What is the definition of WETH in the context of cryptocurrency?

3 answers

• Jan 01, 2022 · 3 years ago
  WETH stands for Wrapped Ether and it is an ERC-20 token that represents Ether on the Ethereum blockchain. It is called 'wrapped' because it is a tokenized version of Ether. WETH is used to enable the trading of Ether on decentralized exchanges (DEXs) and other Ethereum-based platforms that only support ERC-20 tokens. By wrapping Ether into WETH, it becomes compatible with the ERC-20 standard and can be easily traded and used in various decentralized applications (dApps).
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• Jan 01, 2022 · 3 years ago
  WETH, short for Wrapped Ether, is a tokenized version of Ether on the Ethereum blockchain. It is created by depositing Ether into a smart contract, which then mints an equivalent amount of WETH. WETH is used to facilitate trading and liquidity provision on decentralized exchanges like Uniswap. By wrapping Ether into WETH, it allows users to trade Ether without the need for direct Ether transfers, which can be slower and more expensive. WETH has gained popularity as it enables seamless integration with the broader Ethereum DeFi ecosystem.
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• Jan 01, 2022 · 3 years ago
  In the context of cryptocurrency, WETH refers to Wrapped Ether, an ERC-20 token that represents Ether on the Ethereum blockchain. It is essentially a way to tokenize Ether, making it compatible with the ERC-20 standard. WETH is commonly used in decentralized finance (DeFi) applications, allowing users to trade and interact with Ether on Ethereum-based platforms. By wrapping Ether into WETH, it becomes fungible and can be easily traded on decentralized exchanges and used as collateral for lending and borrowing.
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