WETH
WETH
Evaluation Score
Overall rating on a scale of 0-10
Dimension Breakdown
Whale Pulse
Large transaction flow (>$10k)
24h Whale Volume
$0.0k
Sentiment
Accumulation
Recent DEX Trades
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Comprehensive evaluation of the token
WETH (Wrapped Ether) is the canonical ERC-20 wrapper for native Ether on Ethereum, serving as foundational infrastructure for decentralized finance. Because WETH9 is an immutable, non-upgradeable contract with no administrative keys or centralized custodian, traditional metrics such as active codebase commits and official social channels are structurally absent; however, it demonstrates massive on-chain adoption with over 3.3 million holders and hundreds of millions in daily volume. The tokenomics are mechanically sound with 1:1 backing to ETH and zero dilution or premine risk. From a security perspective, the canonical contract has never experienced a direct exploit, depeg, or regulatory action. While systemic risks exist due to WETH frequently serving as collateral or victim assets in third-party DeFi protocol exploits (e.g., the April 2026 Kelp DAO/LayerZero exploit and temporary Aave market freeze), these are external integration risks rather than flaws in the WETH contract itself. No qualifying red-flag events apply, and the overall score reflects the exact weighted average across all sections.
Development Activity
Code updates and developer engagement
Community Support
Social media presence and community engagement
Tokenomics
Supply, distribution, and utility
Market & Use Case
Value proposition and competitive landscape
Team & Governance
Team background and project governance
Security & Audits
Security history and audit status
About WETH (WETH)
Wrapped Ether (WETH) is the canonical ERC-20 wrapper for native Ether (ETH) on the Ethereum blockchain. Implemented via the immutable WETH9 smart contract, WETH converts native ETH into an ERC-20-compliant token to facilitate interactions with decentralized finance (DeFi) protocols, automated market makers (AMMs), and lending platforms. The token operates on a strictly demand-driven supply model with 1:1 backing to ETH, requiring no centralized custodian, bridge operator, premine, or token vesting schedule.
By design, WETH features no dedicated project team, treasury, or token-level governance structure. The WETH9 smart contract is non-upgradeable and possesses no administrative keys or owner roles, meaning deposit and redemption mechanics function permissionlessly at the code level. Governance and core network development reside at the base settlement layer through the Ethereum Foundation, while WETH itself remains deeply integrated into external DeFi governance and infrastructure, such as Aave and decentralized exchange liquidity pools, supporting millions of individual holders.
While the canonical WETH contract has maintained its 1:1 backing and has never suffered a direct smart contract exploit or depeg, its position as primary collateral across DeFi exposes holders to integration and liquidity risks. In April 2026, an external exploit involving Kelp DAO and a LayerZero bridge misconfiguration resulted in an attacker borrowing approximately 83,427 WETH and wstETH against forged collateral on Aave, creating an estimated $124 million to $230 million in modeled bad debt and prompting Aave to temporarily freeze WETH reserves across multiple markets between April 19 and April 21, 2026. WETH has also served as the victim or drained asset in third-party protocol exploits, including the May 2026 TrustedVolumes proxy hack ($6.7 million), the August 2026 Arrakis Finance accounting exploit, and a Term Labs governance exploit that drained roughly 2,843 ETH.