What are “Wrapped” Crypto Tokens & Why are They so Important?

In step with the meteoric rise of DeFi platforms, today’s “wrapped” tokens, especially wrapped BTC (“WBTC”), is an intriguing phenomenon. A “wrapped token” is an asset on the Ethereum blockchain matched 1:1 with an underlying asset, which need not share the same blockchain, or as a physical asset like gold, be on a blockchain at all.