Buy Wrapped stETH (WSTETH)
What is Wrapped stETH?
Wrapped stETH (WSTETH) is a token that represents staked Ether (stETH) in a non-rebasing format on the Lido platform. It allows users to maintain liquidity with their staked ETH, making it suitable for DeFi protocols that require constant token balances, while still earning staking rewards.
How does Wrapped stETH work?
Wrapped stETH (WSTETH) operates on the Ethereum blockchain and is an ERC-20 token that wraps stETH. It maintains a fixed balance using an underlying share system to reflect staking rewards. This design is crucial for its compatibility with DeFi protocols that require consistent balances, such as Uniswap and MakerDAO. WSTETH uses smart contracts to manage the wrapping and unwrapping processes, ensuring seamless conversion between stETH and WSTETH.
What are the potential use cases for Wrapped stETH?
WSTETH can be used in various DeFi protocols that do not support rebasable tokens, such as Uniswap and Aave, for activities like trading, providing liquidity, and borrowing. It can be utilised in liquidity pools, yield farming, and as collateral for loans. WSTETH's design makes it particularly valuable in the DeFi ecosystem and Layer 2 networks for facilitating staking and liquidity operations while retaining staking rewards.
What is the history of Wrapped stETH?
WSTETH was introduced by the Lido team to provide a stable, non-rebasing version of stETH. Conceived by Lido's founding team, including Vasilii Shapovalov and Konstantin Lomashuk, WSTETH was launched on February 19, 2021. Its introduction allowed integration across DeFi protocols requiring constant token balances. Since then, WSTETH has expanded through bridging and cross-chain integrations to networks like Arbitrum and Optimism, enhancing its marketplace presence and utility within the decentralized finance landscape.
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Frequently Asked Questions (FAQs)
What is the current price of Wrapped stETH (WSTETH)?
The Wrapped stETH price is $6704.34 AUD, representing a +9.32% from the day prior.
Where is the best place to buy Wrapped stETH (WSTETH) in Australia?
The best place to buy Wrapped stETH (WSTETH) in Australia is right here! Coinstash is one of Australia's leading and most trusted cryptocurrency exchanges. Built by investors, for investors - Coinstash offers a secure and user-friendly platform to buy and sell Wrapped stETH (WSTETH) and over 1,000 other cryptocurrencies. Enjoy low fees, excellent customer support and access to an array of powerful trading tools and investing features.
What is the daily trading volume of Wrapped stETH (WSTETH)?
The trading volume of Wrapped stETH (WSTETH) is $188.1M AUD in the last 24hrs, representing a +9.32% from the day prior.
How can I buy Wrapped stETH (WSTETH)?
Wrapped stETH (WSTETH) can be purchased on Coinstash with AUD or by trading other cryptocurrencies for it. Coinstash offers various AUD deposit methods including bank transfers, POLi and PayID.
What is the market cap of Wrapped stETH (WSTETH)?
The current market cap of Wrapped stETH (WSTETH) is $23.1B AUD.
Can I convert Wrapped stETH (WSTETH) to cash?
Yes - With Coinstash you can convert your Wrapped stETH (WSTETH) to AUD instantly. You can also withdraw AUD to your Australian bank account instantly and for free with no withdrawal fees.
How many Wrapped stETH (WSTETH) are there?
The current circulating supply of Wrapped stETH (WSTETH) is 3.5M.
Is Coinstash a safe place to buy Wrapped stETH (WSTETH) in Australia?
Yes - Coinstash is one of Australia's safest and most trusted platforms for buying and selling Wrapped stETH (WSTETH) and other cryptocurrencies. Coinstash's industry-leading security practices provide the highest level of protection for your investments. Coinstash is licensed, compliant and AUSTRAC registered in Australia. You can learn more about our security practices.