It’s quite easy to wrap Solana cryptocurrency to wSOL token.
However, the problem starts arising when you have wrapped Solana (wSOL) in your wallet, and want to unwrapped them.
If you have wSOL, you’ll need to unwrap it back to SOL, as not every crypto exchange accepts SOL wrapped version.
The good news is; unwrapping wSOL is pretty simple, and it only takes a few steps to be achieved in the Phantom wallet.
In this simple guide, you will learn how to convert Wrapped SOL to SOL using a Solana crypto wallet extension.
How to convert Wrapped SOL to SOL
The easiest way to convert Wrapped SOL to SOL is with Phantom wallet on the Solana blockchain network.
If you have wSOL in your wallet, you have to simply follow these steps below to unwrap it:
- Download Phantom wallet extension in your browser
- Click on the Phantom wallet extension
- Select the wrapped SOL token in the asset list
- Click the ‘…’ button to show more options
- Select ‘Unwrap all’ button to convert wSOL to SOL
- Receive normal Solana (SOL) tokens in your Phantom wallet.
You need to have a small amount of unwrapped SOL in your wallet to pay for the conversion fee.
If you don’t have or want to use Phantom wallet, you can also use a DeFi exchange like Step.Finance to swap between wSOL and SOL.
What is Wrapped SOL?
The Solana blockchain uses a native token called SOL to fuel transactions on the network.
In order to promote wider adoption and usage of this blockchain, hence the team created Wrapped SOL (WSL).
WSL is an ERC20 token that is backed 1:1 by SOL cryptocurrency tokens held in a secure multisig wallet.
This means that every WSL token in circulation is backed by a corresponding SOL token on the Solana blockchain.
WSL tokens can be used in any Ethereum-compatible wallet, making it much easier for users of Ethereum network to access and use the Solana blockchain.
Can You Send wSOL to a SOL Address?
No, you cannot send wrapped Solana to an unwrapped Solana crypto wallet address.
Both of them are two different tokens, and you cannot interchangeably send or receive them into their wallets.
If you mistakenly send wSOL to a Binance exchange or another wallet address, you’ll have to contact their support team.
This can take a while and may come with a fee.
Before sending any crypto, it’s recommended you always send a small amount as a test transaction to avoid certain mistakes.
What are the fees to unwrap wSOL?
The fees charged to wrap and unwrap your Solana tokens are less than a 1 cent – thanks to the high throughput of the Solana blockchain.
If you’d followed this guide, you will agree with me that it’s quite easy to unwrap wSOL with any Solana compatible wallet.
To maintain maximum security, you should always make use of crypto VPN (Virtual Private network) to stay anonymous.
It will also help you to hide your transaction footprints on the blockchain.
Finally, if you are planning to store Solana token for a long-term, you should consider using crypto hardware wallet.