Wrapped NVIDIA xStock (WNVDAX)
- Price: $214.11 - 24h: ▲2.45%
- Market Cap: $536,604
- 24h Volume: $922,875
- Rank: N/A (by Market Cap)
- Last Updated: 2 minutes ago
Wrapped NVIDIA xStock (WNVDAX) is a digital asset that represents shares of NVIDIA Corporation on a blockchain.
Wrapped NVIDIA xStock (WNVDAX) Trust Score
The Trust Score (0-100) assesses an asset's safety based on its stability, liquidity, and smart contract security. Higher score = Lower risk.
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Wrapped NVIDIA xStock (WNVDAX) Bull/Bear Trend Strength
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Wrapped NVIDIA xStock (WNVDAX) Latest Market Data
Current Values
- Current Price: $214.11
- 24h Trading Volume: $922,875
- Market Cap: $536,604
- 24h Market Cap Change: ▼($115,824)
- Fully Diluted Valuation: $536,604
Price Changes
- 24 Hour Price Change: ▲2.45%
- 7 Day Price Change: ▼ 2.52%
- 30 Day Price Change: ▲2.76%
- 60 Day Price Change: ▲10.27%
- 1 Year Price Change: ▲0.00%
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Wrapped NVIDIA xStock (WNVDAX) 30 Day Open, High, Low, Close Chart
What is Wrapped NVIDIA xStock (WNVDAX)?
Wrapped NVIDIA xStock (WNVDAX) is a digital asset that represents shares of NVIDIA Corporation on a blockchain. It is a specific type of “xStock,” which are tokenized versions of real-world stocks and exchange-traded funds (ETFs). These tokens aim to make investing more accessible by removing traditional barriers like borders and brokers.
Each WNVDAX token is backed one-to-one by actual NVIDIA shares. These underlying assets are held in custody by a regulated third party. The “wrapped” aspect of WNVDAX means it does not rebase, which makes it particularly suitable for use within various decentralized finance (DeFi) applications.
For example, a community member might use WNVDAX to gain exposure to NVIDIA’s stock performance without needing a traditional brokerage account. In addition, holders could use WNVDAX as collateral in a DeFi lending protocol to borrow other cryptocurrencies. This flexibility allows for new ways to interact with traditional assets in the digital world.
How Does Wrapped NVIDIA xStock (WNVDAX) Work on Its Blockchain?
Wrapped NVIDIA xStock (WNVDAX) operates on public blockchains, primarily Solana and Ethereum. These blockchains provide the infrastructure for the tokens to be held, transferred, and traded. The xStocks ecosystem, which includes WNVDAX, was initially launched on Solana.
The system works by having a regulated issuer, such as Backed Finance AG, hold the actual NVIDIA shares in custody. For every share held, an equivalent WNVDAX token is minted on the blockchain. This 1:1 backing ensures that the token’s value mirrors the price of the underlying NVIDIA stock.
When the price of NVIDIA stock changes in traditional markets, the value of WNVDAX adjusts accordingly. Market participants, known as arbitrageurs, help to keep the token’s price aligned with the real stock price. They do this by buying or selling WNVDAX to profit from any small price differences between the two markets.
Wrapped NVIDIA xStock (WNVDAX) Key Features and Technology
Wrapped NVIDIA xStock (WNVDAX) offers several key features that distinguish it within the cryptocurrency space. It provides a digital representation of NVIDIA shares on the blockchain. This means