Unlike staked ether (stETH), or bridge protocols that allow you to “transport” tokens to different protocols (i.e., sending Solana-based tokens to Ethereum via Wormhole), wETH doesn’t have a centralized entity. Immutable, open-source smart contracts govern how wETH and ETH interact, and it’s simple to confirm that the wETH contract is fully backed at any given moment. There’s a risk that the smart contracts behind wETH could be hacked. WETH is pegged 1:1, and thanks to block explorers you can easily validate this.
China’s Leading Blockchain Advocate Faces Investigation
Yao Qian, a prominent ‘pro-blockchain official’ in China, is under investigation by Chinese authorities for undisclosed “violations of law.” The...