Theta v3.4.0 upgrade successful — learn how to use wrapped THETA (wTHETA) in the updated Theta Web Wallet

Earlier today the Theta v3.4.0 upgrade, a key step toward the launch of Theta Metachain in December, was successfully implemented at block height 17285755. This upgrade enables support for wrapped THETA (wTHETA) as a TNT20 token (contract deployed here), which is now usable in Metamask and in any smart contract, as well as staking THETA/TFuel to Guardian Nodes/Elite Edge Nodes from smart contracts. Thanks to all the community validators for upgrading your nodes allowing for a smooth hard fork and upgrade!

If you missed the news, you can find the v3.4.0 source code on the following page: https://github.com/thetatoken/theta-protocol-ledger/releases/tag/v3.4.0

Note: If you already understand wrapped tokens and want to skip to the instructions, scroll down to the wTHETA Guide section.

In case you’re not familiar with wrapped tokens, wTHETA is a TNT20 token that is ‘wrapped’ around a native THETA token via smart contract. This allows THETA to be used within smart contracts, which normally isn’t possible as a native token. Similar mechanisms are in place on chains such as Ethereum using wETH, where behind the scenes your ETH is wrapped into wETH when you use it in a Dapp like Uniswap or Maker.

This upgrade is critical in that it permits THETA to be used in Theta-based Dapps, for DeFi, or within Metamask wallets among many other use cases. It also means that staking THETA to Guardian Nodes or TFUEL to Elite Edge Nodes can now be done through smart contracts (more documentation will be provided later on this feature), which makes pooled staking easier and allows users to create a wider variety of staking products. Additionally, for the upcoming Metachain upgrade wTHETA is needed to register a subchain and to post THETA collateral for the subchain validators. Altogether it means greatly increased utility for THETA token and for the ecosystem as a whole.

wTHETA Guide — Wrapping and unwrapping

Wrapping THETA (creating wTHETA) and unwrapping (retrieving the original THETA tokens) is simple to do via the Theta Web Wallet. First, login to your Theta Wallet holding the THETA tokens you want to wrap. You can see that the list of tokens now includes wTHETA.

Click the ‘Wrap’ button next to your THETA tokens. Enter the number of THETA you want to wrap in the prompt, then click Next. Then, enter your password (if applicable depending on how you access your Theta address) and click Confirm to submit the transaction to the wTHETA smart contract.

After the transaction is confirmed, you can now see your wTHETA in your wallet. These wTHETA can be sent to any other Theta address or used in smart contracts like any other TNT20 token.

NOTE: do NOT send wTHETA tokens to any exchange. They will not be recognized as THETA tokens and you may not be able to get them back from the exchange. There is no way for you to retrieve your original THETA tokens from the smart contract if you do not have access to the wTHETA tokens that were generated.

Adding wTHETA to Metamask

The main reason for using wTHETA is that unlike native THETA tokens, they wTHETA can be used in smart contracts and in Metamask. wTHETA will appear natively in Theta Web Wallet, but in Metamask you’ll need to import it just like other TNT20 tokens. To do this, in Metamask click the ‘Import Tokens’ button link at the bottom, then enter this information for wTHETA and click Add Custom Token:

Token Contract Address: 0xaf537fb7e4c77c97403de94ce141b7edb9f7fcf0

Token Symbol: wTHETA

Token Decimal: 18

Once completed, your wTHETA tokens will be shown in your Metamask wallet and ready for use in smart contracts.

Unwrapping wTHETA

To unwrap wTHETA tokens and retrieve your underlying THETA tokens, just click ‘Unwrap’ next to your wTHETA balance. Enter the amount of wTHETA to unwrap and confirm your transaction. Your wTHETA tokens will be sent back to the smart contract and your THETA tokens will appear back in your wallet balance.

With this upgrade we are one step closer to Theta Metachain launch! The testnet release is just days away, so soon community developers will have their first chance to start building on their own highly scalable, customizable subchains. Stay tuned for updates on the testnet release here!