What is wrapped Ethereum (wETH) and how does it work?
wETH is the ERC-20 compatible and tradable version of ETH and can be used to interact with other ERC-20 assets. Traders who use the Ethereum network are familiar with the ERC-20 technical standard and have most likely traded and invested in tokens that utilize it. After all, its practicality, transparency and flexibility have made it the industry norm for Ethereum-based projects.As such, many decentralized applications (DApps), crypto wallets and exchanges natively support ERC-20 tokens. However, there’s one problem: Ether (ETH) and ERC-20 do not exactly follow the same rules, as Ether was....
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The exchange also announced plans to remove $USDC as a tradeable asset from its platform. Cryptocurrency exchange Binance announced Monday that it plans to halt all deposits and withdrawals of Ethereum (ETH) and Wrapped Ethereum (WETH) on selected networks, starting September 6th at 2 am (UTC) in anticipation of Ethereum's Merge event.#Binance will suspend deposits and withdrawals for Ether $ETH and Wrapped Ether $WETH on the following networks starting from September 6, 2022 at 02:00am UTC. ETH (Arbitrum) ETH (OP) WETH (RON)— Binance (@binance) September 5, 2022 In the announcement,....
While the contract does wrap ETH sent to the address into WETH, the opposite is not true. In a now-deleted deleted profile, an anonymous Reddit user allegedly lost close to $500 thousand on Sunday after sending wrapped Ether (WETH) directly into a WETH wrapping smart contract. WETH came into existence as a way for Ether (ETH) to conform to the ERC-20 token standard so that it can be traded directly with altcoins minted on the Ethereum blockchain.To wrap Ether, users first send ETH to the WETH smart contract address and receive an equivalent token in return. However, to unwrap WETH, users....
The venture capital firm dug into its own pockets to restore trust in the Wormhole ecosystem. On Thursday, Jump Crypto, a crypto venture capital firm that owns Certus One, the developer of the Wormhole token bridge, announced it had deposited 120 thousand Ether (ETH) into a Solana-Ethereum bridge that suffered a devastating exploit. The day prior, hackers fraudulently minted 120 thousand wrapped Ether (wETH) worth $321 million on the Solana (SOL) platform, then redeemed 93,750 wETH for ETH on the Ethereum network while swapping the rest for other altcoins on the Solana network.The....
Ethereum's co-founder cites "fundamental security limits of bridges" as the key reason for his disapproval. In a Reddit post on Friday, Vitalik Buterin, the co-founder of Ethereum (ETH), outlined critical security concerns surrounding cross-chain bridges in the blockchain ecosystem. As told by Buterin, storing native assets directly-chain (Ethereum on Ethereum, Solana on Solana, etc.) provides a certain degree of immunity against 51% attacks. Even if hackers manage to censor or reverse transactions, they cannot propose blocks to take away one's crypto.The rule also applies to the Ethereum....
The token bridge between Ethereum and Solana saw 120K wETH tokens removed from the platform and distributed between the hacker’s Solana and ETH wallets. The Wormhole token bridge experienced a security exploit today, resulting in the loss of 120,000 wETH tokens ($321 million) from the platform.Wormhole is a token bridge that allows users to send and receive crypto between Ethereum, Solana, BSC, Polygon, Avalanche, Oasis, and Terra without the use of a centralized exchange (CEX). This is the largest crypto hack of 2022 so far and the second largest DeFi hack to date. The Wormhole team has....