WETH

SunliMin

It feels like context is needed here, both in that article, the title and comments. There are not "over 2.4m crypto projects". There are over 2.4m ERC20, ERC721 and ERC1155 contracts deployed. When a new ABC token comes out and someone makes a liquidity pool of it and WETH, that pool that was deployed is a new token being tracked, same with the ABC:WBTC, ABC:DAI, etc, each new pool gives you a token that is effectively your receipt to track how much you own of the backed assets for the withdraw, and that receipt is a contract per pool per defi app. This is also true with any form of staking. Defi apps use other tokens as receipts, but it does not make each of those token its own "project". Theres also the case that not every contract that exists is even built to be used. These numbers include Polygon and other sidechains. As a dev in this space, I have deployed probably... 30 or 40 NFT contracts to that blockchain. These aren't monkey NFTs to be traded, they are underlying infrastructure of our core products. In fact, at my current job, our NFTs are built to fail to transfer if it detects its being transferred by a 3rd party contract, because we explicitly do NOT want it to get picked up by defi apps, because our use case is not the average token use case, and it would go against our goals. All that is to say, this 2.4m number is wrong. If by "projects" they meant "dapp", the number is inflated at least 10:1, but probably closer to 50:1. For example, Uniswap V3 on mainnet Ethereum has 958 markets, so the 3rd version of Uniswap on one network accounts for nearly 1,000 of these "projects". Now imagine this for every version of Uniswap, across every chain, including every fork. Now imagine that same logic, but applied to Compound Finance, AAVE, every single Defi app on every chain and every fork. Easily hundreds of thousands are just from those big defi apps and clones alone.

Wheels_McFantini

1. To Mog the world 2. The community that formed around the project was absolutely electric. Many other tokens lose their community entirely when the price goes down. The Mog community got bigger and more active when the price went down. There's something magnetic about people having fun on the internet regardless of price. 3. We cater to a culture of perseverance, relentlessness, manifestation, hard work, and effortless cosmic domination. 4. Mog was a fair launch coin, with no marketing budget. The LP is locked. 5. The 10 team members that funded the deployment received 12% of the tokens at launch. \~7% of the tokens were burned by anti-sniper-taxes in the first few blocks. The remaining 81% went directly into the Mog/WETH liquidity pool. 6. Ownership of the Mog contract has been renounced, the contract is now immutable.

Hunter-North

Gimme the address, I may transfer 20 fake WETH to it

coinfeeds-bot

tldr; A crypto investor lost over $71 million by sending 1,155 Wrapped Bitcoin (WBTC) to a scammer's address due to a poisoned address attack. This phishing method involves scammers creating addresses that mimic legitimate ones, tricking victims into sending funds. The scammer has already transferred the WBTC to various wallets and converted them to Wrapped Ether (WETH). *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.

No-Tackle-8652

38.8% (the top 2 "accounts") are the beacon chain contract and the WETH contract. So the real number is 18.35%

LazurusDemon

Just checked [coinmarketcap](https://coinmarketcap.com/currencies/tribe/) and there's a TRIBE/WETH pair on uniswap v3.

coinfeeds-bot

tldr; Chainlink has launched Transporter, a new app designed for hyper-secure cross-chain transactions, utilizing the Chainlink Cross-Chain Interoperability Protocol (CCIP). Transporter aims to simplify the transfer of large token values and critical messages across different blockchains, starting with support for Arbitrum and Ethereum. It features an easy-to-use interface, 24/7 support, and a visual tracker for transaction monitoring, charging only for CCIP usage without additional fees. Early adopters include venture capital firms Fourth Revolution Capital and Moonrock Capital. Additionally, Chainlink introduced a new token transfer mechanism within CCIP for native ETH transfers through WETH token pools. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.

LargeSnorlax

That's because no one (especially here) actually uses Crypto. The amount of people that I've seen asking what a private key is or asking why they shouldn't stake on exchanges makes my brain explode. Don't get me wrong, SOL's had its growing pains, especially in 2021. It's had plenty of problems. But let me tell you, if you have the wrong amount of Gas, or if the network is congested, you just try again at another time, you don't have to do [some frankenstein creation of nonce manipulation like you have to on eth to rescue your transaction](https://www.youtube.com/watch?v=J6xbcjNDFO0) and you don't have to wait days until Bitcoin finally cares about your transaction that maybe didn't pay slightly enough gas to get included. All these people that are always talking about using L2s - You think anyone outside the Crypto sphere is using L2s like Arbitrum or IMX unless someone metaphorically holds a gun to their head and forces them to learn how to? The people in this space *don't know how to use a wallet*, let alone get to or use a L2. WETH? What the fuck is that? Bridging? Base? Huh? Ape only click Coinbase wallet, no know fancy words. SOL you send and you use. That's the appeal. Some people are priced out of chains [where sometimes it costs $100 to make a transaction you want to do](https://i.imgur.com/jlk2LbA.png). Weirdos who refuse to acknowledge that "their" chain has any flaws will try to poke holes in this but the reality is that some people **don't want to deal with that bullshit** which is why many users are flowing over to SOL and congesting it.

WoodenLeader1083

Is it strange to receive ETH when I withdrew from a liquidity pool on some dodgy L2 dapp instead of the WETH I supplied? Or is that common? They unwrap it ??

OMFGROFLMAO2

Did you send ETH or WETH?

coinfeeds-bot

tldr; Decentralized cryptocurrency exchange FixedFloat has reportedly suffered another exploit, resulting in the loss of nearly $3 million worth of cryptocurrencies including Ethereum (ETH), Tether (USDT), Wrapped Ether (WETH), DAI, and USD Coin (USDC) from its hot wallet on the Ethereum blockchain. An unknown entity used a smart contract for token swapping to facilitate the transactions. This follows a previous attack in February where FixedFloat lost $26.1 million. The company has not yet issued a public statement, and its website is currently down for maintenance. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.

Cannister7

It's AIX. It's an ETH based token. I swapped it with ETH (WETH), but it's now been listed in the exchange so I want to send it there. Yeah maybe I didn't have the network set for ETH on the exchange. Going to sleep now, I'll check tomorrow. Thanks

bubbafry

WETH is almost completely risk free relative to ETH. It’s so risk free that it’s probably questionable whether or not ETH to WETH is a taxable event, since they can always be exchanged 1:1 100% of the time. WETH is “wrapped ether”. There is a smart contract on ETH that takes your eth, locks it, gives you WETH back. WETH can do certain things that ETH can’t from a technical perspective. But as long as the smart contract is not compromised you can always burn the WETH and get 100% ETH back minus gas, and there are no fees to do this (other than gas). It would be extremely surprising if a compromise would be found at this point but you can never say never. Wbtc is a little more complicated because you are bridging between different blockchains, since WBTC is on ethereum network. Though the idea behind it is the same as WETH

nutyourself

> cannot be used within smart contracts Sorry but that is not correct. A smart contract CAN receive and send ETH. I know this because I work with these contracts all the time. And, like I said, think about how WETH works! The WETH smart contract receives ETH and sends WETH. And vice versa when you send it WETH, it sends you ETH. We good now?

Throwaway4VPN

WETH is Wrapped ETH as an ERC-20 token. ETH is the native token, it is NOT ERC-20 standard and cannot be used within smart contracts....

FuckAntiMaskers

Does anyone have the link to trade moons to WETH to trade for cryptos on ETH?

nutyourself

Smart contracts can use eth. How do you think WETH works?

Throwaway4VPN

It actually doesn't, ETH can only be used by and EOA and not within smart contracts. ETH needs to be wrapped even on L1 to work on a smart contract, other than for gas from the EOA calling the contract. If you look at uniswap LPs on Ethereum for example they are TOKEN/WETH. The reason for this is smart contracts need to approve token usage (amongst other functions), and ETH is not a token.

Throwaway4VPN

I mean not the best example since Ethereum and all L2s also have WETH... ETH on L1 is not an ERC-20 so cannot be used in most DeFi until converted to WETH.

TopAlert2383

Matic is it's own chain that's EVM compatible. It's not an L2. That's why they have WETH. Polygon has a new L2 that actually settles on ETH.

bass619

Are there any plans to increase liquidity on Uniswap? perhaps merge the USDT pool with the WETH one?

FuckAntiMaskers

Sushiswap V3? That's on Arbitrum Nova right? If you swapped Moons for WETH on there from MetaMask, what's the process of getting that WETH available to trade for other crypto on Uniswap Ethereum?

vattenj

L2 centric is bad, since all L2s have different names, just like a totally different coin. What is the difference between ETH on arbitrum or WETH on bsc？They are actually the same thing, both from operational and functional view

vattenj

Sounds good on paper, never works in reality. You can not just move coin to L2 and enjoy it, because you have to constantly interact with most of the ETH addresses that resides on L1. In one word, unless most of the ethereum users have migrated to L2(And I highly doubt it due to so many confusing names in L2), moving ETH to L2 means you basically get an altcoin like WETH on another chain, this is already enough to discourage many people

60minutesmoreorless

I don’t have the technical knowledge to fully agree or disagree, but from my own frustrating user experience navigating several different L2’s and bridges etc, you might be right. How does it matter if the L2’s are “cheap” when you have to spend so much ETH to even move anything into an L2, then spend more ETH to do anything with it, then spend more ETH to bring it back to the real world and do something with it or cash out etc. Tometimes you need to swap for WETH instead of ETH, which will always remain confusing as F. I don’t invest in ETH because I know I’ll blow my entire pile on fees as soon as I want to move or do anything with a single coin or token.

60minutesmoreorless

Thank you, I figured it out most of the way, but now I’m baffled by the WETH part and what I do with it, if I swap Moons for ETH, then at what point does it turn to regular ETH again and I cash out? I’m almost there hah

60minutesmoreorless

Right? Some random good news. What method did you use? I must admit I’m confused by ETH vs WETH, I’ve had crypto disappear on me before on the Matic bridge etc. I’ve heard use Sushiswap to flip Moons for ETH (lose 30% of your pile to fees) and then send what ETH you have left back across the bridge to the Ethereum mainnet? Does WETH figure in at all? Haha

virtual_black_whale

WETH is ETH that has been wrapped into an ERC-20 token, it makes it easier for Uniswap to work with native ETH. On Uniswap you can select ETH or WETH as input or output and it will handle the wrap/unwrap for you. The pair being used will be the same for both, just choose the one you want in the list. A lot of dex also allow you to wrap/unwrap you coins by selecting ETH/WETH as a pair. It's free and you only pay for the gas.

Smiling_Jack_

The only coin on Ethereum is ETH itself. What you see as other coins are tokens, which are smart contracts that generally conform to the ERC-20 standard. DEXes tend to employ AMM pools, which pair two tokens with each other. ETH itself is not a token, so it doesn't sit in these pools (unless lots of extra programming is done). That's where WETH comes in. Since WETH is a token, it can be paired with other tokens in AMM pools.

CallingMicrosoft

I think I get what you're saying, so after I would purchase them with WETH, it would just be (Coin) on the Ethereum network then right?

EchoCollection

No I went through WETH on HOPR

EchoCollection

JUP loads a lot faster for me and it did something I've never seen before. I bought a memecoin on Jupiter today and it bought it for me through radium (probably utilizing their liquidity). Kind of like how swap dapps go USDC -> WETH -> ERC-20 COIN

iaco56

It worked thanks! Now how do I bridge it to another crypto like ETH or something from WETH on Arbitrum nova? This is such a pain in the ass!

FuckAntiMaskers

I want to trade some moons for a token that's on Uniswap V2 and paired with WETH. Does anyone have a guide on how to do this easiest/cheapest?

FuckAntiMaskers

Would you know if I swapped my moons to WETH on RCP Swap, would it cost much to then send that WETH to another DEX to trade for other tokens on ETHs ecosystem? 

Smiling_Jack_

Guise I just sent WETH from my BNB wallet to my Arbitrum wallet but I don't see it there yet. How long do I need to wait?

Citadel_Employee

Out of curiosity does something like WETH face similar issues? Or is it more protected since everything is on Ethereum, and therefore a smart contract could mint/burn the WETH. And if that is the case would a smart contract hack result in a similar outcome to the one described with Bitgo and wBTC?

secret__savage

Yes. Look into MOG/WETH

majorpickle01

WETH is a decentralized smart contract and is pretty much as good as regular ETH (obvious bugs apply but WETH has been running fine for years and is a relatively simple contract). the WBTC has a custodian I believe, although all reserves are on chain. But it's been running since 2019 with no issues so it's basically as safe as it gets for BTC on defi. The price will not always be 1:1 on exchange, because anyone can buy and sell for whatever price they like. The price will always trend to 1:1 though because of arbitrage - if WBTC is 5% cheaper for example on uniswap, people will buy it and unwrap it to get 1 BTC making a profit. In reality gas fees and such often mean that a small discrepancy in price will exist. But it's nigh on 1:1. Exactly the same as USDC or Tether - fully redeemable but nearly always priced at 0.999999 or whatever. OF course, if a lot of people REALLY want tether or usdc, they'll bid above par, so it'll go to 1.000010 or something. TLDR: they are fine. If you want to long term hold use ETH not wETH and BTC not WBTC. If you want to trade and swap, it's fine to use the wrapped equiv

DrinkMoreCodeMore

I put half my ETH on WETH on OP just so I wouldnt get rekt by L1 fees.

HSuke

It's a good concept, but I think there are 2 issues preventing this from gaining major traction: 1. EIP-4337 style AA is very expensive. When doing this on the Taiko A6 testnet, it costs 15x as much to transfer WETH using AA than it does natively. 1. This is a completely separate issue from AA and only affects the Loopring wallet. Currently, it costs nearly $200 to activate the Loopring wallet on L1 + L2. Even the $10 it costs to activate the wallet on L2 is expensive.

coinfeeds-bot

tldr; Brokkr Finance is migrating to Arbitrum after burning 45% of all tokens, aiming to build superior strategies and vaults, including V3 Delta Neutral Strategies. The migration will be smooth, with tokens airdropped into wallets without manual linking. The migration includes wallet, staking, and LP balances, as well as staking rewards, using a snapshot from Feb 12th. Staking balances will have a 31-day lock period. A bug in the staking rewards mechanism was fixed, removing the unstaking period. Post-migration, a BRO-WETH 1% pool will open on UniswapV3. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.

ale23arg

They are not that new... But right now most of my crypto investment (about 50k) is within the Ronin ecosystem. Ronin is an L2 dex. Just got introduced into binance and it's been announced it will get into coinbase. I'm have most of it on a liquidity pool if WETH-Ron that gives about 30% apr in liquidity rewards and about 70% apr in Ronin as staking rewards. Now that sounds too good to be true because it never lasts .. 3 months ago when Ron was about 0.5 the staking rewards were about 30% because you were rewarded on a token that had a lot less value than what it has now.... Also starting March 1st starting rewards will be halved so I'm expecting that 70% come back to 30% which is still pretty good. Everything here is hot without risks .. if the token tanks back to .5 my 50k would go to like 10k.... Even though I keep getting rewards on said token.... Doing some basic analysis of the chain is direct competitor would be imx. Ron has way more active users and daily active wallets and I believe those are real people vs imx model which kind of gives incentives to bots since most ofb it is transaction based. IMX has a market cap of like 4.3 bill and Ron is like 0.8 B. Now that's mostly because of circulating supply vs supply. Ron has a fixed supply of 1b tokens but it has yet to be distributed fully (and won't be for some time) but if we estimate the market cap based on the total supply ron should be 3b instead of 0.8. I am still very bullish on RON and it's ecosystem. One of the main games from polygon migrated over with five success and now imx is losing projects to Ron.

coinfeeds-bot

tldr; Aave is advancing a proposal to launch a $5M quarterly incentives program named "Merit" to encourage adoption and reward users. The program aims to distribute rewards in wrapped Ether (WETH) and Aave's GHO stablecoin for actions aligned with Aave's strategic objectives, enhancing its competitiveness in the DeFi landscape. The rewards are planned for users engaging in specific activities such as borrowing against deposits, staking, participating in governance, and migrating funds from rival protocols. The proposal, currently focused on Aave's v3 deployment on Ethereum, seeks to incorporate community feedback before proceeding to a final vote for implementation. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.

VoxImperii

I’m really curious: where do you see what you got? I’ve had Atom staked for quite a while but all I see is tiny amounts of bullshit (WETH, some random tiny dust coins) when I got to staking overview. Do they airdrop directly into your wallet or what?

Machete521

I just tried it for WETH, ETH and BTC on Ledger Live Unfortunately Coinbase is not the best. They charge higher fees. Moonpay and others are better.

TechnoRanter

The biggest thing that makes me concerned for ETH right now and makes me cautious to build bags is how the L1 L2 situation is. L1 is so expensive that L2s are the only real solution for the masses, but they still don't carry the same security as the base chain. Until they do, I feel skeptical towards the future of this platform. I'm an Algo user and consider buying WETH and holding some there, but wrapped tokens have their own problems in terms of trust and I'd much prefer to hold on native chain, something complicated by the gas fees :{

Kamikaze_Cash

Well here’s an example. Yesterday, I had WETH in a Coinbase wallet. I wanted to move this to a Trust wallet. I could unwrap the Eth and then move it that way. Or, I could send WETH to my Trust wallet. Trying to receive WETH on Trust gave me like 10 different options with funky names like Axios, aSync, stuff like that. I had no means of determining which of these options (networks?) the WETH was on in Coinbase wallet, and idk what happens if I choose the wrong one. So that’s out. So I had to unwrap my Eth and pay a fee to do that. Then I wanted to move my Eth from Coinbase wallet to Trust, for another fee. Trying to send that Eth gave me another big list of options. What are these options? Networks? For some coins, you don’t want to send something on the wrong network. The coins can just disappear into a black hole. I had no idea if my Coinbase wallet Eth was on some funky network, so I did what I know how to do, and send Eth to an Eth wallet on the Eth network. $7 fee. Idk which coins don’t have multiple networks. Idk what happens if I choose the wrong network. Idk where to even begin figuring it out. Fortunately I mostly just hold as a speculator and I’ll eventually sell when prices hit some arbitrary point I’m happy with at the time.

jbtravel84

Hello! 0xa9C0cdEd336699547aaC4f9De5A11Ada979BC59a is OpenOcean. The hacker swapped your WETH to ETH there. Your funds were first sent to **0xa6738B57f78b1af7F3CC94b107F888d7E40bCD12** which is an intermediary wallet /w this txn - [https://etherscan.io/tx/0x3460eafd59762a34257a316c3a2cca8df5b7ee4c4c4445f6d0d235aa36b03d06](https://etherscan.io/tx/0x3460eafd59762a34257a316c3a2cca8df5b7ee4c4c4445f6d0d235aa36b03d06) There's a couple of deposit addresses here but your funds aren't in there. * 0xc5C4417Cee32E708Ac61C36D656b68402ff87ae5 - ChangeNOW * 0x0302A905F0Ca867646Df0c5F63c6C58F7Ce069cd - AlphaPo Your funds were sent to **0x97dc5b190FB6E8a793803191356aaf6475adf0a7** with this txn - [https://etherscan.io/tx/0x018c66886038db5e17585138643f5a98abe50d1e3047e0c198149f532b8ca82b](https://etherscan.io/tx/0x018c66886038db5e17585138643f5a98abe50d1e3047e0c198149f532b8ca82b) Inside **0x97dc5b190FB6E8a793803191356aaf6475adf0a7** I see a number of deposit addresses where your funds went. Based on the timestamps your funds most likely went into one or multiple of these three deposit addresses * 0x9C6D589B7e6Cea55138A3ea1E0AC615126290ED2 - Binance * 0xa888Abedf5Dff6E6051B7f983B43FC092471C166 - SimpleSwap * 0xaFe8243dC68B0fFfaf4F83a26d99bb33bB61Ebb6 - SimpleSwap This scammer appears to be doing most of his deposits in 20 ETH deposits. Other deposit addresses presumably from more victims include: * 0x13A4679A7A28D0d98Ecb773ac79cEf9B56294669 - FixedFloat * 0x70EB5a38786c83C8B185e3985b44E421Ca03F3Ef - exch * 0x1ca8a5f0816e07751963E5b0cDfe1b18d192dfbe - exch * 0x53c783259eAadADe777fC2d057D3fC0B30c3Dd7f - SimpleSwap * 0x754D98267d0351D842F0de1C28FA27D91c59949A - SimpleSwap This looks like some sort of phishing scam based on the recency of the transactions and other victims involved. Hope this helps!

roastedbagel

Yup did the same but with Binance and the polygon chain. Sent $100 worth of WETH to my regular ETH Binance address but on the polygon network. Technically that ETH address belongs to my Binance account just like the ETH chain address does... And looking at the blockchain It's still sitting there today, 2 years later, and pisses me off anytime I think about it. Binance could absolutely just send it back or even use the api to withdraw it out but they refuse to and want $500 due to "the complexity of recovering"...i call foul, Hell I'm pretty sure I could even use the api myself to withdraw it and gain custodial access by authentication but it says "chain not supported" when making the call through postman. Again, that's their API deliberately not allowing access, not cause of a technical limitation. So stupid...

MinimalGravitas

What does 'soy onions' mean? Also, you are honestly doubling down here? ETH isn't a 'token'. You can't grant permission for a dApp to spend it. That's why WETH (Wrapped ETH) exists, dApps can only be given permission to use non-native assets, like ERC-20 tokens. So yes, you seem to be demonstrating a perfect example of the Dunning-Kruger effect.

lohitcp87

I think they moved his WETH..

wealth4good

You're correct, WETH is just wrapped ETH so it can be moved on different networks either on a centralized exchange or for some other reason to transport the ETH.

bricarp

There's two reasons to wrap coins. The most common reason is to bring it to another chain. Have you ever been to a casino? How do you gamble at a blackjack table? You have to use the dollars to buy chips, then you either win more chips or lose those chips, and then you redeem the chips for actual dollars again. But the key distinction here is: **you don't actually gamble with real dollar bills**. So if a casino chip says it's worth $100, how much is it actually worth? There's two right answers: * It's worth nothing. It's not real money. It's just useless clay. * It's worth $100, because I believe this particular piece of clay is redeemable for a real $100 bill at my request. That's what something like WBTC is. It's a casino chip. WBTC is an ERC-20 token. WBTC does exist on the Ethereum network. It's not real BTC, but as long as you believe that it's redeemable for actual BTC, then it should have the same value as BTC. You can't use real dollars at a blackjack table and you can't use real BTC on the Ethereum network. But you **can** use clay (which represents dollars) at a blackjack table and you **can** use WBTC (which represents BTC) on an Ethereum DEX. Others have mentioned that it is possible to wrap a coin on its own network. I think you deal with this second situation far less often. The short version of it is that ETH is a coin that is used to pay network fees. Coins are meant for network fees. Coins aren't meant for trading. So, WETH is a token that potentially still exists on the Ethereum network: * It's a token, which means it can be traded. * It is redeemable at a 1:1 ratio for the real ETH coin, and therefore WETH should have the same value as ETH.

CoverYourMaskHoles

ETH is transacted on the actual Ethereum chain. ERC-20 tokens are contracts on the blockchain. To easily swap Tokens you have to wrap the ETH into ERC-20. Which means you lock the actual ETH into a contract and then it is minted as WETH in the contract. It’s just how it works.

HSuke

Yeah. Most of the people responding to you are giving pretty shitty answers because it's hard to explain without understanding smart contracts and liquidity pools. For example, Smart contracts can't spend your ETH. WETH allows you to give approval to another contract to spend your ETH, which is needed for swaps. The other contract is interacting with additional liquidity pools and other contracts, so they need to be able to spend your ETH.

Smiling_Jack_

WETH on Ethereum is completely different from WETH on Binance, or WETH on TRON, or WETH on Solana. And 'Wrapped' is a bit of a loose term. While there are explicitly defined standards for fungible tokens on various chains (ERC-20 on Ethereum, BEP-20 on Binance, TRC-20 on Tron etc.) that these 'wrapped' assets conform to, there are no strict rules for the process of minting them. The quality of the smart contracts minting these various tokens (and again they are all different tokens) is very important. And there are many different approaches to creating these smart contracts, aka bridges.

Cannister7

But are they both referred to as WETH and with that ticker? That would be very confusing, is what I mean. It's no wonder I was asking this question and people are giving me conflicting answers

Cannister7

Wait, so there are two different types of WETH? 😩

alterise

You can't use ether (ETH) directly for defi, it's the native *coin* on ethereum and apart from being transferred from one wallet to another, it's used to pay for gas fees. To use ETH in defi on ethereum, you need a token. The most common and widely used token standard is ERC-20. This is where WETH comes in. It's a smart contract that mints WETH for every ETH deposited into it. So when you swap ETH for another token on any dex, what happens is this: 1. ETH is deposited into the WETH contract which mints the corresponding amount of WETH 2. WETH is transferred into the Liquidity Pool address and the corresponding token you swapped for is transferred to you. The reverse happens when you swap any token for ETH.

Crypto__Sapien

The short explanation is that WETH is an ERC-20 version of ETH that is required for trading on decentralized exchanges like Uniswap. Here's a more detailed breakdown: Uniswap and other DEXs are built on Ethereum and use smart contracts. For technical reasons, these smart contracts typically can only interact with other ERC-20 tokens. ETH itself is not ERC-20 compliant. So it can't be directly traded on these DEXs. WETH is an ERC-20 wrapper or representation of ETH. It's a 1:1 conversion - 1 WETH = 1 ETH. When you want to trade ETH for another ERC-20 token on Uniswap, you first convert your ETH to WETH. This enables the DEX's smart contracts to handle it. You don't need to wrap ETH when trading other crypto like BTC. Only when dealing with ERC-20 DEXs. And you're correct that WETH is specifically for Ethereum. Other chains like Solana or BNB have their own wrapping mechanisms if needed. So in summary, WETH allows ETH to be compatible with the ERC-20 based DEXs for trading other Ethereum tokens. It's a technical workaround for trading ETH trustlessly on smart contracts.

Smiling_Jack_

The ETH coin is a fundamental part of the chain, and is used to pay for transactions. It is not a token. A token is just a smart contract build on top of the chain that conforms to the ERC-20 standard (a set of accepted rules). Just as ERC-721 and ERC-1155 are accepted standards for NFTs. The ETH coin is necessary to pay for interacting with any of these. No token can be used to pay for this, including WETH, as they are just smart contracts build on top of it.

Glum-Departure-8912

The other person is wrong :) To wrap Bitcoin, you can send your BTC to a centralized exchange that will hold your BTC and send you an equal amount of wBTC tokens in exchange. If you prefer DeFi, you can use an option like Keep Network to mint wBTC tokens directly using a smart contract. Swaps on the Uniswap Protocol can start and end with ETH. However, during the swap all ETH is wrapped into WETH. This is because in order for tokens to be swappable on the Uniswap Protocol, they must be an ERC-20 token. However, ETH was built before ERC-20 standard.

Cannister7

Oh fair enough. I know that some tokens can run, or at least be transferred on multiple networks, maybe that's just stable coins? But I also thought that what I had understood to be the point of wrapped tokens or coins, was to allow them to transact on other chains. If it's not that then why is it even necessary? I read the Chat GPT response about WETH but you also get WBTC, right? Why is that needed if not for the reason I (apparently incorrectly) thought it was?

Squezeplay

"Wrapping" is a programming term. Its when you translate one interface to another. ERC20 is a standard interface that all tokens agree to use so they are interchangable in code. So a dapp doesn't have to be rewritten for every single token. One code works for all ERC20s. WETH is just a way to use eth like every other token so if your dapp supports ERC20s it supports ETH, you just have to wrap it. Wrapping just swaps ETH 1:1 to/from WETH there is zero risk or slippage.

Sobaphoto

ETH is a gas coin used to pay transaction fees An ERC-20 token is a smart contract that well, is a token that’s designed to work with any app that is compatible with the ERC20 standard ETH itself is actually not compatible with the standard so it cannot work with apps that are designed to work with tokens, so you would “wrap” it to WETH which is a token for it to work with apps that expect an ERC20

Django_McFly

Me: Explain WETH to me. I'm referring to the cryptocurrency. ChatGPT: WETH stands for Wrapped Ether. It is a cryptocurrency that represents a wrapped version of Ethereum (ETH) on the Ethereum blockchain. The concept of wrapping comes into play to solve a particular issue with Ethereum's native cryptocurrency, Ether. Ether was not originally designed to conform to the ERC-20 standard, which is a common framework for creating interoperable tokens on the Ethereum blockchain. The ERC-20 standard defines a set of rules that tokens on the Ethereum network must follow, allowing them to interact seamlessly with decentralized applications (dApps), exchanges, wallets, and other tokens. Here's how WETH addresses this issue: * Standardization: By wrapping Ether into WETH, it becomes an ERC-20 compliant token. This means WETH can easily interact with other ERC-20 tokens and be used in a variety of dApps and decentralized finance (DeFi) platforms without compatibility issues. * Interoperability: With WETH, users can participate in token swaps, lending, borrowing, and other DeFi activities that require ERC-20 tokens. This enhances the liquidity and utility of Ether within the Ethereum ecosystem. * Conversion Process: The process of converting ETH to WETH is straightforward. It involves sending ETH to a smart contract that issues an equivalent amount of WETH in return. The reverse process can also be done when you want to convert WETH back to ETH. * Use Cases: WETH is commonly used in decentralized exchanges (DEXs), where users can trade between different ERC-20 tokens directly from their wallets. It's also used in various DeFi applications for lending, borrowing, and earning interest. In essence, WETH serves as a bridge that makes Ether fully compatible with the ERC-20 standard, expanding its functionalities and integration possibilities within the Ethereum ecosystem.

AnonymousAccount2378

If you read the technical specs, this is literally like creating a Wrapped token. You wrap your token, use the wrapped token on the Binance exchange, and whenever you make the trade the counter party gets the wrapped token that they can then redeem to get the underlying asset.. This is quite standard practise in the industry, so idk why you're crying about it with no understanding of the system. If you can provably redeem those wrapped tokens to the underlying asset, then it does not matter the form.. No one would say using WETH is bad because ETH is the real ETH..

CCNightcore

>so you might go to trade 0.1 WETH on a DEX, only to approve the DEX contract an allowance of 999999999 WETH before proceeding. I've never ran into that, but thanks for bringing it up. I suppose being approved for smaller balances doesn't stop the risk of being drained either totally.

ToastNoodles

> but is this site always going to be trustworthy? Can never tell, but their source repo is [here](https://github.com/RevokeCash/revoke.cash) which you can scan through & deploy locally if you're technically inclined. Revoking is done on-chain so I usually inspect the contents of the transaction before signing. >What Blockchains do you use it for? All of them? EVM chains only, they have a list in their [faq](https://revoke.cash/learn/faq). >I never see anyone explain how or why to revoke the correct contracts and how to avoid any you might still need. I believe it only works for ERC20/ERC721 contracts and their extension EIPs (i.e. PERMIT2). When interacting with a smart contract (i.e. a DEX, NFT escrow contracts) that utilizes a Token (i.e. ERC20, ERC721 NFTs), you first need to give the smart contract permission to transfer/withdraw from your balance on the respective Token's contract. This is traditionally done by giving the contract a fixed allowance it can 'spend' on your behalf. Issue is when these contracts or their respective owners get compromised, purposeful or otherwise. Your spending allowance for the contract still exists, allowing the malicious party to drain your Token balance through the contract. These contracts typically request absurd allowances so the user doesn't have to continually refresh such (cumbersome/annoying & costs gas), so you might go to trade 0.1 WETH on a DEX, only to approve the DEX contract an allowance of 999999999 WETH before proceeding. So it's good practice to periodically revoke approvals/allowances to contracts you're not using anymore. I think Metamask might have some built-in way, unsure on other wallet mediums though. >how Revocation of an allowance for a particular contract is done by making a transaction to zero out the associated allowance value on-chain. Basically you overwrite the previous allowance with 0. >how to avoid any you might still need Any site you connect to and use will request approval/permissions again if you remove them anyways. When looking through your approvals, you can click the associated contract address and it'll open in a block explorer. Popular contracts (i.e. Uniswap) are usually labelled, or you can google the address if not and see where it pops up.

brianddk

That's my understanding as well. A more interesting question (to me) would be stuff like BTC-LN to BTC and WETH to ETH, where you are simply "unwrapping" an asset instead of "exchanging" it. In the end, I guess if the exchange sends you a 1099 you have to pay taxes on it, and if they don't you MAY have to pay taxes on it. Yay USA!

HSuke

Could be a spoofed token. Did you own WETH on the BSC network? Do you have the Transaction ID?

DrinkMoreCodeMore

That's one of the major cons of ETH, high fees. Far better to buy something like WETH (wrapped ETH) on a chain like Polygon, Arb, or OP. Fees will be like $0.06.

kyuronite

Network fees / withdrawal fees are standard. If you were to withdraw $230,000,000 of ETH, you would pay $7 still. You would need to use a cheaper coin then, that would work on layer 2, such as WETH on matic, etc.

coinfeeds-bot

tldr; Donald Trump sold off 1,075 ETH, worth around $2.4 million, from his crypto wallet to Coinbase. This move came amid a 6.2% price rally for Ether and was part of a larger $4 million ETH accumulation from royalties of his Trump Cards NFT series. Despite the recent release of his 'Mugshot' NFT collection, it has not gained the same traction as his earlier series, with less than half of the NFTs minted. Trump still holds various cryptocurrencies, including ETH, WETH, MATIC, PEPE, and JESUS coins. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.

radical_flyer

So for example someone couldn’t send their WETH to a contract after assuming it could return ETH, since it had worked like that in the opposite sense?

HarrisonGreen

Who is getting paid to shill SOL? And who has so much money to do so? Do you think Tesla pays people to shill Tesla? Or Apple? Or Google? When the product is so good, you don't need ads, you don't need paid shills, you don't need fake hype. It will sell by itself. The ETH ecosystem right now is a bloated mess of fees and complicated L2s. To buy memecoins in ETH on 1inch for example you first need to convert ETH to WETH (which costs gas), then you need give permission to 1inch to spend your WETH (which also costs gas), then when you sell your memecoin you again need to give permission to spend it (which again costs gas). Compare that SOL where all you only need to do is go to Jupiter, look for the coin you want to swap your SOL with, pay less than a penny in fees and it's done.

Machete521

Any reason to take WETH over ETH? Im inclined to store WETH on a trezor long term due to gas fees. Thoughts?

Abdeliq

What do they mean by different ETH? Are they scammer? If it's WETH, they'll have access to it ETH. Maybe they're trying to tell you another thing bcos you guys have no clue about crypto

Shiratori-3

The NFT is literally not purchasable via an ETH L2. It can be purchased with L1 ETH to buy, or mainnet WETH for bids. Imagining a different reality doesn't change the reality. If the NFT was on Polygon, like reddit avatars then sure. But a hell of a lot (a majority of collections?) are not. It's a dumb tradition I guess. I'm not defending it; just saying that's a real situation. And it is annoying as a user experience.

Johan544

The key question for the next 5 years when it comes to Ethereum is this: will its robust blockchain have enough prestige/popularity to sustain the huge downsides that it inherently has? It's not uncommon for gas fees to be over $60 nowadays when you swap ERC-20 tokens, or to pay $15 to establish a spending cap. Is it a stretch to imagine that in the future those fees will rise to, say, $200 and $45 respectively? Not really. Which begs the question, why would a dev of a new token want to use ETH if fees will be that high? We know that new tokens have a low market cap and low volume, which means that most investors (with the exception of early investors who do OTC trades) won't be willing to put large amounts of money in it, so let's say that the average investor is willing to buy $500 of that token. Is it reasonable to expect them to pay almost half of that in gas fees so they can swap their WETH for the new token? The answer is obvious. I've seen loads of ETH fanboys say that this issue will be fixed and yada yada yada, but there's been no actual evidence that it will (or even that it can!) be fixed. That's why I think that the ETH chain will be all but dead in 15 years from now.

NoVegas0

There is WBTC, WETH, and more options on Secret Network.

ThinksYouToedIt

bridge to it, do some swaps ETH/WETH or stable to stable, mint a NFT, etc. return in a few weeks and repeat.

Throwaway4VPN

No, I mean when you deposit say 'WETH' you receive an "aToken' as a receipt of your deposit. These tokens are automatically rebasing at the interest rate every single block (12 seconds on ETH etc.) I just wondered if there was any way to utilize these tokens on other protocols.

unholyfire

Brick -> WETH (wrapped ETH) on SushiSwap is probably your best option if you have $100 or less of bricks, liquidity in that pool is really low. Anything above that $ value in holdings, probably Kraken on the Brick -> USD pair (1.47% spread).

thewaybaseballgo

You had me at WETH.

keyoh321

Been a member for a while, and absolutely love it, gotta love the mining rewards for kicking back and having fun in a sub filled with nothing but positive people as a bonus, and this isn’t a shot at any other currencies or subs but it’s like everyone around there genuinely wants and hopes for its success and has the best of things to say about it and are always trying to improve where we can, for those who are interested in the mining rewards currently they are: 🗼 CONE 🌕 MOON ⧫ WETH ♾️ MATIC 🐲 QUICK 🌮 TACO 💩 POOP 🦴 BONE 🌑 MOOND 🍩 DONUT ®️ RCAX 🧱 BRICK 🍌 BANANA PLUNGER And it wouldn’t surprise me if we start to see this list grow 😅

billywright4

and currently the following are all paid out as mining rewards for each post: 🗼 CONE 🌕 MOON ⧫ WETH ♾️ MATIC 🐲 QUICK 🌮 TACO 💩 POOP 🦴 BONE 🌑 MOOND 🍩 DONUT ®️ RCAX 🧱 BRICK 🍌 BANANA PLUNGER So is a lot more than just CONE being talked about

billywright4

yeah, There are often mining bonuses on r/ConeHeads. Currently for every post you will be receive the following mining rewards (every post receives ALL bonuses not just 1) It's a great time to be posting! 🗼 CONE 🌕 MOON ⧫ WETH ♾️ MATIC 🐲 QUICK 🌮 TACO 💩 POOP 🦴 BONE 🌑 MOOND 🍩 DONUT ®️ RCAX 🧱 BRICK 🍌 BANANA PLUNGER

iwakan

> Disregarding that ordinals surge, Litecoin has $2 billion on-chain daily volume, $30 billions on Bitcoin and $3 billions on Ethereum on average I don't think this comparison is reasonable. Ethereum transactions do so much more than transfer Ethereum, and that means that many transactions will have a volume of 0 . To really show the true transaction volume on Ethereum, you have to include token transfers. Yesterday this was $5 billion in USDT, $4.5 billion in USDC, $4 billion in WETH, for just the largest three. In total I wouldn't be surprised if the settled volume on Ethereum is greater than on Bitcoin.

swindle8686

Thanks a lot for the instructions it helped me remember similar ones I saw in another video. One of my small pools is ETH/USDC in the section for "unclaimed fees" there is a toggle for "collect as WETH" this is an example of the LP tokens you talked about I guess? I guess what u mean is that everyday I can collect my gains in WETH and place it in another farm or pool right? Thanks again for the help my man.

BramBramEth

I think it does, see here : [https://etherscan.io/accounts](https://etherscan.io/accounts) Removing staking contract : Top 10 : 10.22% Top 20 : 12.60% Top 50 : 17.24% Not to mention the top 12 are all either smart contracts (WETH), Layer 2 deposit addresses (Arbitrum) or Exchanges (Binance & friends) So yea, this comparaison is SUPER misleading (and BTW I'm sure the top distributioin of Solana also includes exchanges...)

FluffyAspie

Prefer MATIC works really well, using WETH. Easy

FuckAntiMaskers

Is SushiSwap the only DEX option for selling moons? It looks like you can only trade them for WETH on there when I link my MetaMask wallet. I'd like to trade some into SOL, but struggling to find a guide on here

RockwellShah

Effectively every time you do something like turn ETH into WETH or BTC into WBTC they want it to be a taxable event. That’s nuts.

MinimalGravitas

> Isn't that what btc does? Yea, that's line one of Satoshi's whitepaper. > Your chart includes USDC, USDT, DAI, WETH and WBTC. Yea, we're talking about what the network does in terms of transferring value between people. If people are using it to move stablecoins and wrapped ETH/ BTC then that's the kind of value they want to transfer. > You still haven't described a problem that ETH is solving. That was why I included the whitepaper quote, it's a really clear and succinct statement of that use case.

boredgmr1

Isn't that what btc does? Your chart includes USDC, USDT, DAI, WETH and WBTC. A purley ETH v BTC comparison still favors BTC. You still haven't described a problem that ETH is solving. If your answer is just, "it's btc but better" then I guess we haven't really gotten anywhere.

L3App

If i want to invest in ETH i usually go with WETH, because of the fees. They might not be high right now, but just think about what $PEPE did for a couple of days (months ago) to fees, it was like 2020 where to just move some eth you needed 20$+, just wasn’t worth it if you didn’t have thousands of dollars in it

Shiratori-3

Yeah, I was thinking eg of the instance of buying a $10 NFT on Ethereum on Open Sea for example - you can only buy using mainnet ETH or WETH. You can't buy it using Arbitrum ETH or Optimism ETH. And consequently that $10 NFT ends up costing eg $19 to $22 .. real example.

alterise

ETH is fine. They're only stopping the trading of Wrapped ETH (WETH).