Wrapped Elastos (WELA) is an ERC-20 token on the Ethereum blockchain that is pegged 1:1 to ELA, the native token of the Elastos smart web platform.
By creating a wrapped version, WELA makes using ELA tokens in Decentralized Finance (DeFi) applications easy and trade on decentralized exchanges.
If you want to gain exposure to the upside potential of Elastos and utilize features like staking, yield farming, and more, you will need to understand how to buy WELA tokens.
This step-by-step guide covers all the basics – from setting up to making your first WELA purchase.
What Is Elastos (ELA)?
Elastos aspires to be a blockchain-powered internet. The idea dates back to 2000. However, the current version is based on blockchain technology and is under active development by Elastos. It was formed in June 2017.
The project’s developers honestly believe that Ethereum, as well as DApp platforms, suffer scaling restrictions. According to Elastos, while they are excellent for smart contracts, they are slow, inflexible, and inconvenient for comprehensive applications. Elastos is a platform for decentralized apps, or DApps, that claims to address several of these issues.
Aside from gaining full ownership of your digital assets, Elastos does not require you to connect to the internet to run DApps. The Smart Web will host all DApps. This Smart Web is designed to safeguard you from malware and other digital threats that expose you to data theft. The platform is highly designed for mobile, and network DApps can be executed on any operating system.
Learn about the Founders of Elastos
Rong Chen, the project’s inventor, set the groundwork for the project while working on operating systems at Microsoft Research in 2000. He aimed to establish an operating system for the entire web, and he founded Elastos in 2017 after returning to China.
Rong Chen’s significant expertise, including his time as a senior software engineer at Microsoft, adds legitimacy to the initiative.
Feng Han, another critical figure in Elastos, initially served as a mentor at Tsinghua University and later became the co-founder of Elastos in 2017.
His background as the principal at the Yuncol School and his current role as the founder of MIT IDE Blockchain Pillar and Foundation underscore his commitment to advancing blockchain technology.
As blockchain technology gained prominence in 2017, Rong Chen and Feng Han collaborated to incorporate blockchain into Elastos, realizing the vision of a comprehensive operating system for the web.
Rong Chen assumed the role of the chairman of the Elastos Foundation, while Feng Han became the co-founder, contributing to the ongoing development and evolution of Elastos.
Preparing to Buy WELA
To get started, you must have a way to store your newly purchased WELA tokens safely after buying them. The most secure option is a hardware wallet like Trezor or Ledger. Alternatively, you can use a software wallet like MetaMask.
These wallets generate an Ethereum address to which you can request the transfer of purchased WELA tokens.
Once your wallet is set up, you must acquire some cryptocurrency to trade for WELA tokens later. Exchanges generally support trading of WELA tokens primarily in ETH or USDT stablecoin. Before sending them to your wallet address, you can buy ETH from a fiat on-ramp like Coinbase using a debit card, bank transfer, etc.
Where to Buy WELA Tokens
Now that your wallet is funded with the cryptocurrency you wish to swap, it’s time to purchase your WELA. WELA is currently available as a relatively new asset on a few exchanges. UniSwap is the most popular decentralized exchange for buying WELA tokens without any sign-up using MetaMask integration. If you wish for additional features like built-in charts, 1inch is another leading DEX alternative.
For fans of traditional centralized exchanges, Gate.io offers WELA trading using convenient buy/sell interfaces. You just need to create an account and fund it from your wallet or via other supported payment methods.
Executing Your WELA Trade
We will outline steps for buying on UniSwap DEX by connecting your MetaMask wallet:
- Access UniSwap Interface: Go to App.Uniswap.org finance platform.
- Connect Wallet: Click ‘Connect to a Wallet’ and choose MetaMask browser extension wallet.
- Select WELA: Enter the ‘WELA’ text to choose the Wrapped Elastos token.
- Enter Order Details: Type the amount of ETH you wish to swap for WELA or pick the percentage of your wallet balance.
- Complete Exchange: Click ‘Swap’ to finalize the exchange broadcast to the Ethereum network. Confirm details in the MetaMask pop-up.
A similar interface and linking wallet steps allow swapping any ERC20 token, like USDT, directly for WELA tokens. Your newly purchased WELA balance will be updated in your connected wallet within minutes!
Conclusion
Acquiring exposure to Elastos platform capabilities by purchasing its WELA derivative token is straightforward, even for beginners using DEX interfaces like UniSwap. The options for seamless trading will only increase over time. With WELA in your portfolio, exploring wealth creation opportunities via DeFi protocols utilizing Elastos becomes accessible. Check their website for all emerging use cases, as the project aims to build a more secure internet.
FAQs
Where can you buy Wrapped Elastos?
You can acquire WELA tokens through decentralized exchanges, with Glide Finance being a prominent trading platform. The WELA/USDC trading pair on Glide Finance boasts a robust trading volume of $22,330.68 in the last 24 hours, making it a popular choice among investors.
What is the daily trading volume of Wrapped Elastos (WELA)?
The daily trading volume of Wrapped Elastos (WELA) is $22,330.68, signaling a recent -1.90% decrease in market activity.
What is the all-time high for Wrapped Elastos (WELA)?
The highest recorded price for Wrapped Elastos (WELA) was $3.40, documented on April 12, 2022, slightly over a year ago. The present price is -13.35% lower than this historical peak.
What is the all-time low for Wrapped Elastos (WELA)?
The lowest price ever paid for Wrapped Elastos (WELA) was $1.23, noted on June 18, 2022, just over a year ago. The current price is considerably higher, at 139.35% above the all-time low.