Many times, gas fees incurred while wrapping and unwrapping Ethereum can be annoying. However, what if you can convert WETH to ETH with some cheaper methods?
Although Ether token is the native token of the Ethereum blockchain, wrapped Ethereum is the most preferred form of Ethereum for interacting with Ethereum on non-Ethereum dApps or smart contracts. It can be used in DeFi platforms for staking, lending, collateral, or borrowing.
Wrapped Ethereum is a tokenized Ethereum. Its value is always pegged to the Ethereum price; therefore, it allows the wider use of Ether on the Ethereum blockchain and other blockchains.
The main difference between WETH and ETH arises from WETH’s token standard. Even though ETH is the native token of the Ethereum blockchain, it doesn’t abide by the ERC-20 token standard.
In contrast, WETH follows the standard for ERC-20 tokens. Therefore it can be used on any DEX or wallet that supports the standard.
The ERC-20 standard of wrapped Ethereum allows for interoperability across different blockchains. The token allowed developers to use a version of ETH that respects the standard.
Converting WETH to ETH means unwrapping the WETH. Meanwhile, it is as easy as wrapping the token.
So after using your WETH, you want to unwrap it to ETH for saving or trading off. There are many ways to unwrap WETH. The difference lies in the gas fees of each of these methods.
The most popular way to convert WETH to ETH is via DEXes. However, the cheapest way to unwrap WETH is via Centralized Exchanges like Binance if you’re not storing your ETH in a wallet.
Meanwhile, before you can convert your WETH to ETH on DEXes, ensure you have enough Ethereum to cover gas fees.
Here are some of the cheapest ways to convert WETH to ETH:
- Using Metamask
- Using DEX like Uniswap
- Using Opensea marketplace
- Using Binance Convert
1. Using Metamask
One of the cheapest ways to convert WETH to ETH is via Metamask. Metamask is a non-custodial wallet that allows storing, trading, and transferring of cryptographic assets.
It also has an inbuilt DEX where users can easily swap their coins or tokens. The Metamask DEX is especially important if you don’t want to give token approval to other DEXes or you can’t store your tokens on Centralized Exchanges.
To convert your WETH to ETH, sign in to your wallet and use the swap feature of the wallet. Review the gas fees and approve the transaction.
Here’s how to convert WETH to ETH with Metamask:
1. Open Metamask wallet
Open your Metamask wallet from your browser extension. Access your wallet dashboard by logging in with your password.
2. Click ‘Swap’
2. In your wallet, tap the SWAP button in the upper part of the home screen.
3. Enter WETH in the ‘From’ field and ETH in ‘To’ field
3. In the Metamask SWAP, select WETH in the first field tagged ‘SWAP FROM.’ In the second field tagged ‘SWAP TO,’ select ETH.
4. Input the amount
Input the amount of WETH you’d like to change for ETH and tap REVIEW SWAP to continue the conversion.
5. Finally, click ‘Swap”
Once the wallet finishes fetching quotes, you will see the quotation rate of equal WETH and ETH. Review the gas fee and hit the SWAP button once you’re satisfied. That’s it! You’ve successfully unwrapped your WETH to ETH.
2. Using DEX like Uniswap
Uniswap is a decentralized open-source exchange. The DEX platform is powered by an automated liquidity protocol that allows liquidity providers to earn incentives for providing funds to facilitate trading on the platform.
Meanwhile, Uniswap is a large system of non-upgradeable smart contracts, a vast ecosystem of decentralized trading.
One advantage of using DEXes for cheap unwrapping is that you can freely control your transaction settings, especially SLIPPAGE TOLERANCE.
Using Uniswap is as simple as swapping a token. It works similarly with Metamask DEX. All you must do is choose WETH and ETH in the appropriate fields. Input amount and complete transaction.
1. Visit Uniswap DEX and connect your wallet
To use Uniswap, go to Uniswap DEX at app.uniswap.org.
In the top right corner of the DEX, tap CONNECT A WALLET to link the wallet holding your WETH.
Choose your preferred wallet from available options and sign the connection in the prompt that pops up.
2. Convert WETH to ETH
After connecting your wallet, select WETH in the upper field and ETH in the lower one. You can also use the search field to look for and add WETH.
Enter the preferred amount of WETH you’d like to swap to ETH. Finally, hit the SWAP button. This should open a new prompt for you to confirm the transaction.
Review the conversion and gas fees. You can adjust the gas fees and click CONFIRM afterward.
You will receive ETH in your wallet once the transaction has been completed on the blockchain.
3. Using Opensea marketplace
Another popular way to do this is by using the Opensea marketplace. Opensea allows users to seamlessly change WETH to ETH in order to complete WETH-only transactions.
These include bid transactions in auction-based NFTs where you can place a preferred price on NFT in an open auction. Pre-authorized bidding with WETH allows Opensea users to seamlessly participate in auctions without having to interact frequently with the platform.
After using your WETH, you can easily convert it back to ETH on Opensea. To do this:
1. Visit the Opensea marketplace at Opensea.io.
2. Click on the wallet icon on the top right corner of the home screen to connect your wallet. Choose the appropriate wallet and sign the connection.
3. After connecting your wallet, click on the wallet icon in the top right corner of your Opensea account.
4. On your Opensea account balance, click the three-dot ellipsis and select WRAP from the available options.
5. A window where you can wrap and unwrap your tokens will appear.
6. In the upper field tagged SWAP, select WETH. In the lower one tagged FOR, select ETH.
7. Enter the amount of WETH you’d like to convert to ETH, then click on UNWRAP ETH.
8. A new prompt will appear in your wallet for you to confirm the transaction. Review the gas fees and click on CONFIRM to complete the transaction.
4. Using Binance Convert
Binance Convert is a cost-free way to swap and exchange your tokens on Centralized Exchanges.
Therefore, if you have WETH on Binance, you can easily unwrap it to ETH before transferring it to non-custodial wallets.
To do this,
1. Log in to your Binance account at Binance.com.
2. Click on LOG IN in the top right corner of the homepage.
3. Once logged in, go to TRADE > BINANCE CONVERT from the trading options in the top navigation bar.
4. In Binance Convert, choose WETH in the first field tagged ‘FROM’ and select ETH in the second field tagged ‘TO’.
5. Tap ‘REVIEW TRANSACTION’ to get a quote. Once you’re satisfied with the quote, execute the transaction, and that’s all.
Typically, WETH is a tokenized ETH, and converting it to and from ETH is easy. In fact, it requires zero technical knowledge. Meanwhile, WETH value is 1:1 to that of ETH; therefore, you will get an equal value when you wrap or unwrap them.
WETH improves the use cases and application of Ethereum blockchain in promoting its already grown DeFi ecosystem. It also promotes the blockchain network’s interoperability since Ether lacks the ERC-20 token standard.