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Wrapped bTokens (or wbTokens) are a permissioned version of bTokens. Only whitelisted wallets can access Wrapped bTokens.
Wrapped bTokens are a permissioned version of our standard bTokens. They limit the accessibility to a set of identified users. This means that wbTokens can be safely transferred or LPed on DEX pools because they will always end up in the hands of wallets that are allowed to own them.
Alternatively, users can access them from liquidity pools on the main DEXs where every whitelisted user is allowed to get access to wrapped tokens.
Initially Wrapped bTokens will be available only on Ethereum. We will soon roll it out also on the other chains on which Backed operates.
A user can wrap and unwrap in two ways: via the UI or directly interacting with the contract.
- UNWRAP (wbToken → bToken):
- call withdrawTo(address receiver, uint256 amount) on 0xabc56186c2df63c338e04c9c9b9814e27983a5a9 contract
- WRAP (bToken → wbToken):
- Approve spending of bToken by wrapped token contract (call approve(address spender, uint256 amount) on 0xCA30c93B02514f86d5C86a6e375E3A330B435Fb5 contract (bToken) with spender set to 0xabc56186c2df63c338e04c9c9b9814e27983a5a9)
- call depositFor(address receiver, uint256 amount) on 0xabc56186c2df63c338e04c9c9b9814e27983a5a9 contract
No, only whitelisted wallets can be holders of wbTokens. If you don’t have a whitelisted wallet and another wallet sends you wbTokens, the transaction will fail.
Initially, only the wallets of clients KYCed by Backed will be included in the whitelist. Progressively we will be opening the whitelist to more users, coming from other KYC/KYB providers.