Wrapped ETH or "WETH" can be traded directly from your wallet, without depositing
In order to securely trade ETH for ERC20 tokens in a decentralized environment without a third party holding your ETH, users need to first "wrap" ETH into an ERC20 standard called WETH.
DDEX never charges any fees for wrapping ETH: the only costs are the small gas fees for operating on the Ethereum network.
ETH and WETH are always exchanged at a 1:1 ratio (you do not need to worry about price fluctuations).
Why do you need W-ETH (WETH)?
Wrapping ETH allows you to trade ETH on DDEX. While ERC20 tokens have functions built into them specifically so that they can be traded in a decentralized environment, ETH does not adhere to ERC20 standards and thus cannot be traded in this manner.
WETH is an ERC20 token, stays in your wallet throughout trading, and can be converted back and forth between ETH and WETH at anytime. So it's almost like trading ETH directly.
You can learn more about WETH in our Understanding W-ETH article.
How to Wrap ETH into WETH
1. Open the WRAP ETH Interface
Go to the "BALANCES" section on the website (https://ddex.io/balance), and select the "WRAP ETH" button.
2. Enter the amount of ETH that you want to convert to WETH, and click WRAP ETH.
Note: Our interface will not allow you to deposit all your ETH; we require users to keep a small amount of ETH in their wallets to cover the gas fee (Ethereum network fee).
3. Confirm The Transaction(s)
After clicking WRAP ETH, depending on which type of digital wallet you're using, you may see a popup window requiring you to sign the transaction — MetaMask, for example, requires users to confirm the transaction when wrapping ETH.
Please ensure all information and numbers are correct and then click "CONFIRM"
You can "REJECT" to cancel the wrapping
The first time you Wrap ETH to WETH you will be prompted for a second "enabling" transaction which allows you to trade directly from your digital wallet in a decentralized environment. This second transaction only occurs the first time you Wrap ETH: it enables the Hydro smart contract to interact directly with WETH in your digital wallet. Future ETH wrapping will only require one transaction. Click "SUBMIT" to confirm this second transaction.
With typical gas prices and network traffic, your WETH will be available in less than a minute. You're ready to start trading now!
How to Unwrap WETH into ETH
You can convert your WETH back into ETH at anytime.
1. Open the UNWRAP ETH Interface
Go to the "BALANCES" section on the website (top right portion of the screen, or https://ddex.io/balance) and select the "UNWRAP ETH" button
2. Enter the amount of WETH that you want to convert to ETH, and click UNWRAP WETH.
3. Confirm Transaction
After clicking UNWRAP WETH, depending on which digital wallet you are using, you may see a popup window requiring you to confirm the transaction.
Please ensure all information and numbers are correct and then click "SUBMIT"
You can select "REJECT" to cancel the unwrapping
After you submit the transaction, depending on network traffic and your selected gas price, typically your ETH will be available in less than a minute.
Now, we’re ready to start trading!
Click here to learn: How to Wrap ETH into WETH with DDEX wallet?
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