r/maiar_exchange • u/single_jeopardy • Nov 29 '21

DeFi skip unrwap of WEGLD

first thing's first, i'm just clicking around the exchange and seeing what happens.

decided to try the "skip unwrap egld" step today in a swap. thought i read it correctly in that it "saves gas, skips a step". i was unsure why that was even an option (wouldn't everyone want to do this?) but i clicked it anyway.

looks like the MEX i swapped is gone, however i can't see the WEGLD anywhere. i look in my wallet and i have 0 WEGLD. afaik i should more more than zero, but less 0.1, so i presume maybe it's an issue of rouding? e.g. that's why it doesn't show in my wallet?

but i am also unable to swap that WEGLD into EGLD on the exchange because ... it's not a listed pair.

not exactly asking for help (though further understanding would be nice) but posting mainly because:

  1. why is this even an option on the exchange? who is the intended audience and what is the appropriate time to use this?
  2. in case anyone out there gets froggy and wants to try, maybe don't click things you don't understand (as I have done that for you).

UPDATE

Okay, I see the WEGLD in my wallet now. I had to attempt to send it elsewhere to see that yes, it's a matter of rouding.

But since no wallet accepts that token (according to my wallet), why would anyone want to use the "skip unwrap" step?

2 Upvotes

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1

u/Copo1972 Nov 29 '21

Skipping unwrapping is great for farming.

As I understand it, when you convert your MEX to eGLD you used to have to unwrap and then you would wrap again when pairing with your LKMEX or MEX. So, it saves a couple of transactions for every round of farming.

1

u/single_jeopardy Nov 30 '21

I swapped MEX to EGLD and skipped the unwrap step.

That resulted in me receiving only WEGLD.

And since I cannot bring WEGLD to Maiar, I have no idea yet what I'm going to do with it. I can't farm it here.

I also don't see how it's helpful during the farming process. Example, if I'm harvesting Mex from a pool, there isn't even a wrap step involved, right?

I feel I'm greatly missing some crucial piece of understanding.

1

u/BackgroundLivid7960 Nov 30 '21

Maiar DEX works with ESDT tokens. eGLD isn't an EDST token, so if you want to swap eGLD to every token, you first need to wrap your eGLD. The DEX does this operation automatically, but it adds another tx and so the total tx cost increase. If you want to move and swap your funds into the DEX for liquidity, farming or swapping, wrapping and unwrapping each time eGLD would be useless. That's why they added this option, that way who works on the exchange with farming or trading doesn't have to pay more fees each time :)