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	Fixed fee
Wrap	1%
Unwrap	1%

Every log uses these fees and shows them 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 round trip, wrapping and then unwrapping, usually costs about 2%. The first wrap and final unwrap exceptions can make it lower. Wrapping to hold for a few hours rarely pays.

What you see before you sign#

The app shows what you'll receive after fees. It also sets a minimum: if the result would come in more than 0.5% below the quote, the transaction fails and nothing moves.

Approvals#

Wrapping asks your wallet to approve exactly the amount you're wrapping, never an unlimited amount. Unwrapping needs no approval.