WETH Price

What Is Wrapped ETH?

Wrapped ETH (WETH) is an Ethereum-based token that functions as a bridge between different Ethereum-based DeFi projects. 

Wrapped ETH is an ERC-20 token that’s created by using a smart contract to convert Ether (ETH) into a wrapped form. This allows it to be traded on decentralized exchanges and used for various DeFi applications. WETH also lets users access multiple DeFi protocols without the need for lengthy onboarding processes or waiting periods. 

In addition, WETH makes it easier for users to take advantage of various features offered by different DeFi projects. For example, if a user wants to lend their Ether through Aave, they can wrap their Ether into WETH and then deposit it on the Aave protocol — allowing them to earn interest on their funds without having to go through the hassle of manually transferring them. Similarly, if they want to trade tokens on Uniswap, they can use WETH to purchase them quickly and easily without having to worry about liquidity issues or slippage. 

Finally, WETH also helps reduce transaction fees associated with making payments in ETH. This is because transactions made in WETH are cheaper than those made in native Ether, due to the wrapped token’s fungibility across multiple networks. By wrapping their Ether into WETH before making payments, users can save money while ensuring that all transactions are secure and immutable — something that’s not always possible when using traditional payment methods. 

Wrapped ETH (WETH) Price

WETH was first introduced to the crypto market on Feb 14, 2018, at $839.54. Following its launch, its price surged to $1,046.95 on Feb 17, 2018, before gradually decreasing to a low of $367.35 on Apr 5. Over the next month, WETH’s price rallied, increasing to a high of $833.40 on May 6. This high was short-lived, however, as the WETH price then decreased over the next few months and sank to a new low of $272.54 by Aug 27.

There was a momentary spike in WETH’s price on Sep 2, 2018, as it shot up to $1,028.36, before sinking to an even lower low of $82.10 by mid-December. For most of 2019 and the first half of 2020, its price remained between $100 and $300. The breakthrough for WETH came at the end of July 2020, when its price began to rise. By Dec 31, WETH’s price was $752.47, and in early February, this price doubled. Despite some fluctuations, it eventually attained an all-time high of $4,863.70 on Nov 10, 2021, the highest price paid per WETH token, attributed to the ongoing bull market at the time. 

However, as with virtually every other cryptocurrency, WETH’s price dropped in value as 2022 arrived, exacerbated by the Terra LUNA crash in May, as it sank to a low of $996.49. Although its price did recover from July to November, it once again crashed after the FTX debacle in early November 2022.

However, WETH’s price has been steadily increasing since the start of 2023, and is now trading at close to $1,800, which is nearly double its price in May 2022.

What Is WETH Used For?

Wrapped ETH (WETH) is an incredibly useful utility token that saves users time and money, while it provides them with access to a variety of features offered by different DeFi projects. Furthermore, by wrapping Ether into WETH, users can seamlessly exchange the token for other ERC-20 tokens without using any intermediaries.

Read more: WETH vs. ETH: How Are They Different?

How to Store WETH

WETH tokens can be stored on MetaMask or Ledger.