First Mover Asia: Ethereum Isn’t WETH or stETH. But Jokes Still Move Markets

Unlike staked ether (stETH), or bridge protocols which allow you to “transport” tokens to different protocols (ie, sending Solana-based tokens to Ethereum via Wormhole), wETH doesn’t have a centralized entity. Immutable, open-source smart contracts govern how wETH and ETH interact, and it’s simple to confirm that the wETH contract is fully backed at any given moment. There’s a risk that the smart contracts behind wETH could be hacked.. WETH is pegged 1:1, and thanks to block explorers you can easily validate this.