Electra Protocol is running on its own decentralized blockchain and wants to revolutionize payments and related use cases. The native coin of Electra Protocol is called XEP and is used as main currency to perform instant payments at almost no cost: Electra Protocol is the world’s fastest decentralized blockchain. With the release of the upcoming smart contracts platform in 2022, it will be able to a variety of use cases such as anyone being able to issue own tokens which run on Electra Protocol.
In autumn 2021, a wrapped version of the XEP (WXEP) was released which runs on another blockchain: the Binance Smart Chain. The reason for doing so was to make Electra Protocol aware to a wider audience of market participants.
A wrapped XEP token has the same value as the native XEP coin (they can be converted 1:1). However, since both run on different blockchains, they come with all the characteristics and features of their individual ecosystem. That means that you cannot, for example, use WXEP for XEP staking. On the other hand, you can also not use XEP directly for providing WXEP liquidity. In both cases you have to make sure that you have the right currency (native coin or wrapped token).