What is Wrapped XTZ (wXTZ)? - Wrapped XTZ (aka wXTZ/WXTZ) is an Ethereum ERC-20 token tradable on Ethereum marketplaces like Uniswap, and 1inch. It is backed 1:1 with Tezos currency (XTZ). It's price is stable-pegged to the price of Tezos (XTZ) itself.
Why do traders need Wrapped XTZ (wXTZ)? - XTZ cannot be traded directly on Uniswap or other Ethereum marketplaces, becuase XTZ is a token on the Tezos blockchain which is wholly separate from the Ethereum blockchain. wXTZ will open Tezos trading to Ethereum DeFi marketplaces like Uniswap. Many traders trade exclusively through Ethereum DeFi marketplaces, and would like to buy Tezos (XTZ).
Who is behind this project? - wXTZ is an open-source technology project. Many contributing firms in the Tezos space are working on wXTZ. It is initially governed by the Tezos Stablecoin Foundation, and administered under the aegis of Tezos Stable Technologies (aka StableTech). Most of its governance token supply will be yielded by staking wXTZ (one of the benefits of staking wXTZ).
Will the reserve be audited? - Just like other StableTech projects, WXTZ will be audited and given reports by Armanino LLP.
Where will I be able to buy it? - Ethereum DeFI marketplaces, like Uniswap. The contract addres will be listed on this website. Make sure that the Ethereum contract address listed on this website. If the contract address is not listed on this website, that means wXTZ has not launched it. Be cautious.
When will wXTZ launch? - Fall 2020, for sure. wXTZ is part of StableTech's 2020 roadmap and more details will be provided shortly.
What happens to the XTZ collateral? - The XTZ collateral will be baked through delegation to responsible bakers in the Tezos community, who have a proven track record for good citizenship.