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Ethereum Wrapper Share

Holders wrap an eligible base asset, receive fixed-balance wrapper shares, and realize distribution accrual through rising unwrap value per share after settlement.

What the wrapper is

Ethereum Wrapper Share is a wrapper instrument for eligible deposits of SNXDB on Ethereum. It is not an extension of the base stablecoin instrument; it has its own holder terms, reporting surface, operational controls, and contract references.

Holders receive wrapper shares when they wrap eligible base assets into the wrapper vault. The share balance does not rebase. Distribution accrual appears through rising unwrap value per share after settled eligible base assets enter the vault and are counted in current backing.

Base Stablecoin vs Ethereum Wrapper Share

CategoryBase StablecoinEthereum Wrapper Share
Instrument meaningBase stablecoin instrument with its own issuance, reserve, redemption, and legal terms.Separate wrapper-share instrument over eligible Ethereum base-asset deposits.
Holder entitlementRights are defined by the base stablecoin issuer and base stablecoin document set.Rights are defined by the wrapper legal terms, wrapper controls, and wrapper reporting surface.
Balance behaviorBase balances follow the base stablecoin rules and supply model.Wrapper-share balances stay fixed while unwrap value per share can rise after settlement.
Unwrap / redemption pathBase stablecoin exits follow the base stablecoin process.Wrapper shares unwrap to base asset only.
Accrual mechanismNo wrapper-share accrual is implied by holding the base stablecoin alone.Distribution accrual is reflected through settlement into the wrapper vault and rising share value.
Reporting surfaceBase stablecoin reports and notices apply to the base instrument.Separate wrapper reports publish NAV, settlement, reconciliation, controls, and exceptions.
Legal termsBase stablecoin legal pages define issuer and holder terms.Wrapper legal terms define wrap, unwrap, restrictions, and holder risk boundaries.
Risk boundaryBase stablecoin risks are scoped to the base stablecoin issuer, reserve, redemption, and legal terms.Wrapper-share risks include wrapper contracts, settlement timing, controls, and base-asset dependency.

Current chain-reference boundary

Public Ethereum contract references are now published for the WSNXU demo wrapper surface. Use the reference page to inspect the current contracts, reporting artifacts, and linked public proof surfaces.

Keep the boundary explicit: this remains a demo-only Ethereum wrapper-share instrument, not a production-value activation or a merge with the base stablecoin lane.

Current public status

Public family
Ethereum Wrapper Share
Instrument type
Separate Ethereum wrapper-share instrument
Activation status
Demo allowlist live
Transfer policy
Allowlisted at launch
Wrap / Unwrap
Enabled / Enabled
Transfer / Settlement
Enabled / Enabled
Published report set
Current NAV snapshot, latest distribution settlement report, latest reconciliation statement, and current exception report.
Inspect published artifactsBase asset on EtherscanWrapper on Etherscan

Holder flow

  1. Wrap an eligible amount of SNXDB into the wrapper vault.
  2. Receive wrapper shares at the current unwrap value per share.
  3. Hold wrapper shares while settlement-driven distribution accrual updates share value rather than token count.
  4. Unwrap wrapper shares back into base asset only under the published controls and legal terms.