Wrap Machine Guide

Description

The Wrap machine is a software product that can be used for transferring NBU (utility token of the Nimbus platform) and GNBU (governance token of the Nimbus platform) tokens from the Ethereum Mainnet to the Binance Smart Chain and vice versa. The network charges gas fees for this action:

  • Wrapping gas fee, which is calculated in those tokens (ERC-20 or BEP-20) that the user wants to transfer from one network to another;
  • Confirmation gas fee required by the wallet and calculated either in ETH or in BNB, depending on the standard of the token that the user wants to convert;
  • Permission gas fee required by wallet for the permission to use tokens and calculated either in ETH or in BNB, depending on the standard of the token that the user wants to convert (needs to be paid only once when using the Wrap machine for the first time).

Important! Before using the Wrap machine (and any other sections of the Platform), the user needs to make sure the wallet is connected to the Platform. MetaMask will be used in this Guide as an example.

Interface Content

In case the user connected to the Platform via BSC, he/she will see that the mechanism is called Unwrap Machine, though the functionality remains the same.

To start using the Wrap machine, the user needs to click on the Token Wrap button highlighted in purple at the top of the Platform interface (Figure 1).

Figure 1

A new section will open (Figure 2). 3 windows with different destination can be seen there:

Figure 2

Token Wrapper — this window provides the user with various information (Figure 3);

Figure 3

Wrap history — this window shows the transaction history (the history of one of the users is given as an example; Figure 4);

Figure 4

Wrap — this window is used for transferring tokens from one network to another (Figure 5).

Figure 5

Transferring Tokens from One Network to Another

Let’s take a closer look at the Wrap window (Figure 5).

In the window at the top, the user can enter the required number of tokens to be transferred from one network to another. The window also shows information about the current balance on the wallet (Figure 6).

Figure 6

By clicking on the drop-down list, the user can select a token that needs to be transferred from one network to another (Figure 7).

Figure 7

The BSC recipient value is filled out automatically with the wallet address of the current user (Figure 8). The Minimal amount value (the minimum amount of tokens for the transfer) is calculated automatically according to the formula Wrapping gas fee * 2. The Wrapping gas fee value (commission for the transaction) is also calculated automatically. All these indicators are calculated once the number of tokens for the transfer is entered.

Figure 8

The You will receive value (the number of tokens that the user will receive; Figure 9) is also calculated automatically once the number of tokens for the transfer is entered.

Figure 9

In order to transfer tokens from one network to another, the user needs to enter the amount of tokens he/she wants to transfer (Figure 10). Only unvested tokens can be wrapped.

Figure 10

Then, the user needs to click on the Wrap button. The first time the wrap machine is used, the wallet will ask for permission to use the tokens. This request appears only once (Figure 11), which means that the gas fee for this action needs to be paid once. The user needs to confirm it by clicking on the Confirm button.

Important: The gas fee may be charged either in ETH or in BNB, depending on the network that the user wants to transfer his tokens from. For instance, if the user wants to transfer NBU tokens from the Ethereum network to BSC, he/she will need to pay the gas fee in ETH. If the user wants to transfer NBU tokens from BSC to the Ethereum network, he/she will need to pay the gas fee in BNB.

Figure 11

After that, the wallet will ask the user to confirm the transaction by clicking on the Confirm button (Figure 12). The gas fee needs to be paid for this action.

Figure 12

Once done, the tokens will be transferred from one network to another.

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DAO-governed platform that offers 16 earning strategies for users boosted by multiple layers of risk-management. https://link.nimbusplatform.io/medium

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Nimbus Platform

Nimbus Platform

DAO-governed platform that offers 16 earning strategies for users boosted by multiple layers of risk-management. https://link.nimbusplatform.io/medium

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