This article will cover the WETH coin and WETH price. Before that, we’ll find out why the WETH coin is useful. Then, the article will explain how and why WETH is used. So, before wasting any more time, let’s begin.
Cryptocurrency has always been complicated and tough to learn the concept. Blockchain technology seems like a new foreign idea with a steep learning curve. You should learn how blockchain works and operates before learning about other cryptocurrencies.
One of the topics that may confuse users, especially beginners, is Wrapped tokens. This article will present resourceful information on Wrapped tokens and how they work. Read this article to learn about WETH coin, how WETH tokens work and how much is the WETH price?
What is a WETH coin?
WETH coin is a type of wrapped token. WETH is the wrapped token of Ether and is used to perform some transactions and trades that couldn’t be done using other types of cryptos, such as Bitcoin, Ethereum or Cardano.
Users can also unwrap WETH coin to Ethereum tokens. Therefore, the WETH crypto price is the same as the Ethereum token price. WETH coin or the wrapped ETH token is very useful and can be used in many scenarios. Although, there are times when users need to unwrap WETH. Therefore, in this article, you will learn how to convert WETH coin to ETH coin.
Crypto users use Wrapped Ethereum tokens or WETH coins for different purposes. For example, they use the WETH coin as a medium of transactions on the opensea and other marketplaces for NFT (non-fungible tokens) and collectables. The WETH coin is used on Opensea to buy, sell and trade NFTs.
What is WETH vs ETH?
This section of the article will cover the differences between the Ether token and the WETH coin. Does ETH worth more than the WETH value? Will the WETH price surpass the Ethereum price? Continue reading this article to find out.
In the case of price and value, WETH is the same as ETH. This means that 1 ETH coin can always be converted to 1 WETH coin. Why is this?
The WETH coin is pegged to an ETH token and will always be equivalent to 1 Ethereum coin. The WETH coin is also convertible to ETH tokens. So, users can convert their WETH to ETH, and ETH tokens to WETH coins at any time.
Wrapped ETH token or WETH coin is used on NFT and collectible marketplace such as opensea. On this platform, the WETH coin is used to create bids that are already authorized. The WETH coin is used to create pre-authorized bids on auctions without any need for further actions or authorization from the user aka the bidder.
In this section of the article, we’ll cover how you can buy WETH coin. Remember that the WETH crypto price is equal to an Ethereum token. In the upcoming section, we will learn how to trade a WETH for ETH. Therefore, it’s clear that the WETH value is equal to Ethereum.
How to buy WETH?
As the WETH price is equal to ETH tokens, you can exchange ETH tokens for WETH coins. Continue reading the article to find out how to unwrap the WETH coin.
All you need for this tutorial is a crypto wallet application and Uniswap DEX. The uniswap DeX works perfectly on the Ethereum mainnet. Therefore, you should be fine making the transactions on the network.
Step 1. Visit Uniswap
First, you should visit the Uniswap DeX. You can visit Uniswap using a normal web browser or use your metamask wallet browser.
Note: you can also use other networks other than Ethereum main net to unwrap WETH.
In the Uniswap tap on the Connect Wallet button. Then, connect your wallet and continue with the tutorial.
You can use your mobile phone, tablet, PC or laptop to connect to Uniswap. Let’s continue.
Step 2. Connect metamask to Uniswap
Then, connect the metamask wallet to Uniswap DeX. Then, you can swap WETH coins for ETH tokens.
Step 3. Find the WETH coin
In the Uniswap DeX, find the WETH coin among all the other tokens on the DEX. You can simply search for the name of it and find the WETH coin in seconds.
Step 4. Enter the WETH amount
In your metamask wallet, head down to swap. Choose the amount of WETH coin you want to swap for ETH tokens. A WETH coin is equal to an Ether. Therefore as you can see a WETH token is equal to an ETH.
Step 5. Confirm
Confirm the transaction to swap the WETH coin for its equivalent amount for ETH. The WETH price is equal to ETH. Therefore you’ll receive almost the same amount of the input.
Is WETH cheaper than ETH?
The wrapped ETH coin or WETH coin is only slightly cheaper than Ethereum tokens. Also, the WETH price is equal to the ETH price. Therefore users can convert them and trade them with one another in a really short time. Crypto users use WETH in many scenarios where they can’t use Ether.
Is WETH better than ETH?
Wrapped ETH or WETH coin is the same as an ETH token. WETH coin isn’t better than ETH token in any way. Also, the WETH price is the same as Ethereum’s. The wrapped token, WETH crypto price isn’t different from Ethereum. Therefore, users can exchange and trade for one another almost at a 1:1 rate.
Why should I use WETH?
The wrapped Ethereum token, the WETH coin is very useful and crypto users can use them in many situations. You should also know that the WETH price is also equal to Ethereum’s. Therefore a WETH is equal to an Ethereum. There are many ways in which users can use it, such as bidding for NFT on Opensea. Although, there are situations where users need to swap WETH coins for ETH tokens.