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Wrapped Centrifuge

WCFG

4.6

Price
$0.29
10/4/2022, 1:20:26 AM
diamondHands

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Market

Market stats

Market cap

-

Volume (24h)

$425,752.36

Circulating supply

-

Typical hold time

8 days

Popularity

#216

All time high

$2.55

Price change (1h)

-0.34%

Price change (24h)

-0.14%

Price change (7d)

-9.4%

Trading activity

60% Buy0% Buy
40% Sell100% Sell

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Wrapped Centrifuge is on the decline this week.

The price of Wrapped Centrifuge has fallen by 9.40% in the past 7 days. The price declined by 0.14% in the last 24 hours. In just the past hour, the price shrunk by 0.34%. The current price is $0.289 per WCFG. Wrapped Centrifuge is 88.67% below the all time high of $2.55.

The current circulating supply is 0 WCFG.

About

Wrapped Centrifuge (WCFG) is an Ethereum token that’s intended to represent Centrifuge (CFG) on the Ethereum blockchain. WCFG is not CFG, but rather a separate ERC-20 token that’s designed to track CFG’s price. CFG is the native asset of the Polkadot-based Centrifuge Chain and can be used for staking and on-chain governance.

What Is Wrapped Centrifuge (WCFG)?

Wrapped Centrifuge (WCFG) is an Ethereum token that’s intended to represent Centrifuge (CFG) on the Ethereum blockchain. Wrapped tokens are essentially the crypto tokens pegged or attached to the value of another crypto. These are called wrapped because the original crypto is put in a wrapper, a kind of digital vault that permits the wrapped version to be built on another blockchain. Therefore, WCFG is not CFG, but rather a separate token that’s designed to track CFG’s price. Moreover, WCFG complies with ERC20 standards, which define a common set of rules for Ethereum tokens to be followed in the Ethereum ecosystem. 

Speaking of Centrifuge (CFG), it is the native asset of the Polkadot-based Centrifuge Chain. As mentioned on the platform’s website, Centrifuge is known to fill the gap between multiple real-world assets. Using Centrifuge, borrowers can finance their real-world assets without having to go through banks or other central intermediaries. In simpler words, Centrifuge is a protocol that connects DeFi to the real world. 

As previously stated, while the CFG token is unique to the Centrifuge Chain, it can also be bridged to Ethereum and utilized as an ERC20 token backed by CFG at a 1:1 ratio. When migrated to Ethereum, each WCFG is backed by one CFG locked up in the bridge account on Centrifuge Chain. Users can move between Ethereum and Centrifuge at any time without any constraints.

Furthermore, while using CFG on the Centrifuge Chain, users can participate in governance and staking and earn rewards. Also, it allows he users to pay for fees on the Centrifuge Chain. On the other hand, WCFG on Ethereum allows users to interact with DeFi apps that support ERC20 tokens. Users can also use WCFG within Ethereum and hold it in their Ethereum wallet.

History of Wrapped Centrifuge (WCFG)

Wrapped Centrifugewas launched by the founders of Centrifuge, Lucas Vogelsang and Martin Quensel. Vogelsang, the CEO of Centrifuge, was the project's founding engineer. He also created an e-commerce start-up company in 2010 and afterward began working on KaufDA.

Quensel, the current COO of Centrifuge, was also a cofounder of Taulia. He began his career at SAP as a software engineer and architect, and he has extensive experience in product development and innovation. He was also the CTO of ReadSoft's Lab for Solutions.

How Are New Wrapped Centrifuge (WCFG) Tokens Earned?

The participants can stake and earn rewards from their WCFG tokens by converting them into CFG tokens. Centrifuge token (CFG) utilizes a nominated-proof-of-stake (NPoS) consensus algorithm that employs Centrifuge to stake value, reward users, and allow for an on-chain governance mechanism. This on-chain governance empowers CFG holders to guide the development of Centrifuge.

Nominated proof of stake (NPoS) is the mechanism of selecting validators to be able to participate in the consensus protocol. NPoS is a proof-of-stake variant that is utilized in Substrate-based blockchains like Polkadot. 

How Many Wrapped Centrifuge (WCFG) Tokens Are There?

The total maximum supply of WCFG tokens is capped at around 430 million WCFG.

How to Buy Wrapped Centrifuge (WCFG) Tokens

Users can trade WCFG tokens at various exchanges including Coinbase. It's secure, safe, and easy.

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FAQ

What is the current price of Wrapped Centrifuge?

The price of 1 Wrapped Centrifuge currently costs $0.29.

What is the market cap of Wrapped Centrifuge?

The current market cap of Wrapped Centrifuge is $0.00. A high market cap implies that the asset is highly valued by the market.

What is the all time high of Wrapped Centrifuge?

The all-time high of Wrapped Centrifuge is $2.55. This all-time high is highest price paid for Wrapped Centrifuge since it was launched.

What is the 24 hour trading volume of Wrapped Centrifuge?

Over the last 24 hours, the trading volume of Wrapped Centrifuge is $425.75K.

What other assets are similar to Wrapped Centrifuge?

Assets that have a similar market cap to Wrapped Centrifuge include Shibalana, Richverse, MetaniaGames, and many others. To see a full list, see our comparable market cap assets.

How many Wrapped Centrifuge are there?

The current circulating supply of Wrapped Centrifuge is 0.

What is the typical holding time of Wrapped Centrifuge?

The median time that Coinbase customers hold Wrapped Centrifuge before selling it or sending it to another account or address is 8 days.

What is the relative popularity of Wrapped Centrifuge?

Wrapped Centrifuge ranks 153 among tradable assets on Coinbase. Popularity is currently based on relative market cap.

What is the current trading activity of Wrapped Centrifuge?

Currently, 60% of Coinbase users are buying Wrapped Centrifuge. In other words, 60% of Coinbase customers have increased their net position in Wrapped Centrifuge over the past 24 hours through trading.

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