Unwrapping
Converting vPILE back into PILE and giving up the claim.
Unwrapping is the reverse of wrapping: vPILE is burned and PILE is released, less the configured unwrap fee of 1.00%. The Stockpile is untouched — unwrapping surrenders the claim rather than exercising it.
Unwrap versus redeem
| Unwrap | Redeem | |
|---|---|---|
| Burns | vPILE | vPILE |
| Returns | PILE | Pro-rata Stockpile assets |
| Touches the Stockpile | No | Yes |
| Configured fee | 1.00% | 1.00% |
| Typical reason | Return to the liquid market | Exit at intrinsic value |