Wrap
Wrapping and unwrapping tokens has never been this easy
Understanding Wrapped Tokens
In the decentralized finance (DeFi) and Non-Fungible Token (NFT) space, wrapped tokens play a crucial role. They allow for the efficient, smooth, and fast movement of funds, which is essential in DeFi applications and NFT Marketplaces. They are created to address the challenge of interoperability between different platforms throughout the Vechain ecosystem (and other blockchains).
How to Wrap Tokens
Navigate to the Wrapper
The Wrap menu is located under the Trade section of BetterSwap
Enter the Amount to Wrap
In the Amount field, enter the amount of the $VET you want to wrap. You can also click the Max button to use your entire available balance of that $VET
Review the Wrapped Token
Once you select the token and enter the amount, the system will display the wrapped token equivalent ($BVET is selected by default, you can switch the output in the dropdown menu)
Be sure to verify that the amount is correct before proceeding
Click on "Wrap"
After reviewing the token and amount, click the Wrap button. This will initiate the process of wrapping the selected token
Confirm the Transaction in Your Wallet
Once you click Wrap, your VeWorld wallet will prompt you to confirm and sign the transaction
Check the transaction details, including the wrapped token amount, transaction fee, and any other details provided
Transaction Complete
After confirming, the wrapping process will be executed on the VeChainThor blockchain. Once completed, you will receive the wrapped version of your token You can check the updated balance in your wallet or on BetterSwap
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Tips for Wrapping Tokens
Why Wrap Tokens?
Wrapping your tokens allows you to use them on other platforms and dApps that support the wrapped version. It also opens up additional trading and staking opportunities.
Double-Check the Amount:
Ensure the amount you want to wrap is correct before confirming. The wrapped token will be sent to your wallet after completing the transaction.
Review Fees:
Always review the transaction fees before proceeding. The fees are generally low on the VeChainThor blockchain, but it's good practice to be aware of them.
NEVER Swap
To reduce fees and transaction costs, always use a wrapper to convert $VET into its wrapped variant.
List of VIP-180 wrapped tokens:
bVET (Better VET)
vVET (Veiled VET)
wVET (Wrapped VET)
DThor wVET (Wrapped VET)
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