In Brief:
- AAX Exchange has decided to integrate Wrapped Ether.
- This makes AAX the first and only crypto platform to allow users to trade wETH.
In a tweet by LSEG Technology-powered crypto exchange AAX, it has been revealed that AAX users will now be able to deposit and withdraw Wrapped Ether (wETH).
Users can now trade tokens directly from the exchange and also to other supported crypto networks. Also, Ethereum can now be traded smoothly with other ERC-20 compatible tokens on the platform.
Thus, customers can now use wrapped Ether to withdraw any cryptocurrency directly from the exchange and deposit it to any supported mining pools, decentralized applications, and other platforms without needing to first convert the cryptocurrencies they want to deposit or withdraw, which again demands one to shell out some money for fees.
It is worth noting that currently Bitfy, the Austria-based Ethermine mining pool is the world’s largest mining pool for Ethereum. In addition to mining ETH, Ethermine mines Ravencoin, Ethereum Classic, Zcash etc.
Although (wETH) is an ERC-20 token is inherently different from the Ethereum cryptocurrency which is used to represent the normal Ethereum on a 1:1 ratio in any transaction.
One needs wETH to trade ETH for other ERC-20 tokens on decentralized platforms. In order to wrap Ethereum, a user sends an equivalent amount of Ethereum to smart contracts and receives an equivalent amount of the wEth token.
Commenting on the development, Ben Caselin, Head of Research and Strategy at AAX said, “Adding support for Wrapped ETH is not just a play on hype, but rather the implementation of a proven solution that benefits Ethereum miners, arbitrageurs and everyday traders who may want to move seamlessly between AAX Exchange and Ethereum-based DeFi platforms”
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