Dear Cardano Community -
We are very excited to launch a new project called Wrapnetwork. Our vision is to bridge ADA to the world in order to instantly increase utility as well as speed up the adoption of Cardano. In short, we will be bringing Cardano (in the form of Wrapped ADA) to any dApp in the blockchain world so ADA hodlers can immediately use any existing applications without actually “leaving” Cardano.
What problems we are trying to solve? Blockchain is typically operating in a silo manner and users cannot freely access their favorite dApp cross-chain. Wrapnetwork aims to fill the gap and ease the restriction by bringing ADA (in a form of Wrapped Cardano) to any dApp and blockchain in order to let users use their Wrapped Cardano on the application they want. Our goals are to not only help facilitate the Cardano adoption rate but also allow ADA holders to extract the most value out of Cardano.
Do you have a working product? - At this stage, we have it working on the Stellar Network. A user can wrap their ADA and receive their Wrapped Cardano (WADA) in a 1:1 ratio on Stellar Network. Please give it a try and provide any feedback/comments.
How does the wrap/unwrap process work? - Below is the step-by-step process of wrapping your Cardano to get WADA on Stellar wallet. Please note that you simply do the reverse for the unwrapping process.
- Create a wallet on Stellar network on Stellar Network - we recommend a Solar wallet
- Deposit at least 0.1 XLM and set WADA as a trust asset on your Stellar wallet using
the details below Issuer: GDEBBURPBMC4WPVYIBZQQVEURRDWZHF6PJR3CTBWFFKZR43DND7EPTSS and Code: WADA
- Copy your Stellar wallet address receiving address
- Visit our website and enter your Stellar wallet address
- Send your ADA to the Cardano Address provided.
- Wait for network confirmation to receive your WADA amount on Stellar wallet
When I wrap my ADA, where would my ADA go? - At the moment, your ADA will be locked in our wallet. You can see the amount of your deposit in the wallet and your fund will be sitting there until you unwrap it back to ADA (1:1).
Why did you choose Stellar? As a proof of concept (PoC), we are leaning toward a network that has a low transaction fee so it is more practical for anyone to test it out and give us feedback without a prohibitive transaction cost. Moreover, our development team has developed applications on Stellar. As a result, it became our first practical step.
Please feel free to let us know if you have any questions/comments. Any constructive feedbacks are also very welcome.