The three key players in the wrapped token ecosystem are merchants, custodians, and decentralized autonomous organizations (DAOs). Merchants are the entities that lock their cryptocurrencies to mint new wrapped tokens on the target blockchain or burn wrapped tokens to free up the locked cryptocurrencies. Custodians are the organizations responsible for securing the cryptocurrency reserves on the native blockchain. The Wrapped Tokens DAO is a decentralized autonomous organization that collectively decides on the custodians and merchants to add or remove from the network.