystem.
To buy Wrapped Near (WNEAR) tokens, you can follow these steps:
Choose a Centralized Exchange (CEX): Select a reliable and trustworthy crypto exchange that supports Wrapped Near (WNEAR) purchases. Consider factors such as ease of use, fee structure, and supported payment methods.
Create an Account: Enter the required information and set a secure password. Enable two-factor authentication (2FA) and other security settings to add an extra layer of security to your account.
Verify Your Identity: Complete Know Your Customer (KYC) verification, which may vary based on your nationality and region. This step will grant you access to more features and services on the platform.
Add a Payment Method: Follow the exchange's instructions to add a credit/debit card, bank account, or other supported payment method.
Buy Wrapped Near (WNEAR): You are now ready to buy Wrapped Near (WNEAR). You can use fiat currency if supported or do a crypto-to-crypto exchange by first purchasing a popular cryptocurrency like USDT and then exchanging it for Wrapped Near (WNEAR).
Alternatively, you can also buy Wrapped Near (WNEAR) through a crypto wallet that supports it. This method involves downloading the wallet app, creating a wallet address, and purchasing the cryptocurrency using a supported payment method. Be aware that fees may be higher than those charged by exchanges.