A TRC21 Wrapped Token is hosted on the TomoChain public blockchain, and backed by an equal amount of the underlying asset or currency.
TRC21 Wrapped Token stays in your wallet throughout trading, and can be converted back and forth between the native asset and TRC21 Wrapped Tokens at anytime via TomoBridge. So it's almost like trading native assets directly. The proof of reserve is on-chain, which shows the exact 1:1 between minted TRC21 Wrapped Tokens (the TRC21 Wrapped Tokens created) and native assets stored by TomoBridge. When TRC21 Wrapped Token holders redeem their TRC21 Wrapped Tokens for native assets, the TRC21 Wrapped Tokens will be burned. The minting and burning of TRC21 Wrapped Tokens is tracked and verifiable via smart contract on TomoScan.
Besides the ability to trade on TomoX, wrapping these original assets into TRC21 Wrapped Tokens bring immense benefits for the holders of those assets and the TomoChain ecosystem in general.
Transfer your TRC21 Wrapped Tokens without the need of holding TOMO in your wallet. This brings a great advantage compared to other interoperability system, i.e. to send WBTC on Ethereum, users still need to hold ETH.
TRC21 Wrapped Tokens could be used as collateral assets in TomoLending — the pure P2P Lending application that can be enabled by any relayer.
Very fast payments using TomoChain as the platform to process transactions that use those TRC21 Wrapped Tokens as payment units.
TRC21 Wrapped Tokens can be sent and received privately using TomoP — TomoChain privacy transaction protocol that protects individual financial privacy while still providing the fastest transaction speed (confirmed within 2–4s) and the great user experience compared to existing privacy coin solutions.
With the use of TomoP and TRC21 Wrapped Tokens, any user could erase entirely their trading history by sending the TRC21 Wrapped Tokens privately to a newly generated address and continuing to trade using that new address.
TRC21 Wrapped Tokens can be used for staking to earn passive enough in some Dapps on TomoChain.
TRC21 Wrapped Tokens can be potentially used in games that are being built on TomoChain by several teams.