What is Wrapped NEAR (Universal)?

Wrapped NEAR (Universal) is a tokenized version of NEAR that facilitates exposure to NEAR across various blockchains, including Base, Polygon, and Arbitrum. The token, known as uNEAR, is backed 1:1 with reserves of NEAR tokens and can be minted and burned by a network of permissioned merchants who provide NEAR tokens to the protocol.

uNEAR operates as an ERC20 token, allowing its use in decentralized finance (DeFi) applications. The custody of the underlying NEAR assets is managed by Coinbase Prime, ensuring secure handling of the tokens.