Wrap
Last updated
Last updated
The Wrap feature on Mangrove allows you to convert ETH into wETH (Wrapped ETH), which is essential for trading on many decentralized platforms that operate using ERC-20 tokens. Wrapped ETH has the same value as regular ETH but can be used in ERC-20 compatible environments.
Navigate to the More Page: In the Mangrove DApp sidebar, click the "More" icon (three dots icon) at the bottom of the sidebar.
Select the Wrap Quick Option or on the More page, locate the Wrap tab at the top. This will open the bridge interface, where you can begin setting up your cross-chain transfer.
Step 2: Wrapping Your ETH
Enter Amount: In the Amount to wrap field, type the amount of ETH you want to convert into wETH. The interface will display your current ETH balance in the bottom right to guide you on how much you have available.
Wrap ETH: Once you enter the amount, the Wrap ETH button will become active. Click this button to initiate the wrapping transaction. You may need to confirm the transaction in your connected wallet (e.g., MetaMask) to complete the wrapping process.
Confirmation: After the transaction is confirmed on the blockchain, your ETH will be converted into wETH, ready for use in ERC-20 compatible DeFi applications.
Why Wrap ETH?
Wrapped ETH is crucial for participating in various DeFi protocols, as it makes your ETH compatible with ERC-20 standards, allowing you to use it in trades, liquidity pools, and other yield-generating strategies on Mangrove and other platforms.
