Getting Started With wXTZ, From Start to Finish.

Wrapped Tez (wXTZ) is a token on Tezos and Ethereum that is fully collateralized and represents Tez + its baking rewards. Wrapped Tez can be used on Tezos and Ethereum, and also makes supporting Tez with its staking rewards easier. Here’s how to get started.

First, you’ll need Galleon Wallet, a desktop Tezos wallet. In addition to allowing you to mint wXTZ, you can also use it to interact with decentralized apps (DApps) on Tezos. You should get it from https://cryptonomic.tech/galleon.html and ONLY from https://cryptonomic.tech/galleon.html. Find the download button, download the package for your platform and follow the install process.

When you launch Galleon for the first time, you’ll see this:

Select Ledger Wallet if that’s how you’d prefer to store your funds, or Open Existing Wallet if you already have one. This guide will assume you have no wallet, so we’re going to create one! Click on Create New Wallet. You’ll be taken to a screen where you’ll be asked to create a password. Choose a strong one. When you click Continue, you will be prompted to save a file that ends in tezwallet. Give the file a name and save it. Don’t worry, it will be encrypted with the secure password you chose earlier.

Next, you’ll see a screen that says Add an Account. Since we are starting with a fresh wallet, we are going to go to the tab that says Create a New Account. You will be presented with a table of 24 words. These are the very words that will give anyone access to your funds. Store them safely in a place no one that you don’t want to can access. This could be on paper, locked up safe. Make sure you don’t store it online. You will then be asked to verify 4 random words from your phrase to make sure it’s backed up.

Once you finish that setup, you’ll land at a screen like this:

At this point, you need to fund your wallet. This can either be by sending some tez from an exchange or from another wallet. You can click on the copy button next to the tz1 address to copy your wallet address to your computer’s clipboard. When you send your tez to your Galleon Wallet, you have to wait a bit for the transaction to be confirmed. Afterwards, you can head over to the Wrapped Tezos section in the sidebar.

Here, go to the Vaults tab and select Deploy New Vault. You will see a modal pop up that presents different parameters.

• Baker: a text box you can input a Tezos baker address in. The locked up Tez will be delegated and generate staking rewards from that baker (use https://baking-bad.org/ to find a good baker)
• Fee: network fee, paid to the bakers who validate transactions on the network; higher fee means there is a greater incentive for the transaction to be validated quickly
• Burn: a fee the Tezos network requires to make sure people don’t just deploy new contracts all willy-nilly and spam the network (you can’t change this — it’s required to deposit funds in your vault)

Make sure you are ready to deploy a vault. Enter your password and hit Deploy Vault!

Wait a bit for the transaction to be confirmed. This should take no more than a minute with Medium Fee selected. Now you’ll see a green message that says “Completed vault deployment at KT_address” where KT_address is the address of your new vault.

Now you can click on Deposit. A new modal will open up where you can choose how much XTZ to put in the vault. I’ll put in a few tez.

You’ll have to wait a bit for the deposit to confirm on the blockchain.

Then you’re done! wXTZ will be fully collateralized by your XTZ and will be available for use on both Tezos and Ethereum. On Tezos, you can provide liquidity on QuipuSwap and you can even use StakerDAO’s bridge to bring your wXTZ to Ethereum.