What is Wrapped stETH?
Wrapped stETH (wstETH) is a currency that combines the flexibility of decentralized finance (DeFi) with the advantages of Ethereum staking.
In this article we’ll discuss what is Wrapped stETH, how it works, what it is used for, and price history of Wrapped stETH (WSTETH).
How does Wrapped stETH work?
Built on the Ethereum blockchain, wrapped stETH stakes ETH using Lido’s liquid staking platform. The method creates a stable and consistent balanced version of stETH by wrapping stETH, which is acquired by staking ETH via Lido’s platform.
What is Wrapped stETH used for?
Wrapped stETH (WSTETH) aims to offer a consistent and stable balance version of stETH that can be utilized in DeFi applications including aggregators, optimizers, liquidity pools, lending protocols, and DEXs.
How many Wrapped stETH are there?
The total supply and circulating supply of Wrapped stETH is set at 3,476,696.
Price history of Wrapped stETH
WSTETH is currently trading around $3042.37 with a market cap of $10.6 billion and a 24-hour trading volume of $24.7 million.
Who created Wrapped stETH?
The developers behind Lido, a liquid staking platform, developed Wrapped stETH (wstETH).
Is Wrapped stETH secure?
Although wrapped stETH (wstETH) is usually regarded as secure, it’s crucial to comprehend the security context.
What makes Wrapped stETH unique?
A tokenized form of staked Ether on the Ethereum (ETH) network, wrapped stETH (stETH) is a special kind of cryptocurrency.
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