What is WETH (Wrapped ETH)?

WETH is the tokenized/packaged form of ETH that you use to pay for items when you interact with Ethereum dApps. WETH follows the ERC-20 token standards, enabling it to achieve interoperability with other ERC-20 tokens. 

This offers more utility to holders as they can use it across networks and dApps. You can stake, yield farm, lend, and provide liquidity to various liquidity pools with WETH. 

Also, unlike ETH, which doesn’t conform to its own ERC-20 standard and thus has lower interoperability as it can’t be used on other chains besides Ethereum, WETH can be used on cheaper and high throughput alternatives like Binance, Polygon, Solana, and Cardano.

The price of WETH will always be the same as ETH because it maintains a 1:1 wrapping ratio.

How to Wrap ETH?

Custodians wrap and unwrap ETH. To wrap ETH, you send ETH to a custodian. This can be a multi-sig wallet, a Decentralized Autonomous Organization (DAO), or a smart contract. After connecting your web3 wallet to a DeFi exchange, you enter the amount of ETH you wish to wrap and click the swap function. Once the transaction is confirmed, you will receive WETH tokens equivalent to the ETH that you’ve swapped.

On a centralized exchange, the exchange burns the deposited ETH and mints a wrapped form for you. And when you want to unwrap it, the exchange will burn the wrapped version and mint the ETH on your behalf.

What’s Next for WETH?

According to the developers, hopefully there will be no future for WETH. According to the website, steps are being taken to update ETH to make it compliant with its own ERC-20 standards. 

The best WETH wallet should balance both security and ease of use.

With a WETH wallet, you can not only securely store and manage (token name), but also freely conduct cross-chain transactions, participate in DeFi protocols, and interact with DApps.

WETH wallet provides real-time transaction tracking, open-source and transparent security mechanisms, and a smooth experience on the WETH network, giving you complete control over your crypto assets.

1. Download wallet: Visit the OneKey official website and download the OneKey App for macOS, Windows, iOS, or Android.

2. Create wallet: Open the App, select "Create New Wallet" or "Connect Hardware Wallet".

3. Backup wallet: Safely write down the recovery phrase and store it offline. We never upload or save your recovery phrase.

4. Deposit WETH: Copy the wallet address and transfer WETH from an exchange or another wallet.

All private keys are generated and stored offline on the device, giving you complete control over your assets.

1. Send WETH: Enter the WETH address and amount, then confirm the signature in the App. The transaction will be broadcast to the blockchain immediately after completion.

2. Receive WETH: Click "Receive" to get the wallet address, share it with the sender, and you can view the balance in real-time in the App after receiving the tokens.

3. Manage assets: Track transaction history, access DeFi protocols, or perform cross-chain operations in the WETH wallet, all in one App.