How to use WHBAR
Very high-level overview of the Wrapping Station to wrap your own HBA
Ethereum Mainnet Contract | https://etherscan.io/token/0x2747398daab72e8c583f02318fa9924eba4bdefb
Hedera Mainnet Contract | https://app.dragonglass.me/hedera/contracts/0.0.
The process for wHBAR is divided into two sections. One is the wrapping and the other is the unwrapping process.
Make sure to have install & setup both MetaMask and Composer for Hedera Hashgraph prior starting. You will need HBAR in your Composer extension in order to successfully bridge your hbar. The wHBAR will be minted to the selected MetaMask account.
Wrapping Process
Wrapping involves sending HBAR to a Hedera smart contract and locking it out of existence. The validator then uses the transaction sent by the individual to create a minting event on Ethereum. This creates wHBAR.
To initiate this transaction, go to the Wrapping Station, connect your Hedera wallet (i.e. Composer), and type the amount of HBAR you wish to wrap in the field to the center of the page.
The website will automatically populate the Ethereum account it will mint the wHBAR to based on the Default Account on your MetaMask extension.
Just type the amount of HBAR you want to wrap, keeping in mind the transaction fee and transaction minimums, and click wrap!
If the transaction was successful you'll find it on your history of transactions at the bottom of the page. The validation process should take about 4 to 8 hours until you see the balance on your account.
This is when you check your Ethereum wallet and see the whbar sent to you by the minting smart contract. You can then use whbar on any Ethereum application that supports ERC20 tokens!
unWrapping Process
The unwrapping involves sending wHBAR to a smart contract and burning it, along with the withdrawal account. The validator then uses the transaction sent by the individual to create a withdrawal event on Hedera. This withdraws HBAR.
Now you just type the amount of wHBAR you want to withdraw, keeping in mind the transaction fee and transaction minimums, and click wrap! If you don't have enough whbar to withdraw we recommend visiting an exchange to top up!
If the transaction was successful, you'll find it on your history of transactions at the bottom of the page. The process should take about 4-8 hours to validate over to Hedera Hashgraph.
After the validation process, the beneficiary address you indicated in step 1 of unwrapping will be credited with the corresponding HBAR. You can then freely use this HBAR to access Hedera's services or to interact with applications on the network
This model results in the following latency number for interactions across the bridge:
For Hedera->ETH interactions, the latency is 4 hours. It will be about 20 seconds once State Proofs are finalized which would allow us to verify state proofs on chain.
For ETH->Hedera interactions, the latency is around 4 hours. It will be about 16 seconds once the Hedera bridge is released.
We will upgrade the system to better support these functionalities over time in our Phase 3 & 4.
Fees and Minimums
Transactions on Ethereum are very expensive. As a result, validators have to choose between large transaction minimums with low fees, small transaction minimums with large fees, or static fees for any transaction amount.
We don't want to price out users by imposing large transaction minimums or demand expensive fees (like alternative methods which charge large % fees).
With this in mind, we have decided a static fee of 1,000 hbar per transaction (regardless of the amount) is a good starting point. In the future the control over the fee structure will be left to the DAO managing the bridge.
Requirements to wrap/unwrap hbar
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