Wrap and unwrap

Wrap deposits a token into a log and mints log tokens to you. Unwrap burns log tokens and returns the underlying token.

Fees#

Action	Stable	Volatile
Wrap	0.2%	1%
Unwrap	0.3%	1%

Each log uses one of these fee sets and shows it on its page. Two exceptions: the first person to wrap into a new log pays no wrap fee, and the last person to unwrap pays no unwrap fee.

A Stable round trip usually costs about 0.5%; a Volatile round trip usually costs about 2%. The first-wrap and final-unwrap exceptions can make it lower.

What you see before you sign#

The app shows an estimate after fees. Wrap transactions enforce a minimum output. Unwrapping redeems at the log's backing ratio minus the unwrap fee, so it does not depend on a pool price. The app re-checks the amount and simulates the unwrap right before you sign.

Approvals#

New wrapping approvals request the amount needed, never an unlimited amount. A previously larger approval can remain after a failed later step. Unwrapping needs no approval.