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Wrapped Ethereum Classic, also known as WETC, symbol $WETC, is an ether (ETC) backed ERC-20 token or “wrapped token”, that is held and transferred on Ethereum Classic and other blockchains.
A wrapped token is worth 1-to-1 with the underlying currency or token that backs it.
In the case of WETC, 1 $WETC is worth 1 $ETC because they are convertible 1-to-1 in both directions.
Why is WETC necessary?
As ETC is the native currency of the Ethereum Classic blockchain and the ERC-20 token standard was created after, but now all dapps are compatible with the ERC-20 standard, then it is necessary to convert $ETC to $WETC to be able to use ETC efficiently with the majority of dapps.
How does WETC work?
1. To convert from $ETC to $WETC users may send their ETC to a smart contract that converts $ETC into $WETC.
2. Then, all sorts of dapps may be used with the $WETC token. These include NFT auctions, liquidity pools, decentralized exchanges, lending dapps, borrowing dapps, and collateralized stablecoins amongst others.
3. When users want their ETC back they can convert back from $WETC to $ETC by sending the WETC to the ERC-20 smart contract. When the smart contract receives the WETC it will redeem or destroy it and return the corresponding ETC to the user.
Does Emerald support WETH?
Emerald does not currently support WETC but will integrate it very soon.
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