No Summary provided as the original text is short
- Wrapped token: A blockchain-based token that represents another asset on a 1:1 basis, allowing that asset to be used on different networks or in applications.
- DeFi: Decentralized finance, a set of blockchain-based financial services that operate through smart contracts without traditional intermediaries.
- 1:1 BTC-backed: A structure in which each token is intended to be supported by one equivalent unit of Bitcoin held in reserve.