wETH and wBTC on Monad are inventory. Unwrapping them is a separate decision.

WETH on Monad is not ether on Ethereum, and it is not MON. It is an ERC-20 in a WMON pool, 18 decimals, fee tier 500 on the pool this desk reads. WBTC is the same shape with 8 decimals. cbBTC is a second bitcoin wrapper, also 8 decimals, in its own pool, and it is not interchangeable with WBTC inside a router path. Sending WBTC to a cbBTC address does not become cbBTC. It becomes someone else’s problem, or a token the recipient’s contract does not know. The desk lists them as separate cards for that reason.

The spot, without a quoter

A v3 sqrt price converts a token quantity to MON wei. If WMON is token1, MON wei equals quantity times sqrtPriceX96 squared, over 2^192. If WMON is token0, the fraction is inverted. The asset record on the desk says which side MON is on. Getting it backwards does not produce a small error. It produces a price that is the reciprocal, off by the square of the ratio, and a minimum output that the pool can never meet. That revert looks identical to “the price moved”. It is not the price. It is the orientation. The mark on a healthy card, a few tenths of a percent from the amount you put in, is the check that the orientation is right. A mark of thousands of MON on a 50 MON clip is a bug, and you should not close into it.

Decimals sit in front of that arithmetic. A raw WBTC balance of 1,360 at 8 decimals is 0.00001360 WBTC. At 3,677,000 MON per coin that is about 50 MON. Displaying the raw integer, or running the spot formula on a human unit, is how a card claims a position of millions. The desk’s trade quantity also refuses a recorded amount that is more than one and a half times what the spent MON buys at the current spot. A doubled fill from a bad log becomes the fair quantity. A real rally of less than that is left alone.

18 decimals for wETH. 8 for both bitcoins. 6 for the dollar. The spot formula never sees a human number.

Using them without unwrapping

A hop is two pools: the wrapped coin into WMON, then WMON into the thing you are buying. Each pool takes its fee. On two 500-tier pools that is 0.05 percent each way, 0.10 percent if you come back, before gas and before impact. That is the cost of changing inventory. It is not a reason to unwrap into a native asset this chain does not have. There is no native ETH here to unwrap WETH into. Unwrapping, in the MON sense, is WMON’s withdraw function, and it applies to wrapped MON only. Calling it on WETH will revert or, worse, call some other contract’s function if you aimed at the wrong address. The desk never does it. WETH in, WETH-sized input, asset out.

Holding the wrapped coin is the default when the next trade you want is also denominated in it. Selling WETH to MON, so that you can later buy WBTC with MON, is two extra swaps compared with WETH to WBTC through WMON once. The fee gate that used to block that rotation on a small edge has been taken off the button. The arithmetic has not been repealed. If you do not want the rotation, do not light it up by tapping it. If you do, the button is allowed to be smaller than a thesis.

What the balance row is counting

The row under the size chip reads the wallet, not the vault and not an exchange. wBTC, wETH and USDC are the token balances. MON is the spendable native balance, wallet plus what the desk already treats as spendable. A vault that holds WETH will not light the wETH button, because the hop is signed by the wallet for wallet tokens. A vault trade spends the vault’s MON. Mixing those two inventories in one button is how people approve a router for a coin and then send a transaction the vault was supposed to send. The button you want is the one whose balance row just moved.

Closing back to the same coin

A fill paid in MON closes toward MON. A fill paid in USDC closes toward USDC. A wallet fill can be asked to close into USDC even when it was paid in MON. That is an explicit extra hop, and it is not offered for a vault fill. wETH you bought with MON does not automatically become wETH again on the way out. If the thing you wanted to keep was wETH, you should not have sold it for the asset on the card, or you should buy it back as its own card. The inventory you end in is the pay field of the fill, unless you override it on purpose. Read that before you celebrate a green mark. The mark is in MON. The coin in your wallet may not be.