Introducing Wry: A DeFi Token With Ycash Roots
In addition to representing wrapped Ycash, Wry will power a lending platform for using ERC-20 tokens as collateral for stablecoin loans
Published: May 7, 2021. Last updated: November 4, 2024.
By Howard Loo, Ycash Foundation
Introduction
I am excited to announce the official launch of the Wry token on Binance Smart Chain (BSC).
Since the open beta of Wry on BSC began at the end of February, Ycash users have moved nearly 100,000 Ycash coins (aka YEC) over to WRY. It is already easy to buy or sell Wry on PancakeSwap, where Wry liquidity continues to grow.
In this article, I will explain what Wry is, how Wry will be useful, and how you can get Wry right now.
Wry is Wrapped Ycash, and More
What is Wry? The name Wry derives from the term Wrapped Ycash. In the parlance of Decentralized Finance, a wrapped token is a token on a blockchain that represents a coin that resides on a different blockchain. For example, 1 WBTC (Wrapped Bitcoin) token on the Ethereum blockchain represents 1 BTC on the Bitcoin blockchain. Likewise, 1 WRY on the BSC blockchain represents 1 YEC on the Ycash blockchain.
Wry is deployed on BSC at this contract address:
For each 1 WRY in circulation on the BSC blockchain, 1 YEC on the Ycash blockchain has been taken out of circulation by the Ycash Foundation. As such, the value of 1 WRY is meant to equal the value of 1 YEC. Regardless of whether the free market values WRY and YEC equally, the Ycash Foundation will always treat their values as being equal.
But Wry is not just wrapped Ycash. Wry will power all future DeFi applications developed by the Ycash Foundation or the yec.dev development team. To illustrate, I will focus on one specific use case: using Wry as collateral to obtain stablecoin loans.
How to Get WRY on BSC
There are many ways to obtain WRY on BSC:
- Buy it on PancakeSwap with BNB or any BEP-20 token.
- Move YEC to WRY via the Ycash Foundation’s Wry Pipe.
- Mine WRY with a GPU at daPool mining pool.
The Next Steps For Wry: WRY on ETH
The Wry on ETH contract has already been deployed on Ethereum, but the current high transaction fees on Ethereum make deploying infrastructure like the Wry Pipe impractical. But there is hope on the horizon: Ethereum Layer 2 solutions are gaining traction. Notably, Uniswap plans to launch Uniswap 3 on Optimism (a layer 2 platform) once the Optimism mainnet launches this summer. My goal is to have WRY on ETH ready in time for the launch of Uniswap 3 on Optimism.
Learn More
To learn more about Wry, check out the Wry page on the Ycash website and then visit the Ycash Forums. You can also watch Wry in action on BscScan.
