How to Mint, Send, and Manage Wrapped Tezos (wXTZ) Within Galleon

At launch, wrapping is available in Galleon wallet. Additional services to wrap XTZ and manage wXTZ vaults can be deployed by the community.

StakerDAO

Published in

StakerDAO

4 min readJan 5, 2021

Getting Started

*Please note transactions may take up to a few minutes*

Step 1:
If you haven’t already, download the Galleon Wallet application: Link

Always verify your links. Galleon links are available from the Cryptonomic website. (https://cryptonomic.tech/galleon.html).

Step 2:
If you already use Galleon, this will be an update. You will be able to use your current keys. If you are new to Galleon, open up the application and “Create New Wallet”
Note: You may use a Ledger, however, your Ledger will display the transactions as an “Unrecognized Operation” as the Tezos ledger app doesn’t support parsing smart contract invocations. There is no need to be alarmed.

Step 3:
New users will go through the process of creating a password, creating a new account, and backing up your seed phrase

Open a Vault

A Vault is a special tool (smart contract) that lets the owner deposit and lock Tez (XTZ) collateral to generate wXTZ.

Users can return wXTZ and unlock their XTZ at any time.
XTZ/wXTZ Vaults are non-custodial and are managed by the user’s private keys. Only the user has access to their XTZ/wXTZ vault.

Step 4:
Once you’re inside the application, you will see the main page as well as your tz1 address. You will need to send yourself XTZ to mint wXTZ if you do not yet have XTZ in the wallet.

Step 5:
After you’ve received XTZ into your Galleon wallet, click on the wXTZ image on the left hand side under “Tokens”. Then click on the “Vaults” tab.

Step 6:
Select “Deploy New Vault”. You can select your baker of choice, the gas price to confirm the transaction, and your password to confirm origination. You can always change your baker later.
Note: You can find a list of bakers on a site like Baking Bad or directly on the baker’s website.

Minting and Withdrawing

Step 7:
Once your transaction is confirmed, you will be able to add XTZ into the Vault. Please select an amount, and the Tezos network transaction fee.

If you are not using a ledger, you’ll need to enter your wallet password before hitting “Deposit”.

If you are using a ledger, simply hit “Deposit” and confirm the operation on your ledger. Remember, the Tezos Ledger app can’t parse custom operations so the operation will be displayed as “Unrecognized Operation”. There is no need to be alarmed.

price, and your password then click “Deposit”.

Step 8:
You now have Wrapped Tezos (wXTZ)! You can always add more XTZ into your Vault, add/change your baker under “Set Delegate”, or withdraw, which we will discuss further below.

Step 9:
If you want to send your wXTZ elsewhere like to Thanos (check out our Thanos guide here), select the “Send” tab. You can input the tz1 address, the amount, the network fee, your password, and “Send”.

Step 10:
At any point in time, you can send wXTZ back to Galleon. Make sure to use the tz1 address on your Manager address page!

Step 11:
Lastly, if you want to withdraw the XTZ in your vault, go back to the “Vaults” tab and click on a Vault you want to withdraw from. You will have to hold an equal amount of wXTZ in the Galleon wallet to the amount of XTZ you want to withdraw.
Note: wXTZ tokens are fungible and therefore any wXTZ is redeemable for the XTZ in your vault