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What is Wrapped TON?

by lerika

Ethereum is one of the most famous blockchains in the world. Thousands of ERC-20 tokens were created on this network, and after the transition of Ethereum to the POS protocol and the birth of the DeFi era, its popularity increased immensely.
TON Crystal is a TIP-3 token, therefore, in its original form, it cannot be traded in pairs with ERC-20 tokens, and therefore cannot be used on DEXes.
This problem was solved by the Broxus team by issuing the WTON token (Wrapped TON) on the ERC-20 standard. Also, a “wrapping” mechanism was created – the transformation of a TIP-3 token into an ERC-20 token.
In order to turn TON into WTON, you must:

  • install the extension for Chrome Crystal Wallet,
  • create a wallet and deploy it (or load an existing one by a seed phrase);
  • go to the wton.io site;

  • click on the “Connect Wallet” button
  • choose your wallet;

  • give the system the necessary permissions,
  • click on the “Connect” button.

All you are done!
Now you can enter the required number of TONs in the wton.io interface and click the Submit button.

One more token will be debited from the account to activate your contract.

In the next window, you need to confirm the sending of tokens to the storage address.
After the transaction goes to the blockchain, your Crystal Wallet account will be automatically funded with WTON tokens.
The only negative moment in this process is the high network commission. Free TON network users are accustomed to low fees for transfers, but on the Erc-20 network, the cost of a transaction can exceed $ 10 in equivalent.

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