New feature — Wrap ETH function
Tokenlon officially supports wrap ETH function! You can now directly wrap or unwrap ETH on Tokenlon anytime.
Before you use the service, here are some points to take note of
- The exchange rate is always 1:1.
- You do not incur a trade fee when you wrap or unwrap ETH, you only need to pay for the gas fee.
- WETH is minted when you send ETH to the WETH smart contract directly. In return, the WETH contract will send back the same amount of WETH to your wallet.
- Tokenlon does not mint WETH or exchange ETH for WETH, and Tokenlon does not operate or control the WETH smart contract.
- Wrapped ETH function currently only supports Ethereum and Arbitrum networks
How to wrap ETH on Tokenlon?
- Go to Tokenlon web (tokenlon.im), navigate to “Products” on the top menu and click on “Wrap ETH”
Alternatively, you can go to this page from either the Tokenlon swap or limit order page. Simply click on the toolbox icon at the top right.
If you are imToken wallet user, there is also a quick way to open the wrap ETH page. Click on the Wrap icon on the ETH asset homepage.
2. On the wrap ETH page, enter the amount of ETH you want to wrap. If you want to swap WETH back to ETH, simply change the direction of the transaction.
3. Click the review button to proceed. , You can always edit the wrap amount by clicking the back button.
4. Press the confirm button to sign the transaction with your wallet, and wait for the transaction to complete.
What is WETH？
WETH is the wrapped version of ETH. Unlike ETH, it is a standard ERC-20 token. Wrapping ETH does not affect its value, you will always be able to trade 1 ETH for 1 WETH on Tokenlon with 0 trade fees incurred.
Why do we need WETH?
Most of the smart contracts running on the Ethereum mainnet support ERC-20 tokens. As the native token of the network, Ethereum (ETH) is not an ERC-20 token. Interacting with the smart contracts becomes more complicated.
In order to allow Ethereum (ETH) to interact with these contracts more conveniently, it needs to be wrapped into an ERC-20 token which is WETH.
If you have any questions, feel free to reach us via Tokenlon discord.
