➡️Task: "Wrapped Tokens Explained: Crypto's Secret Sauce"
1. Can wrapped tokens be unwrapped to retrieve the original asset?
✔️ Yes
2. What is a wrapped token?
A token that represents another
✔️ cryptocurrency on a different blockchain
3. What does wrapping a token allow you to do?
✔️ Use the cryptocurrency on various blockchains
4. What analogy was used to describe giving Bitcoin a passport?
✔️ World travel
5. What is a potential risk associated with wrapped tokens?
✔️ Trusting third-party custodians
6. What is one benefit of wrapped tokens?
✔️ Increased liquidity across blockchains
7. What happens to the original asset when a token is wrapped?
✔️ It is held in a secure vault by a custodian
8. Why are wrapped tokens used?
✔️ To enable cryptocurrencies to operate on different blockchains
9. Who holds the original asset in the wrapping process?
✔️ A custodian
10. Wrapped tokens allow participation in what ecosystem?
✔️ Decentralized finance (DeFi)
11. What should you ensure about custodians when dealing with wrapped tokens?
✔️ They are reputable
12. What is the main purpose of wrapped tokens?
✔️ Bridging gaps between blockchains
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