Announcing the launch of Wrapped Pastel Conversion...

October 24, 2021

We are excited to announce that the Wrapped PSL (wPSL) Wrapping / Unwrapping Conversion Services are now available. Try it out today at WrappedPastel.Com!

Introduction — What is wPSL?

Wrapped Pastel, or wPSL, is an Ethereum token based on the ERC-20 standard that is used as an equivalent to regular Pastel (PSL) to work on the existing Ethereum ecosystem. This allows it to be stored in wallets such as MetaMask, and also allows wPSL to be traded on Ethereum DEXs. Currently, wPSL is available on Uniswap, where users can swap between ETH and WPSL, as well as provide liquidity to the ETH/WPSL pool.

How wPSL Works

First, Pastel granted 250,000,000 PSL to a multi-signature wallet address on the Pastel blockhain held by a third-party custodian, Wrapped Pastel Custody LLC, which can be viewed and verified here. Correspondingly, Wrapped Pastel Custody LLC issued a smart-contract on the Ethereum Mainnet and created 250,000,000 wPSL such that there is a one-to-one relationship of wPSL to PSL in circulation. The ERC-20 smart contract can be found here, while viewers can also verify the contract source code openly here.

Launch of the Wrapping and Unwrapping Services

Now, users are able to convert from wPSL to “native” PSL coins that can be used on the Pastel Network to mint or trade NFTs and run Pastel services such as our Near-Duplicate NFT Detection Protocol and our NFT Storage Protocol. Likewise, existing PSL holders can wrap their PSL into wPSL to access functionality directly on Ethereum such as pooling liquidity.

How to use WrappedPastel.Com

Holders of PSL or wPSL are able to leverage the conversion services of WrappedPastel.com. Note that for regulatory reasons, the Wrapped Pastel conversion services are not available to citizens or residents of the United States and other sanctioned countries. Read below for a brief tutorial on how to use the Wrapped Pastel conversion services:

Signing up for WrappedPastel.Com

  1. Sign up for an account at WrappedPastel.com using Google Authorization.

2. Verify your identity using Stripe’s Identity Service in order to ensure that your country of origin is compliant with all applicable laws and regulations.

3. Once your account is verified, users will be able to wrap from native PSL to wPSL, and unwrap from wPSL to PSL. Note that it can take up to 24 hours for your account to be verified by Stripe. Once your account is verified, you will be able to log-in directly to access your dashboard and conversion services.

There is a 100,000 PSL/wPSL Minimum and 500,000 PSL/wPSL Maximum per conversion request. Note that users are able to convert as little as 10,000 PSL/wPSL for their first conversion in each direction to try out the conversion services.

Wrapping: PSL to wPSL

  1. To wrap from native PSL to wPSL, users simply click the “Convert PSL to Wrapped PSL” prompt.

2. Then, simply enter the Amount of PSL to convert into wPSL (note minimum 100,000 PSL to 500,000 wPSL), your ETH address for where you want to receive your wPSL and your PSL Transparent Address should a refund need to be issued.

3. Once your account is verified, users will be able to wrap from native PSL to wPSL, and unwrap from wPSL to PSL. Note that it can take up to 24 hours for your account to be verified by Stripe. Once your account is verified, you will be able to log-in directly to access your dashboard and conversion services.

There is a 100,000 PSL/wPSL Minimum and 500,000 PSL/wPSL Maximum per conversion request. Note that users are able to convert as little as 10,000 PSL/wPSL for their first conversion in each direction to try out the conversion services.

Wrapping: PSL to wPSL

  1. To wrap from native PSL to wPSL, users simply click the “Convert PSL to Wrapped PSL” prompt.

2. Then, simply enter the Amount of PSL to convert into wPSL (note minimum 100,000 PSL to 500,000 wPSL), your ETH address for where you want to receive your wPSL and your PSL Transparent Address should a refund need to be issued.

3. Once you click “Validate” you will receive a prompt for where to send your PSL, which uses a unique temporary z-address. Note — you must send exactly the amount of PSL as you initially entered.

4. Once you click “Convert”, you should see a prompt that the conversion has been Initiated.

5. Once the Pastel blockchain receives the adequate PSL to the temporary z-address, the transaction will show as ‘Pending’ until there is at least 1 block confirmation.

6. Lastly, the user will be sent the corresponding amount of wPSL, less a 1% fee that is used to handle costs like Ethereum Gas fees.

You will then find your wPSL in your ETH wallet!

Unwrapping: wPSL to PSL

  1. To unwrap from wPSL to native PSL, simply click the “Convert Wrapped PSL to PSL” prompt.

2. Then, simply enter the Amount of wPSL to convert into PSL (note minimum 100,000 PSL to maximum 500,000 wPSL), your PSL address for where you want to receive the PSL (note that only Transparent Addresses are supported) and your ETH Address for where you are sending the wPSL from.

3. Once you click “Validate” you will receive a prompt for where to send your wPSL, which is the Wrapped Pastel ETH address. Note — you must send the EXACT amount of wPSL as you initially entered.

4. Once you send your wPSL and the transaction has been received on the Ethereum blockchain, you will see the following prompt showing that the conversion has been inititated:

5. Wait a few minutes for the transaction to be confirmed

How much does it cost to Wrap or Unwrap on WrappedPastel.com?

In order to cover the administrative and legal costs associated with operating the service — such as Ethereum Gas fees and Stripe Identity Service costs — WrappedPastel.com charges users a service fee equal to 1% of the converted amount. For example, if you convert 100,000 wPSL into PSL, you will receive 99,000 PSL at your PSL address (i.e., the converted amount will be net of the 1% service fee).

Want to learn more or still have a question? Visit us here.

About Pastel

Pastel is the world’s preeminent protocol standard for NFT technology. Pastel also allows for the development of third-party applications to sit on top of its Network, enabling developers to enjoy the scalable registration features, storage processes, and security of the broader ecosystem. Lightweight protocols such as Sense — which was built to assess the relative rareness of a given NFT against near-duplicate metadata — and Cascade — which conducts permanent, distributed storage of underlying NFT data — can be integrated across any native L1 blockchains or L2 marketplaces.

The native platform living directly on top of the Pastel Network also gives creators a way to securely connect with fans and sell unique, limited edition digital assets –without the high fees or storage constraints of other crypto projects. By leveraging a purpose-built native blockchain, Pastel can deploy a number of key features such as Sense’s deep-learning based near-duplicate detection system to ensure proven authenticity.

Pastel is an entirely native blockchain supported by SuperNodes, which provide computational resources to the network to support asset registration, distribution, and permanent storage. Pastel is managed by world-class developers, cryptographers, and technologists, supported alongside an experienced and extensive network of marketers, influencers, and third-party agencies. Pastel is backed by key stakeholders including Innovating Capital, a prominent venture fund.

Originally Published on Pastel Network’s Medium

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