WIRE Token
The WIRE token stands at the core of the Wireshape blockchain ecosystem, serving as its native utility token, designed to facilitate a myriad of operations within its ecosystem. This document outlines the functionalities and utilities of the WIRE token and its wrapped version, WWIRE (Wrapped WIRE).
The Wireshape blockchain leverages the WIRE token to streamline network functions and incentivize participation. WIRE serves multiple critical functions: covering transaction gas fees, rewarding block validators and data contributors, enabling governance participation, and granting access to exclusive network services.
WIRE Token Overview
Technical Specifications
Token Symbol: WIRE
Token Type: ERC-20 / EVM Native Network Token
Total Supply: 1 Billion (1B)
Initial Circulating Supply: 5.1 Million (5.1M)
It's important to note that the Wireshape Mainnet and mainnet WIRE token have not yet been officially released.
Utility and Functionality
WIRE token is integral to the Wireshape blockchain, serving several key purposes:
Gas Fees: Transactions on the network require WIRE tokens to cover gas fees, ensuring the execution of operations such as smart contract interactions and token transfers.
Rewards: Block validators and data contributors are compensated in WIRE tokens for their contributions to network security and data integrity.
Governance: WIRE holders can participate in governance decisions, influencing the development and operational parameters of the Wireshape blockchain.
Exclusive Services: Access to certain services within the Wireshape ecosystem requires WIRE tokens.
Go to Wireshape Faucet and fund your wallet with WIRE testnet tokens to experiment with the Wireshape Floripa Testnet network for free.
Economic Model
The economic model of the WIRE token is designed to ensure long-term sustainability and growth of the Wireshape network. The initial circulating supply of 5.1M tokens is strategically set to kickstart the ecosystem, with the total supply capped at 1B to maintain scarcity and value. The distribution of WIRE tokens is governed by a transparent allocation strategy that supports network development, community incentives, and ecosystem growth.
Learn more about Wireshape token economics in the Tokenomics section.
WWIRE: Wrapped WIRE
WWIRE represents the ERC-20 compliant version of the WIRE token, designed to facilitate seamless interaction within the Ethereum ecosystem. This adaptation enables WIRE token holders to engage in decentralized finance (DeFi) activities such as liquidity provision, and trading on Ethereum-based decentralized exchanges (DEXs), access a broader range of services, and participate in the Ethereum-based decentralized applications (dApps) landscape.
Technical Implementation
WWIRE tokens are created through a wrapping process, where WIRE tokens are locked in a smart contract, and an equivalent amount of WWIRE is minted on the Wireshape network. This process is reversible, ensuring that users can convert their WWIRE back to WIRE at any time.
Use Cases
In the Wireshape Token Curated Product Registry (TCPR) cryptosystem, all transactions, incentives, and rewards are conducted using WWIRE tokens. Community members who contribute to the curation process, either by submitting product information or validating the submissions of others, are rewarded with WWIRE tokens. These incentives are designed to motivate and compensate community members for their efforts in maintaining the integrity and value of the product registry.
Learn more about Wireshape Token Curated Product Registry in the TCPR section.
Free Swap: WIRE ↔ WWIRE
To ensure maximum flexibility and liquidity for token holders, a free swap mechanism between WIRE and WWIRE is available. This feature allows users to effortlessly convert their WIRE tokens to WWIRE and vice versa, accommodating their participation preferences across different blockchain environments.
On Wireshape platform Swap page you can free swap from Wire to WWire and vice versa.