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What is wrapped Ether (wETH)?

Wrapped Ether (wETH) is a kind of cryptocurrency that enables users to make pre-authorized bids that may be fulfilled at a later date without any further action being required from the bidder. This eliminates the need for the bidder to do any more steps. When an individual transfers ETH to the wETH smart contract, a new supply of wETH is created. The user’s ETH is stored inside the smart contract, and an identical quantity of wETH is minted at the same time.

The working of WETH:

The process of wrapping entails paying Ethereum to a smart contract in exchange for WETH. Your ETH, which is going to be locked up in the smart contract as we went over before, is going to be visible on the blockchain in this contract, and in exchange, WETH is going to be credited back to your crypto wallet.

Direct interaction with smart contracts requires a high level of technical expertise. Wrapping is often accomplished via the use of a decentralised exchange, such as Uniswap, since it is the most convenient method.

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Jeewan Singh is CryptoShrypto’s content writer and a seasoned writer with over two years of experience in writing about Indian Securities Market. Jeewan's participation in Blockchain and Cryptocurrency started in late 2020, and he hasn't looked back since. The technical and economic outcomes of cryptocurrency are what spark his curiosity, and he keeps one eye on the market.
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