Wrapped TAO (wTAO) is a tokenized representation of the native TAO token of Bittensor for the Ethereum blockchain. It serves as a bridge between the Bittensor blockchain and the Ethereum blockchain.
This means that wTAO allows for interoperability and transferability of TAO tokens between these two different blockchain ecosystems.
Who built the Bridge?
The Bittensor bridge to Ethereum (wTAO) is constructed by CreativeBuilts, a reputable member of the community known for his contributions and trustworthiness. In addition to creating the bridge, CreativeBuilts also has a Bittensor Validator in the ecosystem.
What Are Blockchain Bridges?
In the context of crypto, a “bridge” is a mechanism or protocol that facilitates the transfer of assets or data between different blockchain networks. It acts as a connector, enabling seamless interaction and interoperability between otherwise isolated blockchain ecosystems.
The utility of blockchain bridges extends beyond mere asset transfer. They offer significant benefits, such as cost efficiency and speed, especially evident when porting assets to blockchains like Ethereum, known for high transaction costs and slower processing times. By moving assets to layer 2 networks—faster and cheaper blockchain layers atop Ethereum’s network—users can enjoy reduced costs and maintain exposure to Ethereum’s ecosystem.
What Are the Trading Platforms for Wrapped TAO?
Wrapped TAO (WTAO) tokens are accessible for trading on decentralized exchanges. Uniswap V3 (Ethereum) is the leading choice for buying and trading Wrapped TAO, featuring the most active trading pair, WTAO/WETH.