WETH (Latent ETH) is a currency that allows users to bid in advance, which can be completed by the next bidder without any action. WETH is used for buying and auctioning in OpenSea. ETH and WETH are exactly the same amount and can be exchanged directly in your OpenSea profile.
This guide explains:
- How to convert ETH to WETH in OpenSea.
- And how to add WETH to your metamask as a token.
TABLE OF CONTENTS
Metamask Exchange ETH for WETH in OpenSea
- Click the Wallet icon in the top left corner of your OpenSea page.
- A small window will ask you how many ETHs you want to convert to WETH.
- Then select the Convert Token button as shown in the image below.
- A meta mask window will appear asking you to sign the transfer.
Once successful, WETH will appear in the Vault pane of your OpenSea account. You can clearly see the difference between WETH and ETH, because WETH is pink.
Add WETH to your wallet (metamask)
- WETH may not appear in the default metamask. To add a WETH, click on the metamask extension and click on the add icon at the bottom of the window.
- Type WETH in the extension code search box, you should see the sold ether (WETH) as an option.
- After confirmation, you should see WETH in your item list in the metamask extension.
What is the difference between ETH and covered ETH (WETH)?
Basically, Ether (or ETH) is the main symbol of Etherium blockchain. It is used, among other things, to pay for shipping fees (e.g. gas fees) for transactions in the Ethereum blockchain. However, ETH was created prior to the ERC-20 standard, and therefore does not conform to this set of requirements.
It appears in the Ether (WETH) file, which is used for direct trading with other cryptocurrencies that comply with the ERC-20 standard. Tokens that meet these standards are interdependent and can be used for transactions on blockchain in accordance with ERC-20.
If the owner wants to use ETH in ERC-20 compliant decentralized applications (DApps), blockchain, and decentralized autonomous organizations (DAOs), ETH will need to switch to WETH. If the owner wants to use it with another token, it must also be changed to WETH.
In short, when ETH enters into a smart contract and breaks down into WETH, WETH offers many benefits to ETH holders without losing value. At the same time, steps are being taken to upgrade the Ethereum database so that it is compatible with ERC-20 – WETH builds on the past.
The benefits of using WETH
There are many benefits to using WETH
This applies to other ERC-20 ciphers. Because WETH can only be created by a custodian, the entity that guarantees its value (e.g., Smart Compact, dApp, DAO), is more fluid than the local techs in WETH.
Another advantage of using WETH is that it increases security as guards usually only use secure exchanges. In addition, you have more control over your jokes because the protector protects the private key.
Finally, WETH has faster transfer and lower transfer fees compared to the non-live version of the token.
Disadvantages of using ETH
WETH also has some shortcomings. ETH requires a deposit to collect and open. Therefore, if there is a problem in the operation of the clipboard, these issues may affect the mining and burning process of the clipboard.
In addition, reliance on a single monitor for minting and burning materials leads to centralization. This centralization can be difficult and conflicting with the decentralized currency point. For example, WETH in the Ethereum blockchain may be worth 3 3 billion, but it can be managed / controlled by a single company.
Finally, ETH casting and packaging requires a gas fee – which is paid for casting and burning – which is not a small amount and can cause leakage.
How does a covered etherium work?
It is important to note that the ERC-20 standard for cryptocurrencies was created after the creation of ETH tokens for Ethereum blockchain. Ethereum tokens are not ERC-20 compliant, so they cannot be used with ERC-20 compliant tokens.
The process of converting ETH to compatibility with ERC-20 tokens will be very expensive and will disrupt the Ethereum blockchain. Therefore, it is best to switch to ETH WETH and then use it in accordance with ERC-20 in DAP, Smart Contracts and Blockchain.
When you convert WETH to ETH, a smart contract produces a WETH token backed by an ETH token that is sent for transmission. The ETH token private key is secured by a guard who swipes the WETH and ensures that the WETH has the same value as its primary ETH token.
In addition, WETH Smart Contract structures are compliant with ERC-20 standards and can be used with other ERC-20 compliant software and software.
Finally, WETH can be used to pay gas fees, make payments, and trade on decentralized exchanges (DEXes) and with any accepted cryptocurrency token.
In addition, WETH can be used with DApp as a token in any ERC-20 compliant and blockchain. This means that WETH holders pay a lower and lower transfer fee, in addition to faster transfers than ETH holders. This is because ETH holders must exchange their ETH for tokens that can be accepted through other blockchains and their DAP.
How to Unrap WETH?
If you have WETH, you can open it and get ETH. After opening (also called burning), you will get the original ETH. The burned WETH is returned as ETH and stored in the crypto wallet containing the previous WETH.
Like ETH encapsulation, you will need a wallet like a meta mask account. Just follow the steps above but choose WETH as the first asset and ETH as the second asset.
What is a WETH Token?
wETH is a unique variant of the ERC-20 brand that aims to facilitate various exchanges between different decentralized platforms that are part of the wider Ethereum ecosystem.
The word WETH comes from “Ether wrapped”, which means “ETH wrapped” in Spanish. wETH is the ERC-20 token and its main purpose is to facilitate the exchange of ether for other ERC-20 tokens. Of course, another important point in the current development towards tokonomics, or in other words, the Internet of Things.
At this point, you may ask why I can’t exchange Ether Direct for other ERC-20 tokens? Well, the reason is that ETH does not meet Ethereum’s ERC-20 standard. This is because ERC-20 was defined long after the presence of ETH. Due to this situation, ETH cannot trade directly with other ERC-20 tokens on the DEX platform. To achieve this, change the ether to the ERC-20 mark, which is exactly what WETH does.
But this is not the only feature and functionality of WETH. Therefore, in the following article, the features and benefits of tokens will be explained simply.
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.