A tokenized representation of an asset on another chain, usually backed 1:1 and redeemable.
Wrapped tokens let assets move across ecosystems by locking the original and minting a representation elsewhere. Designs vary from custodian-based to trust-minimized bridges.
"WBTC is a wrapped token on Ethereum backed by Bitcoin, enabling BTC liquidity in DeFi apps."
All terms and definitions may update as the Cryptionary improves.