Wrapped AVAX is the DeFi-compatible version of AVAX, which is the native currency of the Avalanche chain used for gas fees.
Wrapped is a large-cap asset that represents the protocol`s native governance or utility token.
Wrapped AVAX has no dependencies.
Wrapped has a fixed supply. AVAX is "wrapped" to make it compatible with DeFi smart contracts. 1 Wrapped AVAX is always equal to 1 AVAX.
Wrapped AVAX is highly correlated to the overall market.