Question 1

What's the current price of WETH (Wrapped Ethereum)?

Accepted Answer

As of the most recent data, the price of WETH (Wrapped Ethereum) is A$ 2,264.12, showing a -3.77% variation in the last 24 hours.

Question 2

What exactly is WETH (Wrapped Ethereum)?

Accepted Answer

WETH is a tokenized version of the Ethereum cryptocurrency (ETH). It's essentially ETH that has been packed or 'wrapped' into an ERC-20 compatible token. What makes WETH unique is its ability to interact with Ethereum's decentralized applications (dApps) and its compatibility with other ERC-20 tokens. This offers more utility to holders as they can use it within a variety of networks and dApps for actions such as staking, yield farming, lending, and providing liquidity to various liquidity pools.

Question 3

Who created WETH (Wrapped Ethereum)?

Accepted Answer

Wrapped Ethereum is a decentralized project, meaning it has not been created by a single individual or company. Instead, it was developed by a community of contributors in the decentralized finance (DeFi) space who wanted to enhance the interoperability of ETH with other platforms. The process of wrapping and unwrapping ETH is handled by custodian entities, which can be a multi-sig wallet, a Decentralized Autonomous Organization (DAO), or a specific smart contract.

Question 4

How does WETH work?

Accepted Answer

WETH works as a tokenized version of Ethereum that is more compatible with its own ERC-20 standard. When you want to 'wrap' your ETH into WETH, you send your ETH to a custodian. This custodian can be any authorized entity: a multi-sig wallet, a DAO, or a smart contract. Once the transaction is confirmed, you will receive WETH tokens equivalent to the number of ETH you have wrapped. The value of WETH is always equal to that of ETH as it maintains a 1:1 wrapping ratio. In the near future, steps are being taken to make ETH compliant with its own ERC-20 standards, effectively decreasing the need for WETH.

Question 5

What distinguishes WETH from ETH?

Accepted Answer

Unlike regular ETH which does not conform to its own ERC-20 standards and, as a result, has limited interoperability since it can't be used on other networks besides Ethereum, WETH can be used on other high throughput networks such as Binance, Polygon, Solana, and Cardano that are much cheaper in comparison.

Question 6

How much WETH is in circulation?

Accepted Answer

At present, there are 2.2M WETH tokens circulating in the market. Bear in mind that the wrapping and unwrapping process of WETH is fully dependent on the total supply of ETH.

Question 7

Where can I buy WETH (Wrapped Ethereum)?

Accepted Answer

You can buy WETH on the Poloniex, Radar Relay where it's currently available. Always ensure to use safe and reputable exchanges when making transactions. Remember to do your own due diligence before making any cryptocurrency purchases.

Convert WETH to AUD

Try our Crypto Pro app