WETC
Wrapped Ethereum Classic
Wrapped Ethereum Classic
WETC
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About Wrapped Ethereum Classic
Wrapped Ethereum Classic (WETC) converts Ethereum Classic (ETC) into an ERC-20 token, enabling its use in the broader Ethereum ecosystem, especially in decentralised finance (DeFi) applications. It was created to solve the compatibility issue between ETC and the ERC-20 standard, drawing inspiration from the WETH.io project and benefiting from updates by Gnosis.
Wrapped Ethereum Classic (WETC) is an ERC-20 token that represents Ethereum Classic (ETC) on Ethereum-compatible blockchains. WETC allows users to trade and interact with other ERC-20 tokens and decentralised applications (DApps) on the Ethereum Classic network and beyond. The creation of WETC addresses a fundamental compatibility issue—while ETC is the native currency of the Ethereum Classic blockchain, it does not conform to the ERC-20 token standard, which was developed after ETC was launched.
Ethereum Classic (ETC) was launched before the ERC-20 standard was created. The ERC-20 standard defines how tokens are transferred and how to keep a consistent record of those transfers among tokens on the Ethereum Classic network. Since ETC does not conform to this standard, it cannot be directly traded with ERC-20 tokens.
WETC was created to bridge this gap. By "wrapping" ETC into an ERC-20 token, users can trade ETC directly with other ERC-20 tokens on decentralised exchanges (DEXs) and protocols like ETCswap V3. This process does not physically wrap anything; instead, it involves trading ETC via a non-custodial smart contract for an equal amount of WETC. This allows for seamless integration and interaction within the Ethereum Classic ecosystem and beyond.
Wrapped Ethereum Classic (WETC) is a product of the Ethereum Classic community, drawing inspiration from the WETH.io project and follows similar principles. The project is a fork of the canonical-weth, initially developed by Gnosis. The WETC contract was updated by Gnosis to follow Solidity 0.5+ best practices, improving security and code clarity after vulnerabilities like those that led to the DAO hack, which caused the Ethereum/Ethereum Classic split. This update ensures that WETC adheres to modern security standards while enabling its use across various platforms.
