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Trade or Exchange Wrapped Ethereum for Bitcoin, Dogecoin, and Other Coins and Tokens
With Zengo, instead of just holding your funds you can earn a passive income using our savings service. Bear in mind that new tokens are added regularly, so keep checking.
Here’s a quick rundown of some facts about WETH, including the meaning of “wrapped”:
Wrapped Ethereum, also known as WETH for short, is a “wrapped” version of Ethereum. A wrapped coin is a tokenized version of a coin, and its value is tied (or “pegged”) to the value of the original cryptocurrency.
Ethereum was created by Vitalik Buterin, and it has since grown to become the second-biggest cryptocurrency at the time of writing. However, Wrapped Ethereum was created by 0x Labs and, specifically, Will Warren. Founded in 2016, 0x Labs is based in San Francisco, CA.
Wrapped Ethereum was created according to the new ERC-20 standards to allow greater interoperability between different blockchains, unlike the original Ethereum coin. Wrapping allows the seamless exchange between ERC-20 tokens and Ether without the need for third-party.
Wrapped Ethereum was launched into the market in 2017. It was the product of several Ethereum projects run by 0x Labs. The intent was to create a standardized token with the best-possible security across applications so that it can be traded without risks, like errors during transactions.
Since Wrapped Ethereum is a tokenized, wrapped ERC-20 version of Ether, it runs on the Ethereum blockchain. ERC-20 is essentially a technical standard developed after the release of ETH to allow tokens created on the Ethereum blockchain to interact and communicate with each other.
Users regularly discuss WETH within the 1.2-million-strong and growing Ethereum subreddit. Except for Reddit, there’s an active Wrapped Ethereum community on PumpDumpCoin.
WETH follows the ERC-20 standard, while ETH doesn’t. Also, WETH was created since ETH wasn’t feasible to be used for many DeFi applications. Hence, wrapping ETH tokens in an ERC-20 standard means they can be used with DApps.
As a wrapped token, WETH operates on the same blockchain as Ethereum.
WETH is pegged to the price of Ethereum so 1 WETH = 1 Ether.
As of 2022, there is no maximum supply of Wrapped Ethereum, though it is tied to the amount of Ethereum available.
Wrapped Ethereum was created to be traded with other ERC-20 coins and tackle poor interoperability between Ether and ERC-20 coins, allowing Ether to be used in decentralized apps.
Both Ethereum and Wrapped Ethereum were created through group efforts. Ethereum was crowdfunded, while WETH was created through a collaboration run by 0x Labs.
While some cryptocurrencies like Bitcoin are limited in number, Ethereum and thus Wrapped Ethereum are not. However, only 18 million Ethereum coins can be mined annually, which limits how many WETH tokens can exist at one time.
The Ethereum platform on which WETH operates is an open-source resource. Developers can use the network’s language, Solidity, to develop their own apps and currencies.
Zengo is a one-stop-shop for all your cryptocurrency needs. The wallet has several unique features that make trading a breeze, whether you are highly experienced or a complete beginner.
With Zengo, you can access your crypto portfolio at any time. Buy, trade, view, or send Ethereum to friends and family on the go, whenever you need to. Unlike other wallets, there are no minimums, no maximums, and no expensive transaction fees. Just safe and simple transacting.
We know how important security is when it comes to crypto trading. Zengo uses best-of-breed technology to protect your coins. By combining safeguards that include facial recognition, threshold key signatures (TSS), and
3-factor authentication, your wallet is highly secured at all times.
Many wallets keep a tight leash on their clients’ tokens, but not Zengo. You’re always in control and can buy Ethereum or other cryptocurrencies at any time without penalties or transaction fees.
Zengo will be able to restore access to your wallet and your coins through its authentication methods. If you lose your device at any time, our helpful agents will help you recover access in no time.
At Zengo, we love automation and technology but not for our helpdesk. Find live support agents directly in the app, whenever you need them. We’re available 24/7. Zengo will help new crypto investors every step of the way.
Even for newcomers to cryptocurrency, the Zengo app is user-friendly and easy to navigate. Once you’ve done some reading on Wrapped Ethereum and the other tokens and coins available, you can download the Zengo app to start trading WETH. You’ll even receive some free Bitcoin when you make your first purchase!
To ensure that your Wrapped Ethereum is safe, you need to store it in a digital wallet. While some users prefer to use cold-storage wallets (that aren’t internet-connected), they’re expensive and can be challenging to use. On the other hand, Zengo offers excellent security through an easy-to-use interface.
A crypto wallet acts as proof of ownership of your cryptocurrencies. On the front end, the user interface makes everything straightforward for you, while advanced security tech works hard to keep your tokens safe beneath the surface.
The bottom line is that you’re responsible for ensuring the security of your own cryptocurrency. Crypto is not yet regulated or protected in the same way as funds on your bank account, so you’ll need a super-secure digital wallet to protect your assets against hackers.
You’ll have this by default simply by creating a Zengo wallet account. Within the mobile app, tap on the WETH asset. Then you’ll be able to see your WETH wallet address. It’s the long, alphanumeric string below the QR code.
If your friends sign up for Zengo, you’ll be able to gift Wrapped Ethereum through the app. What’s more, if they sign up using your referral code, they’ll receive $10 worth of Bitcoin for free when they spend a minimum of $200 within 30 days of their initial purchase. You’ll also receive a referral bonus.
It’s fast and simple to set up a Wrapped Ethereum wallet. All you’ll need to do is download and install the Zengo mobile app, then follow the below steps:
With Zengo, sending WETH can be done in just a few simple steps. Open your Zengo application, find the WETH asset and tap on it, enter the destination address, and then hit Send.
If somebody sends WETH to your Zengo wallet’s address, you’ll see a notification. To receive your WETH, simply open the Zengo app, swipe the WETH asset, or tap on it, then hit the Receive button. You’ll be notified again upon receipt.
Disclaimer: The information provided herein is for educational purposes only. Zengo does not provide any investment or financial advice whatsoever. As with any financial or investment decision, conduct your own research and due diligence to properly evaluate the benefits and risks of any investment or financial transaction and seek the advice and guidance of qualified financial professionals, in connection with any investment or financial transaction.
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