Wrapped Ferrite

Introduction: Wrapped Ferrite (WFEC) enables Ferrite (FEC) to be cross-compatible on multiple non-native chains to allow interoperability with the decentralised applications built on the various corresponding blockchain networks. Wrapped Ferrite is currently available on Binance Smart Chain and Arbitrum One. Users can "wrap" their Ferrite and transact WFEC, which is pegged to and redeemable on a 1:1 basis with FEC. This allows Ferrite to interact with applications and smart contracts on other blockchains. This operates as a bridge for Ferrite to access decentralised finance (DeFi) applications, and for the decentralised applications (dApps) to gain additional liquidity. Expanded utility of Wrapped Ferrite: Proof-of-Work cryptocurrencies such as Ferrite do not have staking support, a way for users to generate coins by holding funds in order to secure a Proof-of-Stake network. Ferrite investors can now stake WFEC on the various blockchains to earn a passive income. Wrapped Ferrite can also be used for swapping, or as collateral for borrowing and lending for other tokens within DeFi platforms from a selection of networks.