wAXL (wrapped AXL) – is an ERC-20-compatible version of the AXL token that can be presented on different trading platforms. 1 wAXL = 1 AXL and can be swapped through the Satellite bridge for future staking. There are many exchanges that list the ERC-20 version of the AXL token – wAXL (wrapped AXL). Unfortunately, you can stake only with the native token AXL, but if you want to stake AXL, convert it from wAXL. In this quick guide, we’ll show you how to convert wAXL to AXL easily and fast with the Satellite bridge using Keplr Wallet.
How to set up the Keplr Wallet you can read in this guide.
What is AXL?
AXL is a native token of the Axelar Network. The Axelar Network becomes even more decentralized with the AXL token, solidifying its position as the safest and most feature-rich cross-chain network out there. Stakeholders can perform governance over proposals, such as a parameter modification or protocol upgrade, using the AXL token, which is utilized for governance.
A large and flexible validator set is utilized for the development of Axelar, which uses the proof-of-stake consensus. This is made feasible through the AXL token. Anyone is welcome to join, take part, and contribute to the network’s security. This permissionless access is made possible by the token, which also provides incentive alignment.
What is wAXL?
wAXL – is a wrapped AXL token represented as an ERC-20 compatible token on Ethereum-Virtual-Machine (EVM) chains. This particular form is significant because the ERC-20 version of the token is listed on some exchanges that list AXL. When interacting with a cryptocurrency exchange, users should be aware of the version of the token they are working with.
What is Satellite?
One of the first ecosystem apps run on the Axelar Network is Satellite. This app shows how Axelar connects all Cosmos chains via IBC and its GCP protocol with other ecosystems. Assets from Cosmos can easily move from one Axelar-interconnected network to another due to the translation layer. Different “languages” for routing, completing, and carrying out transactions are supported by Axelar.
What is Keplr Wallet?
Keplr is a wallet that supports the Cosmos interchain ecosystem and is available as an open-source webapp, mobile application, and browser extension. For all blockchains powered by Cosmos, it offers account and wallet management features.
Private keys are locally kept in Keplr. As a result, web pages no longer have to manage user private keys in a risky or inconvenient manner. Users do not need to be concerned about the website’s level of security because the user’s private key is not controlled by the website. The user simply needs to rely on Keplr’s security guarantees, and they can freely interact with other web applications (and verify the contents of the transaction).
How to Buy wAXL?
At this moment, wAXL is listed on the next platforms, where you can buy wrapped tokens:
- Coinlist.
- Huobi.
- MECX.
- Osmosis.
- Uniswap.
- Gate.io.
How to Convert wAXL to AXL?
Note: Before the start, be sure that you have your wAXL tokens on the Metamask wallet. Because the transfer will be from Metamask to Keplr. To begin this process visit the Satellite main page and choose the source chain you need to transmit from. It should be an EVM chain. And choose the chain to which you want to transfer. This should be Axelar.
Next, connect your Keplr and Satellite, tap on Autofill to do it.
Then enter your Keplr password, tap on Unlock and your wallet address will be automatically added.
Now click on Connect Metamask to see the balance to attach the wallet to Satellite.
Select Metamask, enter your password and tap on Unlock.
Your Metamask wallet was connected to Satellite. Now enter the wAXL amount that you need to convert to wAXL. Also, note that Relayer Gas Fees are 5.25 AXL, Estimated wait time is ~ 15 minutes. To start converting click on Generate Deposit Address.
Read the main information about converting: wAXL token contract address and connected wallet balance, then Confirm the operation.
You can transfer your funds to the generated address or Send from Metamask. We recommend the second option because your wallet is connected and you’re able to follow the transaction. Click on Send from Metamask.
Go through all transaction details, and check your amount and fees. Now click on Confirm to convert your wAXL to AXL.
Now wait approximately 15 minutes for the converting. You’ll see the current height and epochs number.
Well done! Your transfer is completed. You’ve successfully converted wAXL to AXL. Now you can check your Keplr wallet and Axelarscan for more information.
Finally, you have AXL tokens in your Keplr Wallet. It’s high time to start staking and earn additional passive income. To know more about how to stake AXL with Keplr Wallet you can read our step-by-step guide. Token owners can contribute to the network’s growth and aid validators in preserving its stability by delegating their tokens. The Everstake team works to make staking easy for everyone and to optimize the delegation process. Also, you can be sure of the security of your funds, because Everstake is completely transparent in all operations, activities, and fees.
Visit our Axelar page to learn more about this blockchain and its ecosystem, calculate your staking and find answers to many questions.
Also, you can communicate with our Axelar blockchain manager on Twitter and be aware of the latest network news.
