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 with DDEX wallet app?
- First, you need more than 0.01 ETH in your ETH wallet for gas fee cost.
- Click "ETH" on the "Exchanges" page.
- Then chick "Wrap ETH".
- Enter a wrap amount, then click the "Wrap ETH" button.
- Wrapping ETH will take a minute to confirm. Wait a moment please.
How to unwrap WETH into ETH with DDEX wallet app?
- First, you need enough ETH in your wallet for gas fee.
- Click "WETH" on the "Exchanges" page.
- Then chick "Unwrap WETH".
- Enter a unwrap amount, then click the "Unwrap WETH" button.
- Unwrapping WETH will take 12 ~ 60 seconds to confirm. Wait a moment please.