21.co Wrapped BNBPrice

(21BNB)

21.co Wrapped BNB (21BNB) is a token that digitally represents the value of Binance Coin (BNB) on other blockchain networks. It is designed to be fully backed on a 1:1 basis with actual BNB, meaning each 21BNB token corresponds to one BNB held in reserve. This mechanism allows BNB to be utilized in environments outside its native blockchain, expanding its utility and reach within the broader decentralized finance (DeFi) landscape.

The core purpose of 21.co Wrapped BNB (21BNB), like other 21.co Wrapped Tokens, is to enable cross-chain compatibility and enhance liquidity for the underlying asset. It allows BNB, which primarily operates on its native chain, to be used in various decentralized applications (DeFi dApps) across other blockchain networks, including both EVM-compatible chains and potentially non-EVM chains. This facilitates broader participation in DeFi protocols and enhances interoperability.

Each 21BNB token is fully backed 1:1 by one unit of Binance Coin (BNB). The underlying BNB assets are securely held by independent institutional-grade custodians, ensuring a robust and trustworthy reserve. The entire process of minting new 21BNB tokens and burning them when the underlying BNB is redeemed is managed through Onyx, which is 21.co's proprietary operating system. This structured approach guarantees the token's backing and integrity.

As of current information, 21.co Wrapped BNB is not widely tradable on many mainstream cryptocurrency exchanges. Availability and trading activity for the token have been reported as limited or not readily observable across various platforms. There are indications from some sources that 21BNB is in the process of awaiting listing or greater integration with a broader range of trading venues.

To add 21BNB to your Metamask wallet, you first need to ensure you have selected the correct blockchain network where you intend to use the token (e.g., Ethereum). Then, navigate to the 'Import tokens' section within your Metamask interface. You will need to paste the specific smart contract address for 21BNB corresponding to that network. For instance, on the Ethereum network, you would use the address 0x1be9d03bfc211d83cff3abdb94a75f9db46e1334. Metamask should then recognize the token and display it in your wallet.

21.co functions as the issuer of 21BNB, overseeing its creation and maintenance. Their proprietary operating system, Onyx, is central to the token's operational integrity. Onyx manages the precise minting of new 21BNB tokens when BNB is deposited for wrapping, and conversely, handles the burning of 21BNB when the underlying BNB is redeemed. This system ensures the consistent 1:1 backing and facilitates the secure and verifiable cross-chain transfer of value that 21BNB provides.