Wrap & Unwrap
In this section we walk you through wrapping and unwrapping assets on Flamingo.
Last updated
In this section we walk you through wrapping and unwrapping assets on Flamingo.
Last updated
Wrapped tokens on Flamingo are a way to use cryptocurrencies such as Bitcoin or Ethereum on the Neo N3 blockchain. Wrapped tokens are backed 1:1 by their underlying asset, and make the Neo N3 blockchain more interoperable.
On Flamingo, Wrap and Unwrap are cross-chain asset gateways for the Bitcoin, Ethereum, Neo, BNB Chain, and Ontology Network blockchains. Users can wrap tokens such as NEO*, WETH, WBTC, ONT, CAKE, and USDT onto the Neo blockchain as NEP-17 tokens (bNEO, fWETH, fWBTC, pONT, fCAKE and fUSDT). Conversely, wrapped NEP-17 tokens can be redeemed back for native tokens via Unwrap. More tokens will be added to the list as the project develops. *Since NEO is indivisible, bNeo (https://neoburger.io) has taken the role of nNeo to wrap and divide Neo on N3.
In this guide we'll walk you through wrapping and unwrapping tokens on Flamingo.
1. On Flamingo.Finance, go to the Asset Actions tab.
2. If your Neo wallet isn't already connected, choose from three wallets. For this example we will use NeoLine.
3. Once your wallet is connected, go to the Wrap/Unwrap action in the Asset Actions tab.
4. Choose the asset you want to wrap or unwrap. For this example we will unwrap FUSDT to USDT.
5. Select Connect Metamask Wallet to connect your wallet. The checkmark will light up green when successfully connected. Read the warnings and if you agree, select Unwrap.
6. On the Confirm Transaction screen, read the warning that provides information about the potentially high ETH fees. If you agree, select Agree.
7. Confirm the invocation contract that allows Flamingo to connect to the wrapper.
8. Confirm your transaction on the N3 side. After closing the transaction window, go to the Log section to continue. You do not need to confirm the PolyNetwork transaction; this happens automatically.
9. Select Send to Ethereum. You will be asked to confirm 2 transactions--one to allow the wallet to connect and approve the contract (one time, low fee) and one to unwrap the token to erc20 (this can have a high fee!).
10. When the transaction is complete, the 3 chains will show a green success icon and the funds will be in your wallet.
