Wrapped Cardano (WADA) - Please try our working product (Proof of Concept)

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.

  1. Create a wallet on Stellar network on Stellar Network - we recommend a Solar wallet
  2. Deposit at least 0.1 XLM and set WADA as a trust asset on your Stellar wallet using
  3. Copy your Stellar wallet address receiving address
  4. Visit our website and enter your Stellar wallet address
  5. Send your ADA to the Cardano Address provided.
  6. 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.

Wrapnetwork Team

lol No thanks. I like my ADA in my official Cardano wallet.

Also, I don’t want to sound rude, but can you provide a link to official Stellar Network post were it mentions your project. I tried looking for it on their twitter and website and could not find Wrapnetwork.
I did find Stellar Network sections warning that : " * The Stellar Development Foundation team will NEVER ask you for your private keys. We will NEVER ask you to deposit funds to any wallet address."
" * All official partnerships and announcements are made on our Twitter and website — please do not fall for any third party rumors or speculation. If you see a reposted announcement in any other forum that does not contain a link to the original information on our website, it is fake. Only trust what you see on the http://www.stellar.org/ website."

So, could you please provide official link to Stellar Network announcement for Wrapnetwork project (not SatoshiPay or SolarWallet) .

Sorry to be so picky, but there are so many scammers out there. Just doing our research to make sure Cardano community is safe :slight_smile:

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First, thank you for your comments.

We also do but the whole point of this project is to make your ADA work harder and not just sitting in your wallet. :slightly_smiling_face:

Just to be clear. We are trying to gather feedback from the community at this stage. (The whitepaper is still being worked on) We would like to gather supports from the broader community on our concepts by hopefully addressing all the concerns our community got before our official launch. Right now, the team has just started a conversation to partner with projects in Stellar so you will not find any announcement on the Stellar network.

Why should you trust us? - We are the same team behind Bulletproofinvesting Club (BULPR, BULPF) pools that have been running our staking pool since epoch 216. We are not anonymous and we are building a bigger team to address this opportunity.

Thank you again for your time.

If you operate a stake pool but are not aware that you can make ADA work for you from your Cardano wallet by staking.

I checked “Bulletproofinvesting Club” web site. No mention of this project either. If you are from BULPR why not just post something on your own website. At this point, with nothing to back up your claims this just looks like hijacked forum account.

Just publish on your BULPR website about this project so we can have at least some proof that this project is connected with something legit.

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The keyword is “harder”… As of today, you cannot really use your ADA with your favorite DApps in any other network so, the best you can do now without leaving the network is to wait until your decentralized application becomes available in Cardano… Now, if you use our wrapnetwork service, your ADA can be ported to use in the other networks. This is the same concept with wrapped BTC that has been locked up with the https://wbtc.network/ that makes BTC available in the Ethereum network.

On the other notes, if you stake your ADA with a stake pool, you can get an average yield of around 5% APY but you could get a much higher APY if use your ADA to yield farm or doing the whole suites of Defi (liquidity mining, yield farming, lending and etc.) that are already ready on the other networks to be utilized.

Thanks for the question. I have updated our website with information on the upcoming projects. Please follow the link to our latest updates.

Last but not least, I would be grateful if anyone read this post and helps spread the word about our working product. Any additional constructive feedback is very welcome.


Thanks :+1: