What is wIRON?
wIRON is ChainPort's wrapped representation of Iron Fish's IRON token. The token is compatible with any ChainPort-supported EVM. wIRON is backed 1:1 by IRON, which is stored in a multi-sig cold storage vault.
wIRON is Supported on
Coming Soon
Ethereum
Coming Soon
Base
Coming Soon
Iron Fish
wIRON & IRON - Behind the Scenes
Iron Fish Blockchain
Iron Fish is a privacy-focused, Proof of Work Layer 1 blockchain that leverages zero-knowledge proofs (zk-SNARKs) to provide the strongest privacy guarantees and secure transactions. Its native token, IRON, powers the network.
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IRON Token
IRON is the native cryptocurrency of the Iron Fish blockchain. IRON facilitates transactions, pays fees, and allows staking for network security and rewards. With a maximum supply of 55 million, IRON supports private transactions on the Iron Fish network, embodying their vision for a secure, private, and sustainable blockchain.
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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 STRAX with the use of fund segregation and cold storage vaults with MPC protection provided by leading providers. This methodology ensures that approximately 98% of all STRAX is safe with only a small percentage in the bridge hot contracts. Read more about ChainPort’s security.
wIRON
Wrapped IRON or wIRON mirrors IRON’s value and can be deployed on any EVM chain supported by ChainPort, enabling its use in DeFi protocols and DEXs. wIRON allows users to get exposure to IRON on Ethereum and EVM-compatible chains.
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How it Works
The process behind the creation of wIRON: For every IRON deposited into ChainPort, there is one wIRON minted. Approximately 98% of all IRON is stored in ChainPort’s battle-tested cold storage vaults with MPC protection provided by industry leaders.
ChainPort users can initiate the process by sending IRON to the bridge’s secure smart contract. Wrapped IRON or wIRON is minted on the user’s preferred chain.
Porting wIRON back to IRON on Iron Fish is simple. The wIRON is burned by the bridge, which sends the tokens to a burn address.
After the wIRON has been confirmed as burnt, IRON will be unlocked and sent to the user's Iron Fish address.
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How does wIRON maintain a price peg with IRON?
wIRON maintains a price peg with IRON because every wIRON token can be bridged back to Iron Fish and redeemed at a 1 to 1 ratio. As such, any time the price of wIRON deviates from the price of IRON, investors, algo traders, and other sophisticated players can profit by keeping the price aligned. These mechanisms work together to ensure that wIRON’s value remains stable, linked to the value of IRON, and will not fluctuate significantly.
How is wIRON secured?
wIRON is secured through a multi-layered approach. A small portion of native IRON assets is kept in hot bridge contracts, while the majority is stored in cold storage vaults with advanced security features including multi-sig technology. Additionally, ChainPort ensures the 1:1 ratio between locked IRON and minted wIRON through transparent proof-of-reserves, enhancing the security and reliability of the token.
On which chains can I find wIRON?
ChainPort supports wIRON on any chain, but not every chain will offer a wIRON trading pair or liquidity. Do your research before bridging to wIRON.
How can I get wIRON?
You can get wIRON easily by bridging IRON to Ethereum or Base. Alternatively, you can purchase it on a supported DEX or CEX that lists a wIRON pair.
wIRON Benefits
EVM Compatible
wIRON is EVM compatible, allowing easy deployment on any ChainPort-supported blockchain.
Traded as an Altcoin
It is possible to list wIRON on DEXs and trade it like any other altcoin on that chain.
IRON mirroring token
wIRON is a wrapped version of Iron Fish's gas token, IRON, enabling its use on EVM chains for enhanced interoperability.