What is wADA?
wADA is ChainPort's wrapped representation of Cardano's ADA token. The token is compatible with any ChainPort-supported EVM. wADA is backed 1:1 by ADA, which is stored in a multi-sig cold storage vault.
wADA is Supported on
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Ethereum
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BNB Chain
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Polygon
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Avalanche
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Cardano
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Fantom
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Arbitrum One
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Optimism
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Dogechain
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Fuse
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Telos
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Milkomeda (C1)
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Moonriver
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Aurora
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Conflux
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Base
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MELD
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opBNB
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Humanode
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STEP
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Stratis
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Rootstock
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IOTA EVM
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Linea
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Chiliz
wADA & ADA - Behind the Scenes
Cardano Blockchain
Cardano is a proof-of-stake blockchain platform, the first to be founded on peer-reviewed research and developed through evidence-based methods. It combines pioneering technologies to provide unparalleled security and sustainability to dApps. Cardano's native token is ADA
ADA Token
ADA is the native cryptocurrency of the Cardano blockchain. ADA facilitates transactions, pays fees, and allows staking for network security and rewards. With a maximum supply of 45 billion, ADA supports governance and ecosystem interactions, embodying Cardano’s vision for a scalable, interoperable, and sustainable blockchain platform. ADA was launched in 2017.
ChainPort Bridge
Established in 2021 by DcentraLab, ChainPort is an established and leading blockchain bridge with a heavy focus on security. ChainPort ensures the security of ADA with the use of fund segregation and cold storage vaults with advanced features including multi-sig support. This methodology ensures that approximately 98% of all ADA is safe with only a small percentage in the bridge hot contracts. Read more about ChainPort’s security.
wADA
Wrapped ADA or wADA mirrors ADA’s value and can be deployed on any EVM chain supported by ChainPort, enabling its use in DeFi protocols and DEXs. wADA allows users to get exposure to ADA on Ethereum and EVM-compatible chains.
How it Works
The process behind the creation of wADA: For every ADA deposited into ChainPort, there is one wADA minted. Approximately 98% of all ADA is stored in ChainPort’s battle-tested cold storage vaults with advanced multi-sig features.
ChainPort users can initiate the process by sending ADA to ChainPort's Cardano bridge Address. wADA (Wrapped ADA) is then minted on the user’s preferred chain.
Porting wADA back to ADA on Cardano is simple. The wADA is burned by the bridge, which sends the tokens to a burn address.
After the wADA has been confirmed as burnt, ADA will be unlocked and sent to the user's Cardano address.
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How does wADA maintain a price peg with ADA?
wADA maintains a price peg with ADA because every wADA token can be bridged back to Cardano and redeemed at a 1 to 1 ratio. As such, any time the price of wADA deviates from the price of ADA, investors, algo traders and other sophisticated players can profit by keeping the price aligned. These mechanisms work together to ensure that wADA’s value remains stable, linked to the value of ADA, and will not fluctuate significantly.
How is wADA secured?
wADA maintains a price peg with ADA because every wADA token can be bridged back to Cardano and redeemed at a 1 to 1 ratio. As such, any time the price of wADA deviates from the price of ADA, investors, algo traders, and other sophisticated players can profit by keeping the price aligned. These mechanisms work together to ensure that wADA’s value remains stable, linked to the value of ADA, and will not fluctuate significantly.
On which chains can I find wADA?
ChainPort supports wADA on any chain, but not every chain will offer a wADA trading pair or liquidity. Do your research before bridging to wADA.
How can I get wADA?
You can get wADA easily by bridging ADA to a ChainPort-supported chain. Alternatively, you can purchase it on a supported DEX or CEX that lists a wADA pair.
wADA Benefits
Standardized as ERC-20
wADA is EVM compatible, allowing easy deployment on any ChainPort-supported blockchain.
Traded as an Altcoin
It is possible to list wADA on DEXs and trade it like any other altcoin on that chain.
ADA mirroring token
ChainPort's proof-of-reserves confirms that wADA is 100% backed and is pegged to ADA’s value.