Ethereum Classic

ETC
Ether (ETC) is the native asset of Ethereum Classic, the original EVM launched in 2015

ethereumclassic.org


Wrapped Ether

WETC
Wrapped Ether (WETC) is a tokenized version of Ethereum Classic's ETC asset

View the Project on GitHub wrappedether/canonical-wetc

THE CANONICAL WETC INITIATIVE

Network Chain ID Consensus Mechanism Contract Address Tx Hash
Mainnet: Ethereum Classic 61 Proof of Work 0x1953cab0E5bFa6D4a9BaD6E05fD46C1CC6527a5a 0x9bb...2259e
Testnet: Kotti 6 Proof of Authority 0x1953cab0E5bFa6D4a9BaD6E05fD46C1CC6527a5a 0x63f...48891
Testnet: Mordor 63 Proof of Work 0x1953cab0E5bFa6D4a9BaD6E05fD46C1CC6527a5a 0x895...a212d

WHAT IS WETC?

Put plainly, WETC is "wrapped ETC" but let's start by introducing the players.

FIRST, THERE'S ETHER TOKEN

Ether or ETC is the native currency built on the Ethereum Classic blockchain, the original Ethereum Virtual Machine (EVM) launched in 2015.

SECOND, THERE ARE ALT TOKENS

When a Dapp (decentralized app) is built on top of the Ethereum Classic blockchain it usually implements its own form of token. Real world assets may be pegged 1:1 to a token on Ethereum Classic like US Dollars to USD Coin (USDC) tokens.

FINALLY THE ERC-20 STANDARD

ERC-20 is a standard developed after the release of ETC that defines how tokens are transferred and how to keep a consistent record of those transfers among tokens on the Ethereum Classic network.


WHY YOU NEED WETC

ETC DOESN’T CONFORM TO ITS OWN ERC-20 STANDARD

As mentioned above, ETC was the proto-token of the Ethereum Classic Alt tokens, which means it was built before the ERC-20 standard existed.

WRAPPING ETC ALLOWS YOU TO TRADE DIRECTLY WITH ALT TOKENS

The reason you need WETC is to be able to trade ETC for other ERC-20 tokens on decentralized platforms like Ethereum Classic's flagship decentralized exchange ETCswap. Because decentralized platforms running on Ethereum Classic use smart contracts to facilitate trades directly between users, every user needs to have the same standardized format for every token they trade. This ensures tokens don’t get lost in translation.


READY TO WRAP?

SO THIS IS AWKWARD...YOU DON'T ACTUALLY WRAP ANYTHING

When you "wrap" ETC, you aren't really wrapping so much as trading via a non-custodial smart contract for an equal token called WETC. If you want to get plain ETC back you need to "unwrap" it, or trade WETC back for plain ETC. You can wrap/unwrap ETC through ETCswap's user interface hosted on the decentralized web and censorship-resistant IPFS gateway.


THE FUTURE OF WETC

HOPEFULLY, THERE'S NO FUTURE FOR WETC

Steps are being taken to update the ETC codebase to make it compliant with its own ERC-20 standards. Weird, we know. Additionally, ERC-20 may be replaced by other standards as problems and solutions arise. There's already an ERC223 version of WETC standard in the works by the SoyFinance team.


ENTITIES SUPPORTING ONE UNIFIED WETC TOKEN

DEVELOPMENT COMMUNITY

Organization Product Website Sector
Ethereum Classic DAO CHAMELEON chameleon.pro Software
Ethereum Classic DAO DeFi Dashboard ethereumclassic.com Software
Nova Network Tradim tradim.io Software
Ethereum Classic DAO ETCswap etcswap.org Protocol
Multichain Cross Chain Router multichain.org Protocol
Nova Network Fusion fusion.novanetwork.io Protocol
Ethereum Classic DAO Long-Term Support Development Fund ethereumclassicdao.org Development Funding
ETC DAO Treasury Fund etcdao.co Development Funding
BITMAIN Mining Manufacturer bitmain.com Mining
ANTPOOL Mining Pool antpool.com Mining
CrazyPool Mining Pool crazypool.org Mining
ETCPool.us Mining Pool etcpool.us Mining


BlockScout | CoinGecko | CoinMarketCap | TradingView

Inspired by the WETH.io project.