I have about 100 ZEC, which I bought years ago,
I didn’t really follow the news, until recently I discovered there is something called WZEC (Wrapped ZEC) which is actually ZCash on Ethereum network,
I have a few questions, and would be thankful to any helpful answers:
Do we get equal value of our ZEC wallets in this new WZEC network? if so, how do I gain access to it?
Are the chains acting separately? meaning if I sell WZEC, it will be reduced from my ZEC balance? or they act on completely different networks and not related to eachother at all?
WZEC is not an airdrop. Number of ZEC only follows supply curve defined in Zcash code.
Read about WZEC on wrapped.com. You can access WZEC token if you deposit your ZEC (in some custody), then you can trade & do DEFI things. If you want ZEC, then you need to deposit WZEC with wrapped.com system. I’ve not used WZEC but website has good details about this.
Thank you very much for the reply, but it did not really answer any of my questions
If any one can help these 2 questions, it will be much appreciated:
Do we get equal value of our ZEC wallets in this new WZEC network? if so, how do I gain access to it?
Are the chains acting separately? meaning if I sell WZEC, it will be reduced from my ZEC balance? or they act on completely different networks and not related to eachother at all?
Basically, like with renZEC you trade your ZEC 1:1 for a ERC-20 token (wZEC, renZEC, etc…). You can then use that new token to do things on Ethereum DeFi. When you are done doing things you can trade the token back to Zcash.
The downside is that there are fees involved and the wrapped versions of Zcash have no privacy.
I would add centralization and trust as another important risk factor. As far as I can tell none of the current wrapped offerings are both completely decentralized and trustless. You ultimately need to trust the ZEC custodian to allow you to convert you WZEC back to ZEC when you ask.
