WETH
A wrapped token, backed 1 to 1 by Ethereum.
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About WETH
Analysis of 5 Feb 2026Wrapped Ether (WETH) is the ERC-20 compatible version of native ETH, deployed via the WETH9 smart contract by DappHub in December 2017. As of February 5, 2026, WETH maintains a market cap of $4.91 billion with over 3.2 million holders on Ethereum mainnet and trades at $2,189 (tracking ETH 1:1).
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Despite a 26% market correction from January peaks, the token has achieved extraordinary multi-chain presence with 4.73 million holders on Base, 412,000 on Arbitrum, and 300,000 on Optimism. Layer 2 adoption accelerated to 67.5% of daily trading volume, with Uniswap officially launching its dedicated Unichain L2 in February 2026.
WETH remains foundational to DeFi with dominant positions in Uniswap v3 liquidity pools offering 3-6x more depth than centralized exchanges near mid price levels. Over 2,500 custom liquidity pools now use Hooks on Uniswap v4, while stablecoin and wrapped token pairs like WETH/USDC dominate total pool volume.
In late 2022, Zellic formally verified WETH9's critical invariants using Z3 SMT solver, proving both accounting correctness and solvency guarantees, making it the world's most popular formally verified smart contract.