What does Wrapped HBAR do?
Wrapped HBAR (CRYPTO:WHBAR) is a token that represents the HBAR cryptocurrency on the Ethereum blockchain. It is pegged to HBAR on a 1:1 basis and can be redeemed for HBAR at any time. WHBAR can be used in any DeFi application that supports Ethereum tokens.
One of the main objectives of WHBAR is to make HBAR more accessible to DeFi users. By wrapping HBAR into an Ethereum token, WHBAR allows users to interact with the Ethereum ecosystem without having to leave the Hedera network. This makes it easier for users to earn yield on their HBAR and to participate in DeFi governance.
WHBAR is also being used to develop new DeFi applications on the Hedera network. For example, the decentralized exchange SaucerSwap uses WHBAR as its base trading pair. This allows users to trade HBAR tokens with other Ethereum tokens without having to go through a centralized exchange.
