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The inception of WETH marked a pivotal moment as it was for example here introduced as an ERC-20 token. This development enabled ETH to be wrapped into WETH, allowing it to be traded on decentralized exchanges (DEXs) and used in various decentralized finance (DeFi) protocols. The creation of WETH facilitated seamless interactions within the Ethereum blockchain, enhancing the liquidity and functionality of ETH in the DeFi space. ETH is Ethereum's native currency and predates the ERC-20 standard, meaning it cannot directly interact with many DeFi applications. WETH is an ERC-20 token that represents ETH at a 1:1 ratio, making it compatible with the full range of decentralized protocols. Calculated by multiplying the token's Total Supply on Arbitrum One with the current market price per token. Numbers may be unrealistic if the onchain supply is much larger than the reported circulating supply.
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