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$WRAP Token

What is the $WRAP token#

The $WRAP token is the economic and governance token of the Wrap Protocol.

The $WRAP token allows the community of users of Wrap to interact and modify the protocol. $WRAP token holders can vote on key parameters of the protocol and receive a share of wrapping and unwrapping fees.

Max supply: 100,000,000 $WRAPS Distribution: Weekly Allocation: 50% Quorum / 40% Users / 10% Dev Pool

You can find more information on the $WRAP token here

Where can I buy $WRAP tokens?#

You can buy $WRAP tokens on Quipuswap. We are working towards making the $WRAP token available on more exchanges

How do I earn $Wrap tokens?#

A batch of $WRAP tokens is distributed weekly. There are 3 categories of recipients of $WRAP tokens namely, the Wrap Quorum Members, Wrap Protocol Users, and Wrap Protocol-Dev Pool

To qualify for the weekly distribution to Wrap Protocol users and to earn $WRAP tokens, you must have wrapped one or more ERC-20 tokens into their FA2 wToken equivalents. The $WRAP token weekly distribution is pro-rated to users based on the total number of tokens they wrap on a given week for each type of wToken.

You can find out more about $WRAP token distribution here

When will wrap tokens be distributed?#

$WRAP token distributions are done weekly and the $WRAPs are sent 4 weeks after. You can see distribution figures here

No! $WRAP tokens are distributed on a pro-rated basis based on the total number of tokens you’ve wrapped for each type of wToken.

For example, if you wrap 10,000 units of a random token ‘X’ during the week and another user wraps only 5,000 units of that same token ‘X’ during the week. The user that wrapped 10,000 tokens will earn twice as many rewards as the user that wrapped 5,000 units of the token.

Also, note that some tokens attract 2X more wrapping rewards than others. You can find more details about the distribution of wrapping rewards to different tokens here

Is the weekly distribution of $WRAP tokens to protocol users based on the value of token wrapped or the volume of tokens wrapped?#

$WRAP tokens are distributed on a pro-rated basis based on the number of tokens wrapped for each type of wToken. Some tokens attract 2X more wrapping rewards than others, you can find more details about the distribution of rewards here.

For example, if you wrap 1000 units of token ‘X’ in a single transaction and another user makes 10 wrapping transactions of 100 tokens each in the same period, the total number of wrapped tokens in both cases is 1000 tokens and both users will earn the same wrap rewards.

However, if you wrap 1000 units of token ‘X’ in a single transaction and another user makes 20 wrapping transactions of 100 tokens each in the same period, you would have only wrapped 1000 tokens while the other user has wrapped 2,000 tokens, the user that wrapped 2000 tokens will earn more rewards that the user that wrapped 1,000 tokens.

What is the circulating supply of the $WRAP token?#

You can find the circulating supply of the $WRAP token here. Please note that the circulating supply provided on this dashboard includes coins minted for liquidity mining rewards but not yet distributed.