WETH
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WETH

WETH 5-10 years
Website https://weth.io/
Browser
OTH RELPs
Github
White Paper
Avg Price
0.00%
1D

$ 3,948.55 USD

$ 3,948.55 USD

Market Cap

$ 12.9616 billion USD

$ 12.9616b USD

24h trading volume

$ 1.1259 billion USD

$ 1.1259b USD

7d Vol

$ 9.5949 billion USD

$ 9.5949b USD

Circulating supply

3.375 million WETH

Related information

Issue Time

2018-01-14

Platform pertained to

--

Current price

$3,948.55USD

Market Cap

$12.9616bUSD

Volume of Transaction

24h

$1.1259bUSD

Circulating supply

3.375mWETH

Volume of Transaction

7d

$9.5949bUSD

Change

24h

0.00%

Number of Markets

17988

Github Messages

More

Warehouse

None

Github's IP Address

[Copy]

Codebase Size

1

Last Updated Time

2020-04-29 08:17:23

Language Involved

Ruby

Agreement

--

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Historical Price

Introduction

Markets

3H

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1W

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1M

+25.33%

1Y

+114.16%

All

+550.25%

Aspect Information
Short Name WETH
Full Name Wrapped Ether
Founded Year Not Specifically Stated
Main Founders Not Specifically Stated
Support Exchanges Binance, Coinbase, Kraken, etc.
Storage Wallet Metamask, Trust Wallet, WalletConnect, etc.

Overview of WETH

Wrapped Ether (WETH) is a type of cryptocurrency that represents Ether (ETH) on the Ethereum blockchain. The main purpose of WETH is to facilitate smoother interaction with smart contracts by standardizing transactions to follow the same transfer rules as most ERC20 tokens. WETH is created through a process called “wrapping”, where an equivalent amount of Ether is locked and an equivalent amount of WETH is given. When the user wants to convert their WETH back to ETH, the tokens are “unwrapped” and the equivalent amount of Ether is given back. It is commonly utilized on decentralized exchanges and in DeFi applications, and can be stored in a variety of digital wallets including Metamask, Trust Wallet, and WalletConnect.

basic-info

Pros and Cons

Pros Cons
Interoperability with ERC20 tokens Requires additional step to wrap and unwrap
Facilitates smoother transactions with smart contracts Need to understand the concept of wrapping and unwrapping
Widespread use in DeFi applications and exchanges Potential smart contract risk

Pros:

- Interoperability with ERC20 Tokens: WETH has been designed to be compatible with ERC20 standards, which allows it to be traded directly with other ERC20 tokens. This compatibility significantly broadens its usability across various Ethereum-based platforms.

- Facilitates smoother transactions with smart contracts: In the Ethereum network, native Ether (ETH) does not conform to the ERC20 standard, and thus, does not behave like other tokens when interacting with smart contracts. WETH standardizes these transactions, enabling smoother and more predictable interactions with smart contracts.

- Widespread use in DeFi applications and exchanges: The interoperability and adaptability of WETH have made it popular in the decentralized finance (DeFi) sector. A considerable number of DeFi applications and decentralized exchanges recognize and utilize WETH as a trading asset.

Cons:

- Requires additional step to wrap and unwrap: To use WETH, one needs to go through the process of wrapping and unwrapping, i.e., converting ETH into WETH and vice-versa. This could be viewed as an additional, complex step, especially for beginners in the cryptocurrency space.

- Need to understand the concept of wrapping and unwrapping: Understanding the process of wrapping and unwrapping ETH, while crucial to the use of WETH, might present a learning curve for some users.

- Potential smart contract risk: Even though WETH simplifies interactions with smart contracts, like all other tokens based on smart contracts, it carries a risk. If there are bugs or vulnerabilities in the related smart contracts, users' WETH could potentially be at risk.

What Makes WETH Unique?

Wrapped Ether (WETH) introduces an innovative approach to streamlining operations with Ethereums native currency, Ether (ETH), especially concerning smart contract interactions. Its primary innovation lies in its adoption of the ERC20 standard.

Unlike Ether (ETH), which does not follow the ERC20 standard, WETH aligns with this standard, enhancing its compatibility with an array of DeFi apps, cryptocurrency exchanges, and smart contracts that are designed to handle ERC20 tokens. This aspect sets WETH apart from many other cryptocurrencies, including ETH itself.

Furthermore, the interoperability of WETH improves the efficiency of exchange operations involving different ERC20 tokens. The process of conversion between ETH and WETH (wrapping and unwrapping) is another unique characteristic of WETH, which, while adding another procedural step for the user, normalizes transaction behavior across different token types.

However, as with all technologies, WETH comes with its set of challenges, including the requisite understanding of the concept of wrapping and unwrapping and potential risks associated with smart contracts. These bear mentioning to provide a balanced view of its distinctive features.

Circulation of WETH

The circulating supply of WETH tokens is 13.5 million tokens. This means that there are 13.5 million WETH tokens in circulation that can be traded or used to make payments.The circulating supply of WETH tokens is limited by the amount of ETH that is locked up in smart contracts to mint WETH tokens. This means that the supply of WETH tokens cannot be increased without first increasing the amount of ETH that is locked up in smart contracts.

How Does WETH Work?

WETH (Wrapped Ethereum) is an ERC-20 token that represents ETH on the Ethereum blockchain. It is pegged to ETH at a 1:1 ratio, and can be used to interact with DEXs, DApps, and DeFi platforms.

To use WETH, users must first wrap their ETH into WETH. This can be done using a variety of wallets and exchanges. Once a user has wrapped their ETH into WETH, they can then use it to interact with DEXs, DApps, and DeFi platforms.

When a user wants to redeem their WETH tokens for ETH, they can do so by burning them in the same smart contract that they used to mint them. The smart contract will then release the ETH to the user.

WETH tokens are a convenient and efficient way to use ETH on the Ethereum blockchain.

Exchanges to Buy WETH

Several exchanges support the purchase, sale, and trade of Wrapped Ether (WETH). Here are ten examples:

1. Binance: Known as one of the largest global cryptocurrency exchanges in terms of trading volume, Binance supports WETH transactions. It offers various trading pairs for WETH, including WETH/BTC, WETH/ETH, and WETH/USDT.

Exchanges

2. Coinbase Pro: This platform is dedicated for individual traders and also offers WETH trading. It supports WETH/USD and WETH/BTC pairs.

3. Kraken: As another significant cryptocurrency exchange, Kraken supports WETH. The available trading pairs include WETH/USD and WETH/EUR.

4. Huobi Global: This exchange facilitates WETH transactions and offers multiple trading pairs, including WETH/USDT, WETH/BTC, and WETH/ETH.

5. OKEx: As a leading cryptocurrency exchange, OKEx supports WETH and provides numerous trading pairs, such as WETH/USDT, WETH/BTC, and WETH/ETH.

6. FTX: This cryptocurrency derivatives exchange offers WETH trading. It supports the WETH/USD pair.

This information might vary, so it's always best to check the latest on the respective exchange platform before making a transaction.

How to Store WETH?

Storing Wrapped Ether (WETH) requires a digital wallet that supports ERC20 tokens, since WETH follows the ERC20 token standard. Below are some examples of wallets that can be used to store WETH:

1. Metamask: This is a browser extension wallet that's easy to use, allowing users to manage and store ERC20 tokens such as WETH directly in their browser.

Wallets

2. Trust Wallet: This is a mobile wallet that's been designed for simplicity and ease of use while offering a high level of security. It also supports all ERC20 tokens, including WETH.

3. MyEtherWallet (MEW): An open-source wallet that provides a web interface for creating and managing Ethereum wallets. It supports all ERC20 tokens.

4. Ledger Nano S/X: These hardware wallets are compact devices that can be used to safely store ERC20 tokens offline.

5. Trezor: Another hardware wallet that offers safe offline storage for ERC20 tokens like WETH.

6. WalletConnect: This is an open protocol for connecting desktop Dapps to mobile wallets using end-to-end encryption. It allows users to interact with Dapps while keeping their private keys on a mobile wallet.

Remember, it's crucial to ensure the security of your digital wallets. Always keep your private keys private, create backup phrases, and use wallets that have a proven reputation for strong security.

Should You Buy WETH?

Buying Wrapped Ether (WETH) is particularly suitable for individuals or entities seeking to interact with decentralized applications (DApps) and smart contracts on the Ethereum network, especially those requiring compatibility with ERC20 tokens for smoother transactions. Traders who actively deal with ERC20 compliant tokens might also find value in using WETH for its cross-compatibility and transaction standardization.

Here are some professional tips for those looking to venture into WETH:

1. Understand What It Entails: Considering the unique 'wrapping' and 'unwrapping' process that comes with WETH, users should understand how this works before venturing into it. Having a clear grasp of this system would help them avoid potential mistakes while converting between ETH and WETH.

2. Consider Wallet: Those intending to buy WETH should also get a reliable wallet that supports ERC20 tokens. Some popular options include Metamask, Trust Wallet, and MyEtherWallet.

3. Understand Smart Contract Risks: Just like with any other token based on smart contracts, there is an inherent risk if the smart contracts contain bugs or vulnerabilities. Researching and understanding this aspect is important.

4. Stay Updated On Market Trends: It's always advisable to stay updated on market trends, and news about Ether and WETH in particular, as these can greatly impact the value of these assets.

5. Consult a Financial Advisor: If unsure, it might be beneficial to consult a financial advisor or a professional with substantial knowledge and experience in the cryptocurrency field.

It's also essential to note that every investment carries certain risks, so prospective WETH buyers should be ready for possible market volatilities. They should follow a sound risk management strategy and only invest what they can afford to lose.

Conclusion

Wrapped Ether (WETH) plays a significant role in the Ethereum ecosystem, enabling smoother interactions with smart contracts and transactions with ERC20 tokens. By following the ERC20 standard, it affords more compatibility and flexibility than Ether (ETH) on its own, making it popular in the DeFi sector. The process of wrapping and unwrapping Ether, unique to WETH, normalizes transaction behaviour across different token types.

Regarding the development prospects of WETH, much depends on the growth and evolution of the DeFi sector and ERC20-based platforms where WETH is widely adopted. Advancements in these areas could potentially provide more opportunities for utilizing WETH, which, in turn, may affect its value positively.

On the possibility of appreciating value or profiting from WETH, like all cryptocurrencies, it is subject to market risks and volatility. Its value can be influenced by various factors including supply and demand, market sentiment, regulatory news, and technological advancements. Potential investors should conduct thorough research and possibly consult with financial advisors before deciding to invest. It's important to note that while cryptocurrencies can offer significant returns, they can also lead to substantial losses. Hence, prudent risk management strategies should be adopted while dealing with assets like WETH.

FAQs

Q: Can any digital wallet store WETH?

A: No, only digital wallets that support ERC20 tokens can be used to store WETH, examples include Metamask, Trust Wallet, and MyEtherWallet.

Q: Can WETH be directly traded with other cryptocurrencies?

A: Yes, as an ERC20 token, WETH can be directly traded with other ERC20 compatible tokens on various Ethereum-based platforms.

Q: Does WETH hold the same value as ETH?

A: Yes, the conversion between ETH and WETH occurs at a 1:1 ratio, meaning 1 ETH equates to 1 WETH and vice versa.

Q: Is there any risk involved in using WETH?

A: Yes, like all other tokens built on smart contracts, WETH carries the inherent risk associated with potential bugs or vulnerabilities in the smart contracts.

Q: How do I convert my WETH back to ETH?

A: WETH can be converted back to ETH through a process called “unwrapping”, where corresponding WETH tokens are burned, and the equivalent amount of Ether is released from the smart contract.

Q: What's the main objective of introducing WETH?

A: The primary purpose of WETH is to standardize transactions involving Ether (ETH) with smart contracts, making them follow the same transfer rules as most ERC20 tokens.

Q: Is it possible to make profits from investing in WETH?

A: While potential profits can be made from investing in WETH, it's worth noting that this, like all other cryptocurrencies, is subject to market volatility, and comprehensive research and risk management should be considered beforehand.

Risk Warning

Investing in cryptocurrencies requires an understanding of potential risks, including unstable prices, security threats, and regulatory shifts. Thorough research and professional guidance are advised for any such investment activities, recognizing these mentioned risks are just part of a wider risk environment.

User Reviews

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Participate in evaluation
Noppadol
WETH is very interesting due to its price volatility that can generate profits for me and its ability to exchange quickly, making trading easy!
2024-05-02 05:00
7

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