Buy Wrapped stETH WSTETH
What is Wrapped stETH (wstETH)?
Wrapped stETH (wstETH) is a non-rebasing version of stETH, designed to provide a stable balance for use in decentralised finance (DeFi) applications. Unlike stETH, wstETH does not change in balance; instead, the value of wstETH reflects staking rewards, which can be accessed upon unwrapping. This design makes it ideal for integration with DeFi protocols.
How does Wrapped stETH (wstETH) work?
wstETH operates on the Ethereum blockchain and uses smart contracts to facilitate the wrapping and unwrapping of stETH. When users convert stETH to wstETH, they lock in a fixed exchange rate that reflects staking rewards. The Proof of Stake (PoS) mechanism of Ethereum underpins wstETH, ensuring its alignment with the Ethereum 2.0 network.
What are the potential use cases for Wrapped stETH (wstETH)?
- DeFi Integration: wstETH can be used in lending, borrowing, and liquidity provision on DeFi platforms.
- Staking Rewards: Users can earn staking rewards while maintaining a stable balance in DeFi protocols.
- Liquidity Management: Its non-rebasing nature makes it suitable for DeFi strategies that require predictable token behaviour.
What is the history of Wrapped stETH (wstETH)?
wstETH was introduced as an enhancement to the Lido ecosystem to address the challenges of rebasing tokens in DeFi. While specific milestones and details about the founding team are limited, wstETH has gained traction through its integration with multiple DeFi platforms. It continues to evolve as a key tool for leveraging staked ETH in decentralised finance.
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Frequently Asked Questions (FAQs)
What is the current price of Wrapped stETH (WSTETH)?
The Wrapped stETH price is $5660.6 AUD, representing a -1.76% 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 $97.1M AUD in the last 24hrs, representing a -1.76% 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 $20.3B 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 3.6M.
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 here.