Wrapped ether.fi ETH (weETH) represents ETH tokens deposited into the pool on ether.fi, a non-custodial and decentralized staking protocol. When users deposit ETH into the pool, they receive eETH tokens in return, which can be natively restaked for additional rewards. ^[1]

Overview

Wrapped eETH (weETH) staking involves converting eETH, a token representing staked Ethereum with fluctuating balances, into weETH. This conversion ensures a constant token balance, suitable for DeFi protocols requiring fixed balances. The value of weETH is tied to eETH through a share system reflecting the owner's stake and accrued rewards. Serving as a wrapped non-rebasing ERC-20 version of eETH, ether.fi's Liquid Restaking Token, weETH enables users to earn native ETH staking rewards, EigenLayer Rewards, and engage in other DeFi protocols. Wrapped tokens like weETH undergo balance changes through minting, burning, or transferring processes, eliminating automatic balance adjustments.^[1]