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ETH vs WETH: Understanding the Difference and Their Roles in Ethereum
Tutorial October 24, 2024
- 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.