NEAT Launches Universal Wrap/Unwrap Feature

NEAT, the NEAR-based inscription protocol, has officially launched its universal Wrap and Unwrap functionality. This new feature is a game-changer for builders and users of NRC-20 inscription tokens, enabling them to seamlessly wrap their assets into NEP-141 token, the leading fungible token standard within the NEAR community.

Bridging the Gap Between NRC-20 and NEP-141

NEP-141 has been supported extensively across various decentralized and centralized exchanges, including giants like OKX and platforms like Ref. The introduction of the universal Wrap and Unwrap feature by NEAT marks a pivotal moment, offering unparalleled flexibility. Now, NRC-20 inscription tokens can be effortlessly converted into NEP-141 tokens and vice versa, gaining instant access to infrastructure already supporting NEAR across wallets and dapps.

This integration not only enhances the utility of NRC-20 inscriptions but also simplifies their adoption on centralized exchanges (CEXs), providing projects with an edge in the competitive market landscape.

How to Utilize the Wrap/Unwrap Functionality

NEAT has made the Wrap and Unwrap process incredibly user-friendly. Participants can visit the designated NEAR inscription portal, choose the specific inscription they wish to wrap or unwrap, and execute the function with a simple click, specifying the desired quantity for the operation.

Instructions for Registering/Deploying a NEP-141 Token

For deployers looking to register and deploy a NEP-141 token, the process is straightforward:

1. Navigate to the Wrap/Unwrap page and click the provided link.
2. If you’re a deployer of an NRC-20 token, select the token you wish to wrap.

1. Upload an SVG icon to represent your NEP-141 token.

1. Click the “register” button and complete the payment of 3 $NEAR to cover the storage fees for the NEP-141 contract.

1. Within a few seconds, your NEP-141 token will be deployed, making your NRC-20 token ready to be wrapped.

Looking Ahead: Staking Function and Fee Structure

NEAT’s vision extends beyond this launch. Plans are in place to introduce a staking function, enhancing the protocol’s utility. A nominal 1% fee will be applied for Wrap/Unwrap transactions, serving as an incentive mechanism for NEAT users through future staking rewards, thereby ensuring a sustainable value capture model for the protocol.

Stay Connected

Follow NEAT to get the latest update: https://twitter.com/inscriptionneat