What is Wrapped MistCoin (WMC) Crypto Coin? History, Value, and Why It Matters

Wrapped MistCoin (WMC) isn’t just another crypto token. It’s a digital relic - the first ever ERC-20 token ever created on Ethereum. If you’ve ever used a token on Uniswap, bought an NFT, or traded any coin built on Ethereum, you’re using technology that started with WMC. This isn’t about speculation. It’s about history.

The Origin: MistCoin Before It Was a Standard

In November 2015, before the ERC-20 standard even had a name, MistCoin (MC) was created. Two Ethereum Foundation developers - Fabian Vogelsteller and Alex Van de Sande - built it as part of the Mist Wallet project. It wasn’t meant to be a currency. It was a test. A proof of concept. They wanted to see if users could create their own tokens on Ethereum, not just send ETH back and forth.

And it worked. Sixteen days later, the ERC-20 standard was officially published. MistCoin became the blueprint. Every single ERC-20 token since - from Chainlink to Uniswap’s own UNI - copied the same code structure MistCoin used. That’s why WMC isn’t just old. It’s the original.

What Is Wrapped MistCoin (WMC)?

Wrapped MistCoin is a modern version of the original MistCoin. The original contract still exists, but it doesn’t work well with today’s DeFi apps, wallets, or exchanges. So, someone created a wrapped version: WMC. It’s a 1:1 representation of MistCoin, locked in a smart contract called a DropBox. When you deposit 1 MC, you get 1 WMC. When you want your original back, you burn the WMC and get MC returned.

WMC has a fixed supply of 1,000,000 tokens. No more. No less. There are no taxes, no fees, no inflation. Just pure, unaltered supply - exactly like the original. It uses two decimal places, matching the early Ethereum token design. This simplicity is intentional. It’s not trying to be a new coin. It’s trying to preserve the past.

Where Can You Trade WMC?

You won’t find WMC on Coinbase, Binance, or Kraken. It’s only available on decentralized exchanges - specifically, Uniswap. There are two trading pairs: WMC/ETH on Uniswap v2 and WMC/ETH on Uniswap v3.

As of November 2025, WMC trades around $5.50 USD. Prices vary slightly between v2 and v3 due to liquidity differences. Uniswap v3 has higher volume - about $9,300 in 24 hours - while v2 handles just over $7,300. Total daily volume is under $17,000. That’s tiny compared to major coins, but for a 10-year-old token with no marketing, it’s impressive.

Liquidity is shallow. A $10,000 buy order could move the price 10% or more. That’s why you won’t see big institutional players here. This isn’t a trading asset. It’s a collector’s item.

Why Does WMC Have Value?

It doesn’t have utility like a payment coin. It doesn’t have staking, governance, or yield. Its value comes from one thing: history.

Think of it like owning the first iPhone prototype. Or the first printed book. Or the first Bitcoin block. These things aren’t useful in the modern sense. But they’re irreplaceable. WMC is the first programmable token on Ethereum. Without it, there’s no ERC-20. Without ERC-20, there’s no DeFi, no NFTs, no tokenized assets.

Its scarcity helps too. Only 1 million exist. And not all are in circulation. Some are locked in early wallets. Some are held by collectors. The fact that it’s still tradable - and still has a price - proves demand from those who understand its role in blockchain evolution.

WMC in the Bigger Picture

WMC isn’t alone. Other early Ethereum artifacts have been wrapped too: CryptoPunks, CryptoKitties, Etheria Tiles. These weren’t designed as tokens. But because they exist on Ethereum, people wrapped them to trade them on modern DEXs. WMC is different. It was designed as a token from day one. It’s the root.

Compare it to Bitcoin’s genesis block. You can’t spend it. You can’t move it. But it’s still valuable. WMC is the same. It’s not meant to be used. It’s meant to be remembered.

Who Holds WMC and Why?

The holders are mostly three types:

• Blockchain historians - people who track Ethereum’s development and collect early contracts.
• DeFi purists - developers who appreciate clean, minimal code and want to own the origin of the standard they build on.
• Digital collectors - those who treat crypto like art or vintage tech, valuing rarity over function.

There are no big funds or hedge funds holding WMC. No influencers pushing it. No whitepapers promising future features. That’s the point. It’s not trying to grow. It’s trying to survive.

Can You Wrap and Unwrap WMC Yourself?

Yes. The wrapping mechanism is open. You can send MistCoin (MC) to the DropBox contract at 0x7fd4d7737597e7b4ee22acbf8d94362343ae0a79 and receive WMC. Or send WMC back to get MC. The process is trustless, transparent, and free. No fees. No intermediaries. Just code.

But here’s the catch: you need the original MistCoin first. And finding MC is hard. Most of it is locked in early wallets. You can’t buy it on any exchange. You’d have to find someone who still holds it and trade directly. That’s why WMC is the more accessible version - it’s the only one you can actually trade today.

Is WMC a Good Investment?

If you’re looking for returns, no. WMC isn’t a growth asset. It doesn’t have a roadmap. No team is building new features. Its price moves slowly, and liquidity is low. A 10% daily swing is a big deal here.

But if you’re looking for a piece of blockchain history - something tangible that connects you to the birth of the token economy - then yes. Owning WMC is like owning a signed copy of the first Ethereum whitepaper. It’s not going to make you rich. But if Ethereum survives another decade, you’ll know you held one of its earliest building blocks.

What’s Next for WMC?

Nothing, really. That’s the point.

There are no upgrades planned. No partnerships. No marketing campaigns. The team behind it disbanded years ago. The project is now maintained by the community - not through code, but through preservation. As long as Ethereum exists, and as long as people care about where it came from, WMC will keep trading on Uniswap.

Its future isn’t about price. It’s about memory.