Ether (or ETH) is the Ethereum blockchain’s native token, mainly used to pay transaction fees (also known as gas fees) for transactions performed on the Ethereum blockchain.
ETH was created before the ERC-20 standard, but it does not meet those requirements. So Wrapped Ether (WETH) is introduced, and it is used to trade directly with other ERC-20-compliant crypto tokens. Tokens that meet these requirements are interoperable and can be used in transactions on ERC-20-compliant blockchains.
If the holder wishes to use ETH in ERC-20 compliant decentralized applications (DApps), blockchains, or decentralized autonomous organizations, the ETH must be converted into WETH (DAO). It can also be converted to WETH if the holder wants to use it.
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Difference between WETH and ETH
They are, indeed. WETH is compliant with the ERC-20 standard, but ETH is not. Because ETH could not be used for various DeFi applications, WETH was invented. As a result, packaging the ETH token in an ERC-20 compatible standard allowed it to be used across various dApps. This also implies that users can develop their own tokens for their own DeFi applications.
It is now comparable to ETH in the case of WETH. There is no pricing difference between ETH and WETH as a result of this. As a result, if you want to utilize your ETH to participate in a bespoke dApp, you can easily convert it to WETH using a dApp like 1inch and then use it as usual.
Keep in mind that ERC-20 is a technical standard for producing Ethereum-based coins. It just specifies the token’s characteristics. The notable characteristic of the ERC-20 token is that it is fungible, meaning that one token may always be exchanged for another of equal value.
MetaMask is a cryptocurrency software wallet that allows users to save and manage account keys, broadcast transactions, transfer and receive Ethereum-based coins and tokens, and securely connect to decentralized applications through a web browser.
The development of a personal internal wallet is one of MetaMask’s most useful features. The user’s private keys cannot be hacked if they choose a strong password. Because of the encrypted connection, no third party can access the funds, making MetaMask secure to use on both public and private Wi-Fi networks.
It has free and open-source software so users can back up their accounts with the wallet’s hierarchical deterministic settings. It features ShapeShift and is integrated with Coinbase to make exchanging ETH and other ERC-20 tokens simple. It has a simple and easy interface to use. MetaMask offers dependable client service.
Ethereum is a developed blockchain that may be used for a variety of things, such as DeFi, smart contracts, and NFTs.
Similar to bitcoin, investors can buy and hold ether as a long-term investment in the hopes that its value will rise over time. However, as with any cryptocurrency investment, the price of ether is expected to fluctuate a lot, particularly in the short term.
MetaMask is a wallet for Ethereum, and it is the world’s most varied blockchain. It acts as an entry point to the DeFi ecosystem, non-fungible tokens, ERC-20 tokens, and all other Ethereum offerings. It is also on the iOS and Android app platforms.
Here are the steps on how to convert WETH to ETH?
Step 1: First, go to the UniSwap website and then Uniswap.
Step 2: Open Uniswap and check whether your selected network is also Ethereum.
Step 3: Create your MetaMask account and connect your MetaMadk wallet.
Step 4: Select ETH and WETH at the top and bottom. Then click [Select a token]. If you select a token, you might see WETH above the list.
Step 5: Enter the amount of WETH you want to unwrap and then click swap.
Step 6: Now, confirm the transition, and don’t forget to pay your gas fees.
Step 7: Then click the connect MetaMask to it and agree to Unwrap.
Step 8: Now, open your MetaMask and make sure you are connected to Ethereum Mainnet.
Step 9: Now click swap and search for WETH.
Step 10: Enter the amount you want to swap and then confirm now; you will see a conversation rate.
Step 11: Check the conversion rate and confirm your transaction.
Frequently asked questions
What is the purpose of WETH?
The main goal of the wETH ERC-20 token is to simplify the trading of ether for other ERC-20 tokens. Without a doubt, this is yet another twist in the present growth of tokenomics, or the internet of money. The main goal of the wETH ERC-20 token is to simplify the trading of ether for other ERC-20 tokens. Without a doubt, this is yet another twist in the present growth of tokenomics, or the internet of money.
Does MetaMask accept WETH?
To add WETH, open the MetaMask extension and then click the Add Token button at the bottom of the window. When you type WETH into the Add Tokens search box, Wrapped Ether (WETH) would appear as an option.
How to change a WETH polygon to ETH?
A service such as the Polygon Bridge or Hop Exchange will be used to connect it to the Ethereum Mainnet. These will translate your polygon weth to mainnet (pure) eth. Hop will require you to sign one transaction on polygon (requiring a utility token for gas: Matic) for the transfer.
Should I buy ETH on MetaMask?
Yes, MetaMask users say it is safe to buy ETH on MetaMask. However, it is strongly advised that you only use the wallet to store a small amount of your cryptocurrency and keep the majority of your cryptocurrency in a hardware wallet.
How does MetaMask make money?
The revenue generated through swap fees is MetaMask’s principal source of funding. Users can immediately compare and swap tokens with MetaMask on the platform. The program charges a price for this service, which is said to be swap fees.
Ethereum is the most popular and well-developed DApp ecosystem available. Many ETH holders wish to use their ETH in DeFi initiatives, so WETH becomes a requirement. We propose buying WETH with ETH or other tokens rather than interacting with the wrapped smart contracts if you want to start playing with it. If you’re not clear and not able to convert your weth to eth metamask, no need to worry. You can reach us with our comment section below. We will reply to you with an explanation of your queries sooner as possible.
Aayush Kumar Gupta is the founder and creator of ExploringBits, a website dedicated to providing useful content for people passionate about Engineering and Technology. Aayush has completed his Bachelor of Technology (Computer Science & Engineering) from 2018-2022. From July 2022, Aayush has been working as a full-time Devops Engineer.