Wanchain Launches New Convert n’ Burn System

Written by Ohris M. Greyoon, Blockchain & Crypto Expert

Source: Coinmarketcap

Updated: Jul 01 2024

Should l Buy WAN?

Wanchain Launches New Convert n’ Burn System: Wanchain introduces the Convert n’ Burn System, marking the start of the Unification Era to integrate the Wanchain Bridge, WAN token, and Layer-1 Blockchain.
Enhanced Cross-Chain Transactions: The system aims to improve efficiency and security in cross-chain transactions by utilizing the Wanchain Bridge and the Convert n’ Burn System.
Role of WAN Token: The WAN token is central to the new system, ensuring smooth transaction processing by converting tokens to WAN and burning a portion to create a deflationary effect.
Optimizing Layer-1 Blockchain: With the implementation of the Convert n’ Burn System, the Wanchain Layer-1 Blockchain is expected to operate more effectively, support higher transaction volumes, and enhance security features.
Community Engagement: Wanchain encourages community participation in this new phase, inviting stakeholders to join them in advancing the platform towards a fully interconnected blockchain ecosystem.

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Technical Analysis for WAN

Technical Sentiment Analysis for Wanchain (WAN). As of , Wanchain (WAN) is exhibiting a Strong buy technical sentiment. Our proprietary analysis, which aggregates 4 technical signals, shows that 4 indicators are flashing buy, while 0 are indicating sell.

Momentum Indicators: RSI, MACD & Overbought/Oversold Status. Currently, the Relative Strength Index (RSI) for WAN stands at -, which suggests a Neutral condition. Meanwhile, the MACD (12, 26) indicator is at -, providing a Neutral signal for short-term momentum. Other oscillators like the Stochastic Oscillator at - and the Commodity Channel Index (CCI) at - further confirm a - outlook for the crypto.

Support, Resistance & Moving Averages. From a structural perspective, WAN is trading below its 60-day moving average of $- and below its 200-day long-term moving average of $-. Key price levels to watch include the immediate resistance at $- and strong support at $-. A break above $- could signal a bull continuation, while falling below $- may test the next Fibonacci floor at $-.

Wanchain (WAN) Support & Resistance Level

Name	S3	S2	S1	Pivot Points	R1	R2	R3
Classic	0.0576	0.0618	0.0657	0.0698	0.0737	0.0778	0.0817
Fibonacci	0.0618	0.0649	0.0667	0.0698	0.0729	0.0748	0.0778

About WAN

The WAN coin is the native asset of the Wanchain L1 Blockchain. WAN coins enable several functions including regular transactions and smart contract interactions on the Wanchain L1 Blockchain. A small amount of WAN is burned alongside every transaction. WAN coin’s max supply is 210,000,000.WAN coins have utility beyond the Wanchain L1 Blockchain. For instance:WAN coins can be staked to deploy Wanchain PoS Validator NodesWAN coins can be delegated to existing Wanchain PoS Validator NodesWAN coins can be staked to deploy Wanchain Bridge NodesWAN coins can be delegated to existing Wanchain Bridge NodesWAN coins serve as collateral to secure all cross-chain transactionsHolding and staking WAN coins grants discounts on cross-chain transactionsAdditionally, fees collected from all cross-chain transactions are converted to WAN coins. A portion of these are burned via the Convert n’ Burn mechanism.

About the author

Ohris M. Greyoon

Ohris M. Greyoon holds a Master’s in Computer Science from MIT and has 10 years of experience in blockchain technology and cryptocurrency markets. A pioneer in decentralized finance (DeFi) analysis, he leads Intellectia’s Crypto News, offering cutting-edge insights into digital assets.

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