Blockchain Development Programming Tutorials, Guides & Best Practices

• Transaction Fees: ETH is required to pay gas fees, which are used to process transactions and execute smart contracts on the Ethereum network.
• Store of Value: ETH, like Bitcoin, is often used as a store of value or an investment asset.
• Participating in dApps: ETH is essential for interacting with decentralized applications (dApps) that run on the Ethereum network.

WETH (Wrapped Ether) is a token that represents an ERC-20 standard version of ETH. While ETH is the core currency of the Ethereum blockchain, it is not compatible with the ERC-20 standard, which governs the majority of tokens on the Ethereum network. This is where WETH comes into play.

     async function main() {
         const [deployer] = await ethers.getSigners();

         console.log("Deploying contracts with the account:", deployer.address);

         const MyToken = await ethers.getContractFactory("MyToken");
         const myToken = await MyToken.deploy("MyToken", "MTK", ethers.utils.parseUnits("1000000", 18));

         console.log("MyToken deployed to:", myToken.address);
     }

     main()
         .then(() => process.exit(0))
         .catch((error) => {
             console.error(error);
             process.exit(1);
         });

• getSigners: Retrieves the list of accounts provided by the Ethereum node, with the first account used as the deployer.
• getContractFactory: Gets the contract to deploy.
• deploy: Deploys the contract with the specified parameters (name, symbol, and initial supply).
• parseUnits: Converts the initial supply to the correct units, considering the token’s decimals.