Wrapped TAO
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| wTAO | ERC20 | ETH | 0x77E06c9eCCf2E797fd462A92B6D7642EF85b0A44 | 2023-01-30 |
About Wrapped TAO
Wrapped TAO (WTAO) is an ERC-20 token on the Ethereum blockchain that represents a 1:1 wrapped version of TAO, the native token of the Bittensor network. Bittensor is a decentralized, blockchain-based machine learning network where models train collaboratively and are rewarded in TAO tokens according to the informational value they provide to the collective. WTAO facilitates the use of TAO within Ethereum-compatible decentralized applications (dApps) by enabling seamless integration into DeFi platforms. This aligns with the concept of wrapped collateral, as WTAO is fully collateralized and maintains a verifiable claim to the original TAO asset.
WTAO serves several purposes within the Bittensor ecosystem and the broader Ethereum DeFi space:
DeFi Integration: Allows TAO to be utilized in Ethereum-based DeFi applications, expanding its utility beyond the native Bittensor network.
Liquidity Provision: Facilitates participation in liquidity pools on platforms like Uniswap, where users can provide liquidity and earn rewards.
Staking and Governance: Enables users to stake tokens and participate in governance mechanisms within the Bittensor ecosystem.
Cross-Chain Transactions: Supports cross-chain interactions by enabling TAO to be used on Ethereum-compatible networks.