There is a process for converting ETH (Ethereum) to WETH (Wrapped Ethereum), which is called wrapping.
ETH and WETH are of the same crypto family, but still, every coin has different characteristics and technicalities.
Wrapping is done because not every platform accepts ETH, and the same goes for WETH. MetaMask allows this process of wrapping ETH to WETH.
How To Convert ETH To WETH (MetaMask)?
Steps to convert ETH To WETH (MetaMask):
Step 1: Install The MetaMeask App or Open MetaMask as Extension
Install the MetaMask app on your device. This can be done using the App Store for IOS users and the Play Store for android users. After installing the app, Log in to the app with your credentials.
Step 2: Swapping The Tokens
Open your MetaMask wallet. Change your network to Ethereum Mainnet. Then, you need to click “SWAP.”
Step 3: Selecting WETH
Now, you need to Select WETH in the Swap to section. Keep ETH in the above tab and WETH in the lower one.
Step 4: Enter The Amount
Now, enter the amount of ETH you want to swap to WETH. Then, click “review swap.”
Step 5: Reviewing Our Swap
Then on the screen, you will be able to see a conversion rate in the form of quotes, which should be 1:1.
Click Swap to finalize the transaction.
And this way, the amount of ETH you entered got converted into WETH.
Does ETH Automatically Convert to WETH?
No. You need a platform to conduct the process of wrapping, which converts ETH to WETH. You can perform this on apps like MetaMask.
ETH and WETH are of the same crypto family but have different characteristics.
That is why ETH has to be converted into Wrapped Etherurm if the user wants to use ETH in some dApps, blockchains, and other platforms that accept ETH only in the wrapped form.
How Much Does it Cost to Convert ETH to WETH?
Mostly the conversion rate of ETH to WETH is 1:1. Sometimes, the quotes can vary. For example, 1ETH can be equal to 1.002WETH.
Also, there is a small gas fee applied in this process of wrapping ETH to WETH. This gas fee on MetaMask is less compared to other apps that allow swapping.
Is WETH The Same as ETH?
Briefly, there is no such difference between ETH and WETH. WETH is just the wrapped form of ETH like ETH, which is the original token put up in an empty vessel in the form of WETH.
There is no price change in the tokens. They have the same 1:1 conversion ratio.
These wrapped forms are used on platforms, blockchains, and dApps that do not permit native tokens like ETH.
WETH is like a modification of ETH, but they still belong to the same crypto family.
But the difference comes as WETH moves according to the standards of ERC-20, but ETH does not abide by that.
WETH can be used amongst a wide variety of dApps, but ETH does not support such functioning. There are some technical differences between ETH and WETH.
Can I Send WETH to ETH Address?
Yes. You can convert WETH back to ETH. This can be done through various platforms, and one of them is MetaMask. The conversion can be done at a rate of 1:1.
The price for both of them is the same. There is just a small transaction fee that applies to send WETH to the ETH address.
This process is known as unwrapping. The name unwrapping signifies the opposite of wrapping, which is known to be a process that wraps ETH into WETH.
Now, it will be like taking the ETH out of the empty vessel in its original form from the wrapped one.
Does WETH Use Gas?
Yes, The conversion of WETH from ETH leads the user to pay a small amount of transaction or conversion fee in the form of gas that is needed to accelerate the whole computation of swapping.
What Happens When You Convert ETH to WETH?
When we convert ETH to WETH, the process ensures a contract that the wrapped form that is WETH is backed by the actual token ETH. This process is known as wrapping.
There is a private key that is kept with the custodian of the transaction, and the user is ensured that both the tokens ETH and WETH are of the same value.
In other words, this process is wrapping ETH into WETH that has some distinct characteristics from ETH.
After being converted to WETH, the wrapped form of ETH can now perform various functions on different DApps, blockchains, and other platforms.
Conclusion
There is a lot of conversion of ETH to WETH taking place these days as it is known to abide by the ERC-20 regulations that open the gates of a lot of crypto platforms.
This can be done in minutes through the process of swapping, also called wrapping in the case of ETH conversion.
We hope this article was helpful in clearing the doubts regarding the conversion of ETH to WETH. If there are still any queries, you can visit the website or explore the FAQ section of MetaMask.