Binance-Peg WETH (WETH) is a token issued on the BNB Chain that is pegged in value to Wrapped Ethereum (WETH) on the Ethereum network. It facilitates the use and trading of Ethereum-based value within the BNB Chain ecosystem. ^[1]

Overview

Binance-Peg WETH serves as a cross-chain representation of Wrapped Ethereum (WETH) on the BNB Chain. To enable interoperability and allow users to utilize their WETH holdings within the BNB Chain's decentralized finance (DeFi) and application ecosystem, Binance issues pegged tokens. These pegged tokens are created through a process where an equivalent amount of the native asset (WETH on Ethereum) is locked in a designated address, and the corresponding pegged token (Binance-Peg WETH) is minted on the BNB Chain.

The existence of Binance-Peg WETH expands the liquidity and utility of WETH by making it accessible to users and protocols operating on the BNB Chain, which often features lower transaction fees and faster block times compared to the Ethereum mainnet. It is part of a broader category of "Binance-Peg Tokens" designed to bridge various cryptocurrencies to the BNB Chain ecosystem. ^[1]

Tokenomics

• Market Cap: Approximately $1,509,910,258
• Fully Diluted Valuation (FDV): Approximately $1,509,910,258
• 24 Hour Trading Volume: Approximately $45,773,056
• Circulating Supply: Approximately 604,999 WETH ^[1]
• Total Supply: Approximately 604,999 WETH ^[2]
• Max Supply: ∞ (Infinite) ^[1]

The price of Binance-Peg WETH is calculated by aggregating data across multiple exchanges and markets using a global volume-weighted average formula. ^[3]

Use Cases

• Trading: Users can trade Binance-Peg WETH against other tokens on decentralized exchanges (DEXs) operating on BNB Chain. ^[1]
• DeFi Participation: Binance-Peg WETH can be used in various DeFi protocols on BNB Chain, such as lending platforms, yield farming protocols, and liquidity pools. ^[1]
• Transfer: Users can transfer WETH value quickly and with potentially lower fees compared to transactions on the Ethereum mainnet by using its pegged representation on BNB Chain. ^[1]