The realm of crypto is observing new developments on a daily basis. The coming of crypto was a revolution, but its regular evolution is what inspired users to engage with these platforms. Another one of these developments facilitated by Martkist is Altwrap.
Martkist has recently launched its wrapped tokens website, Altwrap that allows the users to wrap the tokens. This wrapping transforms the MARTK tokens to wMARTK tokens. This gives the MARTK tokens better accessibility and interoperability on other platforms.
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Such a move will allow the MARTK tokens to become a part of a new ecosystem and help streamline businesses while helping to create new projects.
What are Wrapped Tokens?
Wrapped coins represent a user’s asset that is hosted on the Ethereum blockchain. The price of the wrapped token is the same as the parent coin which it holds. However, to be hosted on the Ethereum blockchain, it is not necessary that the parent coin must be present on the same blockchain.
For instance, a coin that is hosted on any other blockchain than Ethereum can be present on latter via wrapped tokens. This is how it allows different users to converse and engage with different blockchains at once.
To allow the members to avail wrapped tokens, DApps are required. Martkist has also developed a DApp, Altwrap that allows converting the tokens to wrapped tokens and use them in different transactions.
What is Altwrap and How does it work?
Altwrap is Martkist’s DApp that allows converting the MARTK tokens to wrapped tokens, wMARTK. These tokens facilitate the interoperability of various blockchains giving the users freedom and ability to engage with different platforms.
For the Martkist users, this move makes them eligible to become a part of various projects and businesses. The users can invest and exchange the MARTK tokens with any other type of cryptocurrency.
For instance, if a user wants to get a unique cryptocurrency that does not pair with MARTK and it is also present on another blockchain, Altwrap can help with the transaction.
Moreover, the users can also exchange the wrapped coins into real tokens via the same DApp, Altwrap. The wrapped tokens will be further controlled by smart contracts and algorithmic rules which also allow constant minting and burning of the wrapped tokens.
Low Fee and More Traction with MARTK
Yes, the wrapping of the tokens invites a small fee which is to be paid by the users to the platform proffering the service. In this case, it is the Martkist on the receiving end of the fee, which is paid in MARTK.
So, the dual benefits to the Martkist team are that they will get more users to join the network and help them earn more revenue coming out of these transactions. The users can conduct both types of transactions, wrapping, and unwrapping of the coins from and to MARTK.
WMARTK on Uniswap Pool and Staking Aspects
Apart from Altwrap DApp, the users can also exchange ETH with WMARTK or vice versa. For instance, any users after successfully wrapping the MARTK to WMARTK can trade via Uniswap.
Furthermore, the users can also stake WMARTK at the Uniswap Liquidity pool under a 3-tier program. The stackable WMARTKs are 1000, 9000, and 18000 for 30, 90, and 365 days respectively as time lock periods.
Benefit to the Martkist Community
Wrapped tokens provide a wide array of benefits to the users engaging with the parent cryptocurrency, in this case, Martkist. Besides the ability to trade and invest in other coins, wrapped tokens brings in more competition, higher prices, and opens up several doors.
Also, the users of Martkist can participate in several community based events, Liquidity pools, Stacking and the DEFI ecosystem.
About Martkist
Martkist is a community first decentralized ecosystem focusing on developing online marketplaces. Along with Altwrap, Martkist’s other recent developments that keeps the users and the community at the forefront includes the Faucet and the ability to pay for medical treatment in Colombia.
In a Nutshell
Altwrap will bring a higher level of freedom and help Martkist realize its vision of a community-first ecosystem. Services like this not only nurtures trust and credibility for the platform, but it also lets the users engage with a much wider area of cryptocurrency. Added to this, Altwrap is secure, simple to use, and can connect with the user’s wallet easily.
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source: https://cryptoshib.com/altwrap-cross-chain-transactions/
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