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In December 2021, more tokens got burnt due to falling yields in decentralized finance and increased trading on conventional crypto exchanges. Wrapped tokens emerged as a clever workaround – they solve the interoperability issue of the cryptocurrency space. This is why wrapped Ether (WETH) emerged. What is wrapped Ether (WETH)? Here is what the wrapping process includes. Here is an overview of the top three crypto performers and an insight into their performance. Hemant Jadhav is a crypto and blockchain writer with an expertise in technological content. Early this month we heard about the Litecoin (LTC) partnership with Beam in a blockchain news report. Also, CoinGate will be supporting Litecoin (LTC) Lightning Network payments on its blockchain payment gateway. Dash recently announced on February 11 about being accepted by Crypto Emporium which is an online retailer that accepts payment in crypto only. On January 10 Dash recovered up to $87, and by the end of the month, it slashed below $69. Monero had been trading low till the end of January.
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As per analysts, if the Litecoin price sustains above $47.246 it marks the end of a downtrend and investors will see a rise in the prices. Litecoin started the year with a trade price of approx $30. The crypto market started with trading at fairly low levels in the beginning of this year but showed signs of recovery later on in the month of January itself. The surge made Litecoin the fourth largest coin by market capitalization. Despite the prevailing conditions, some cryptocurrencies performed well in the bear market. Despite the standard compatibility, such assets are still unfit for genuine cross-chain transactions – that is, transactions without an intermediary (custodian). Wrapped tokens are pegged to other cryptocurrencies. Any ERC-20 token is compatible with the Ethereum blockchain, as the same technical standard guards issuing tokens on it. These tokens can be traded like other cryptocurrencies. As you can see from the graph below, burning of the ERC-20 token can outpace minting or the other way around. The opposite – exchanging tokenized assets for the real thing – is called burning. Normally, the creation of these non-native assets requires a custodian – some entity holding an equivalent amount of the underlying asset (in our example, one BTC for one WBTC minted).
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Connecting different blockchains is not the only function of these digital assets. Interoperability. Wrapping makes cryptocurrencies recognizable for non-native blockchains. This synthetic asset was designed to maintain a one-to-one peg, so token holders can use BTC on the other blockchains. For example, Bitcoin holders can take advantage of different decentralized options. In its wrapped form, Bitcoin can be adapted to different token standards – the ERC-20 token works on the Ethereum network, while the TRC-20 version works on Tron. Aside from Bitcoin and Ether, BSC works with a wide range of cryptocurrencies, including XRP (Ripple), BCH (Bitcoin Cash), and Polkadot (DOT). Compared to wrapping on Ethereum, the gas cost is significantly lower. Meanwhile, the Portal Token Bridge (previously Wormhole) supports Ethereum, Solana, Terra, Binance Smart Chain, and Polygon. This problem could be solved by cross-chain bridge hubs – central bridges connected to multiple chains. Custodians and merchants are added and removed by a DAO. Blockchain and cryptocurrency news are the domains that he is specialized in and takes profound interest in. At first glance, this should make them similar to stablecoins, which are pegged to fiat money. On the first day of the year, Dash was trading at approximately $79.
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Also on February 8, Dash tweeted about the release of its Dash Core v0.13.1 after improving the software. Beam is a software development company, and the partnership intends to work towards a protocol named “Mimblewimble”. If the prices cross the $87 bar, the next resistance is set between $103.261-$113 by the analysts. If Dash doesn’t cross the resistance bar, it will weaken and might even slash below $56.214. If Litecoin turns downwards from $47.246, investors might experience a correction upto $33. Investors will see the Dash picking momentum once it breaks the 20-week EMA. If the prices slash below $38.5, investors will see a downtrend. These events seem to be boosting Litecoin’s price, and we expect to see a new high soon this year. Dash showed a downward trend from its December high of $101. Another recovery was seen on February 12 with Dash trading above $83 dollar. The next surge was seen on February 8 with the prices crossing $43 and $47 on 11th February. Since then the next recovery was seen on 8th February when it crossed $50. A recovery was witnessed when the prices rose to $39 and then surpassed $40 in a week.