Most DeFi DApps nowadays accept ERC-20 tokens for investment and staking opportunities. So while ETH can be used to pay for gas fees on Ethereum, ETH can't be used in every DApp. Developers have a lot of room for customization when creating these digital assets. These act very differently from Ether or ERC-20 tokens. One example would be the ERC-721 format that gives us Non-Fungible Tokens (NFTs). The network allows developers to create new rules and standards for cryptocurrencies. Don't we already have ETH on the Ethereum blockchain anyway? The first thing to understand is that not every token on Ethereum is technically alike. Let's explore some of its use cases.Īt first, it might seem confusing why we have a token like WETH. MetaMask, TrustWallet, and pretty much any wallet in the Ethereum network will support WETH. However, WETH has a wider range of use cases than ETH and is very popular in the Decentralized Finance (DeFi) ecosystem. While Ethereum's native token, ETH, can be used to pay gas fees, WETH can't. WETH is an ERC-20 token on Ethereum pegged to the price of Ether (ETH). Let's see why it's become a useful tool for investors and holders across so many projects and DApps. Wrapped Ether is the solution to this problem, and you may have already come across it. However, this fact has presented a problem for Ethereum's native coin, Ether.Įther doesn't follow the same rules as ERC-20 tokens, but there is a demand to use it in ERC-20 DApps too. Using this technical standard has become a popular option for Decentralized Applications, wallets, and projects as it offers practicality to most users. If you use Ethereum, most tokens you trade and invest with are likely to use the ERC-20 token standard. Popular uses for WETH include NFTs trading, providing liquidity to liquidity pools, and crypto lending. You can even find wrapped ETH on other blockchains to use in their ecosystems. There are many versions of WETH, but some are more popular than others. You can wrap your ETH manually by interacting with the WETH smart contract, which will store your ETH and give you back the exact same amount of WETH.Įthereum's DeFi ecosystem is large, and using WETH provides more opportunities for staking and investing. Both wrapping and unwrapping follow a 1:1 ratio, meaning there are no extra costs apart from transaction fees. You can also convert WETH back into ETH at any time. You can easily convert ETH into WETH through a process known as wrapping. While ETH is used to pay for network transaction fees, it doesn't have the same functionality as ERC-20 tokens. WETH is used in several platforms and DApps that support ERC-20 tokens. Regardless of your reason for sending ETH from your Binance account to Metamask, the process is an easy one.įirst, you will have to copy your Metamask wallet address. Once you have the address, log into your Binance account via the website or mobile app then transfer the correct amount of ETH to the address using the Ethereum network (ERC-20).Wrapped Ether (WETH) is a token pegged to Ether (ETH). There are many reasons why you might want to transfer ETH from Binance to your Metamask wallet – purchasing NFTs, staking, providing liquidity, or simply storing. How To Transfer ETH From Binance To Metamask (Step By Step Guide) Finally, complete the 2-step verification and click.Enter the amount of ETH to be transferred and click on.Paste your wallet address and select “ Ethereum (ERC-20)” as the network to be used.Select ETH as the coin to be transferred.Open the Binance website and log into your account.Launch Metamask and copy your wallet address.Wrapping Up How To Send ETH From Binance To Metamask (Quick Guide)
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |