Wrapped AVAX Price(WAVAX)

Wrapped AVAX ($WAVAX) is essentially an ERC-20 compatible token that encapsulates the AVAX cryptocurrency. Its primary aim is to facilitate seamless interaction between AVAX holders and DeFi platforms within the Avalanche network. By wrapping AVAX into an ERC-20 token, $WAVAX allows holders to engage efficiently with DeFi applications that typically operate on Ethereum, thereby bridging the gap between these two blockchain ecosystems.

The functionality is straightforward: for every AVAX deposited into the wrapping contract, one WAVAX token is issued. This ensures a direct 1:1 correlation between the two assets, allowing WAVAX to be redeemable for the exact amount of AVAX it represents. Consequently, this mechanism not only promotes interoperability but also enhances liquidity across decentralized platforms.