Swap
The Wireshape platform offers a free swap mechanism between WIRE and its ERC-20 compliant version, Wrapped Wire (WWIRE). This functionality is integral to ensure maximum flexibility and accommodating the users participation preferences across different blockchain environments.
While WIRE is the Wireshape network native token, designed to serve multiple critical functions within its ecosystem, such as covering transaction gas fees, rewarding block validators and data providers, and enabling governance participation, WWIRE is designed to facilitate seamless interaction within the Ethereum ecosystem and participation in the Ethereum-based decentralized applications (dApps) landscape.
Note that currently both WIRE and WWIRE are available for testing on the Wireshape Floripa Testnet, since the mainnet is yet to be launched.
Swap Mechanism
The swap process is underpinned by smart contract technology, ensuring a secure, transparent, and efficient conversion mechanism. When a user initiates a swap from WIRE to WWIRE, the equivalent amount of WIRE tokens is locked in a smart contract, and an equivalent amount of WWIRE tokens is minted. Conversely, swapping from WWIRE back to WIRE involves burning the WWIRE tokens and unlocking the original WIRE tokens from the smart contract. This bidirectional process ensures that the total supply of WIRE and its representation as WWIRE remains constant, preserving the integrity of the tokenomics.
Free Swap WIRE ↔ WWIRE
To access the Swap, users must connect their wallet to the Wireshape platform, navigate to the Swap page and just request the token swap. Swap confirmation happens promptly, so they can check the transaction in Block Explorer and enjoy the usefulness of the swapped token.