Unlike staked ether (stETH), or bridge protocols that allow you to “transport” tokens to different protocols (i.e., sending Solana-based tokens to Ethereum via Wormhole), wETH doesn’t have a centralized entity. Immutable, open-source smart contracts govern how wETH and ETH interact, and it’s simple to confirm that the wETH contract is fully backed at any given moment. There’s a risk that the smart contracts behind wETH could be hacked. WETH is pegged 1:1, and thanks to block explorers you can easily validate this.
- First Mover Asia: Ethereum Isn’t WETH or stETH. But Jokes Still Move Markets
Written by Bankerage Published on November 29, 2022