 | Real quick wrapped tokens are basically a token that represents the same amount. For example, I was paid 0.00645 ETH. But because the person paying me didn't want to deal with high transfer fees, I was paid in a wrapped ETH on the Polygon (Matic) chain. This lowered the fees from I think $50 at the time to 4 cents. (Another use is things like ETH that normally has a high gas fee. You can swap whatever like Matic to WETH on the same chain. Then unwrap it far cheaper than buying the ETH from a CEX and transferring it.) You can wrap many tokens to include BTC on other chains. Anyways, to wrap/unwrap you need a bridge. Note you can swap/trade the wrapped token for something on a given chain. So say for example, I have ETH and wanted to buy something on the Matic chain using decentralized methods. I could wrap ETH and use that trade for what I want. Again, it's a 1:1. So the value doesn't change as if you were holding ETH or whatever unwrapped. Because we are on putting something on/off Matic, we are going to be using this bridge. https://wallet.polygon.technology/bridge Once connected you will see deposit and withdraw. Note because I'm unwrapping 0.00645 ETH. I'm going to be doing the withdraw method. But note it's very similar to go through the deposit method. Note you need to note the amount you want to unwrap, and have the right wallet selected. Note the warning. This might be faster in the future. But note it takes time. Note gas requirements Confirm everything Whatever you are using it will show you how much the gas is. This is metamask Now if you don't have the funds you might get this warning If this is the case then you need to use a faucet. There is a few of them. https://faucet.polygon.technology/ and many more. They all work the same. Just connect the wallet, do the captcha, and press the button. After this point you should get your unwrapped ETH. Again, wrapping it is very similar, but your fee will be in ETH (roughly $5), and it is way quicker (7-8 min). [link] [comments] |
You can get bonuses upto $100 FREE BONUS when you:
💰 Install these recommended apps:
💲 SocialGood - 100% Crypto Back on Everyday Shopping
💲 xPortal - The DeFi For The Next Billion
💲 CryptoTab Browser - Lightweight, fast, and ready to mine!
💰 Register on these recommended exchanges:
🟡 Binance🟡 Bitfinex🟡 Bitmart🟡 Bittrex🟡 Bitget
🟡 CoinEx🟡 Crypto.com🟡 Gate.io🟡 Huobi🟡 Kucoin.
Comments