Pastel Network launches Wrapped PSL to bring accessibility on Ethereum

We are thrilled to announce that Pastel Network has officially launched Wrapped PSL (“wPSL”), which is now live on the Ethereum Mainnet and available for trading on Uniswap.

With wPSL, users can access PSL and its diverse array of use-cases directly on Ethereum. In addition, wPSL holders will be able to process unwrapped / wrapped requests to directly convert wPSL to PSL and vice versa.

Introduction

wPSL is an Ethereum token based on the ERC-20 standard that is used as an equivalent to regular Pastel (PSL) to work on the existing Ethereum ecosystem. This allows it to be stored in wallets such as MetaMask, and also allows wPSL to be traded on Ethereum DEXs. Currently, it is available for purchase on Uniswap.

How It Works

First, Pastel granted 250,000,000 PSL to a multi-signature wallet address on the Pastel blockhain held by a third-party custodian, Wrapped Pastel Custody LLC, which can be viewed and verified here. Correspondingly, Pastel issued a smart-contract on the Ethereum Mainnet and created 250,000,000 wPSL such that there is a one-to-one relationship of wPSL to PSL locked by a third-party custodian. The ERC-20 smart contract can be found here, while viewers can also verify the contract source code openly here.

Wrapping / Unwrapping Services

Users are able to convert from the wPSL that they have purchased on Uniswap or other exchanges into “native” PSL coins that can be used to register or purchase NFTs on the Pastel Network. Likewise, existing PSL holders can wrap their PSL into wPSL to access functionality directly on Ethereum.

If a user wants to unwrap wPSL into PSL, the Ethereum smart contract will securely destroy wPSL after a conversion request and then programmatically issue the user PSL from custodian’s wallet so that there always exists exactly 1 wPSL for every 1 PSL contained in the custodian’s address — no more, no less. Likewise, if a user wants to convert PSL into wPSL, they must first send their PSL to the custodian address upon which the custodian will increase the wPSL supply and send directly to the user’s ERC-20 wallet. Thus, on balance, the total number of PSL and wPSL is preserved.

Both wrapping and unwrapping services will be available directly at WrappedPastel.com in the coming weeks.

About Pastel

Pastel is the world’s first fully dedicated, decentralized NFT platform allowing users to register, store, and trade ‘provably rare’ assets. The platform gives creators a way to securely connect with fans and sell unique, limited edition digital assets –without the high fees or storage constraints of other crypto projects. Pastel also allows for the development of third-party applications to sit on top of the Network, enabling developers to enjoy the scalable registration features, storage processes, and security of the broader network. By leveraging a purpose-built native blockchain, Pastel deploys a number of key features such as a deep-learning based duplicate detection system to ensure proven authenticity.

The network is a fork from Z-cash, running the Proof-of-Work (PoW) algorithm Equihash and also supports Supernodes, which provide computational resources to the network to support asset registration, distribution, and permanent storage. Pastel is managed by world-class developers, cryptographers, and technologists, supported alongside an experienced and extensive network of marketers, influencers, and third-party agencies. Pastel is backed by key stakeholders including Innovating Capital, a prominent venture fund.

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