Wrapped EGLD
WEGLD
Evaluation Score
Overall rating on a scale of 0-10
Dimension Breakdown
AI Analysis
Comprehensive evaluation of the token
WEGLD (Wrapped EGLD) functions as the canonical 1:1 wrapped representation of MultiversX's native EGLD token to facilitate DeFi composability across EVM and DEX environments. Its performance and development are essentially tied to MultiversX, which maintains active protocol upgrades. However, WEGLD suffers from several structural and historical drawbacks: it lacks independent tokenomics, governance, or yield generation (losing ground to liquid staking alternatives), and has experienced an unrecovered ~98.6% price drawdown from its all-time high alongside low market liquidity ($826K–$1.06M market cap). Security-wise, no published independent audit reports for the wrapper contract were identified, and the asset suffered a major historical exploit in June 2022 where ~$120M (1.65M EGLD) was extracted and ~900,000 unbacked excess WEGLD were minted, breaking collateral invariants before team intervention and rebalancing. Although fully remediated over 24 months ago, these combined factors keep WEGLD's overall weighted score at 4.6/10.
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 EGLD (WEGLD)
Wrapped EGLD (WEGLD) is the canonical 1:1 wrapped representation of EGLD, the native cryptocurrency of the MultiversX blockchain. The token is designed to package EGLD into standardized token formats, enabling it to circulate across decentralized exchanges and decentralized finance (DeFi) protocols such as xExchange and OneDex, as well as EVM-compatible environments. As a derivative asset, it relies directly on the underlying MultiversX infrastructure and does not maintain an independent development team, technical roadmap, or sovereign governance system.
The token functions without standalone tokenomics or independent supply mechanics; its circulation fluctuates purely based on user minting and redemption demand. Holding WEGLD involves trade-offs compared to holding native EGLD, as wrapped tokens forfeit native staking rewards and carry smart-contract custodial risks. The asset has experienced substantial market contraction, trading down roughly 98.6% from its all-time high of $250.89 alongside reduced market capitalization and trading liquidity.
WEGLD has also been subject to significant security incidents and structural risks. In June 2022, an attacker exploited a virtual machine vulnerability affecting the egld-esdt-swap smart contract, extracting 1.65 million EGLD (valued at approximately $120 million at the time) and minting roughly 900,000 unbacked excess WEGLD. This breach compromised the token's 1:1 collateral invariant before the team deactivated the bridge, recovered unbridged funds, and implemented rebalancing measures to burn excess supply. Additionally, available documentation indicates a lack of published third-party security audits for the specific wrapper contract.