WETH Price (WETH INR)

About WETH

WETH is the wrapped version of Ether. Wrapped tokens, like WETH or Wrapped Bitcoin, are tokenised versions of cryptocurrencies whose value is pegged to the cryptocurrency that it "wraps".

Almost every major blockchain has a wrapped version of its native cryptocurrency like Wrapped BNB, Wrapped AVAX, or Wrapped Fantom. The mechanism of such coins is similar to that of stablecoins where for example, Tether or USDT can be viewed as wrapped US Dollar.

This simply means that WETH can be created by sending Ether to a smart contract where the Ether is placed on hold, in turn receiving the WETH ERC-20 token at a 1:1 ratio. This WETH can afterwards be sent back into the same smart contract to be “unwrapped” or redeemed back for the original Ether at a 1:1 ratio.

For instance, with Wrapped Ether, you could simply go to a DEX like Uniswap and swap your Ether for Wrapped Ethereum. The original Ether is converted to Wrapped Ethereum, but the value stays the same, similar to how US dollar-pegged stablecoins work.

The purpose of developing Wrapped Ether was to increase interoperability between blockchains and make Ether usable in decentralised applications (dApps).