The Wrapped-eNaira extends the utility of the eNaira, the CBDC of Africa’s largest economy and most crypto-centric population, into the Ethereum ecosystem, from where it can be integrated into smart contracts, lent, burrowed, swapped, yield-farmed, and used in liquidity pools.
Wrapped eNaira (WeNGN) has formally launched on the Ethereum blockchain as a permission-less and seizure-resistant ERC-20 tokenised version of the Nigerian Central Bank Digital Currency (“CBDC”), the eNaira. Wrapped eNaira brings fiat-level liquidity from Africa’s largest economy and most crypto-centric population, into the Ethereum ecosystem. Wrapped eNaira (WeNGN) is the first ERC-20 token pegged 1:1 to the eNaira. Thus, one WeNGN equals one eNaira which equals one Naira.
You can exchange eNaira for Wrapped eNaira 1:1 via participating merchants worldwide and then hold, invest it in DeFi or swap it on decentralised exchanges such as Uniswap into other cryptocurrencies such as eg USDT, MTCN, etc. which can be used to purchase goods and services online. Similarly, you can redeem your eNaira by returning it to a participating merchant who will deposit the equivalent amount of eNaira to you while the returned Wrapped eNaira is burnt.
WeNGN minting, distribution and burning is managed on-chain by the Boom DAO. It is entirely viewable on the Ethereum Blockchain while the DAO’s proof-of-reserves is published online in the interest of transparency and guarantees 100% redeemability 24/7.
The Wrapped eNaira initiative is led by Boom DAO to (a) decentralise the control of money from centralised entities into the hands of people , (b) enable people to monitor and control their money transparently (3) expand the utility of CBDCs into Decentralised Finance for a greater RoI for the masses.
Institutional and business clients can swap Naira or eNaira into WeNGN over-the-counter after passing KYC in the Boom app, while retail clients can swap other ERC-20 tokens to WeNGN directly on Uniswap.
Your money, yours and only yours to control. Monitor and track your money live on the blockchain
As a CBDC-backed stablecoin, Wrapped eNaira reduces volatility compared to non-stablecoins.
Take your money with you wherever you go in the world and cash-in and cash-out at-will.
All Wrapped eNaira payments are delivered into your wallet instantly. Hence no need to wait for days or weeks to get paid.
Transaction fees on the blockchain is ultra low compared to traditional finance merchant fees.
Easily swap your Wrapped eNaira into other cryptocurrencies that offer more stability against inflation
Holding Wrapped eNaira (WeNGN) enables you to easily repatriate your earnings to any country by simply swapping it into other currencies such as USDT, USDC etc.
Easily swap your Wrapped eNaira into other cryptocurrencies that offer more stability against rising inflation.
Take your money with you wherever you go in the world and cash-in and cash-out at-will.
With Wrapped eNaira (WeNGN), you enjoy the immense liquidity of Africa’s largest economy and most crypto-centric population which in turn enables market makers, quants and institutions to execute large trades.
By listing Wrapped eNaira, you get to grow your user base to the a country with a population of 220 million people where the median age is 20 years of age and crypto-centric.
More users equates to increase in earnings.
Wrapped eNaira (WeNGN) increases the utility of the eNaira, the world’s second CBDC within Nigeria and abroad.
Wrapped eNaira (WeNGN) relieves the pressure on your scare foreign exchange reserves because corporates can use it to repatriate their earnings without touching your reserves.
Wrapping the eNaira into an ERC-20 format enables the world to deploy it in DeFi which over time, will increase the value of the Naira.
