Wrapped AVAX
WAVAX
Evaluation Score
Overall rating on a scale of 0-10
Dimension Breakdown
AI Analysis
Comprehensive evaluation of the token
WAVAX (Wrapped AVAX) serves as the canonical 1:1 ERC-20 wrapper for native AVAX on the Avalanche C-Chain, developed and maintained by Ava Labs. It fulfills a core infrastructural role by enabling compatibility with smart contracts, decentralized exchanges, and lending markets. The wrapping codebase is minimal, battle-tested (forked from WETH), and operates in a finalized maintenance state with no independent token governance, dedicated community channels, or distinct tokenomic schedule beyond inheriting native AVAX supply mechanics. While the Security score was constrained to 5.0 due to a severe ~96% price drawdown from ATH (inherited from AVAX market performance), no protocol-level exploits, depeg events, or legal proceedings have affected the contract itself (with third-party incidents like Platypus Finance exploiting external pool logic rather than WAVAX). With no qualifying red-flag events requiring an overall cap, the final rating reflects the weighted average of its functional utility, clean operational record, and derivative risk profile.
Development Activity
Code updates and developer engagement
Community Support
Social media presence and community engagement
Tokenomics
Supply, distribution, and utility
Market & Use Case
Value proposition and competitive landscape
Team & Governance
Team background and project governance
Security & Audits
Security history and audit status
About Wrapped AVAX (WAVAX)
Wrapped AVAX (WAVAX) is the canonical ERC-20 and ARC-20 wrapper token for native AVAX on the Avalanche C-Chain. Developed and maintained by Ava Labs, the wrapper allows native AVAX to interface with standard smart contracts, decentralized exchanges, lending markets, and liquidity pools across the Avalanche decentralized finance environment. The token operates on a 1:1 backing mechanism, where WAVAX is minted upon depositing native AVAX into the contract and burned upon redemption.
The wrapper codebase is a fork of the WETH contract and operates in a finalized, maintenance-only state. WAVAX does not have an independent token supply, vesting schedule, or native governance framework, such as a decentralized autonomous organization (DAO). Instead, its issuance is entirely determined by user wrapping activity, and it directly inherits the economic parameters of native AVAX, including its 720 million hard cap, staking reward emissions, and transaction fee burn dynamics.
Because its valuation is entirely derivative of native AVAX, WAVAX reflects the market movements and downside risks of the underlying asset, having experienced a price drawdown of approximately 96% from an all-time high of $168.31 to lows near $5.71. While the WAVAX contract itself has had no documented depeg events or security exploits, the token was used as an input asset in third-party protocol incidents, including the October 2023 Platypus Finance flash-loan exploit, which targeted the pool mechanics of that platform.