As the first and only cryptocurrency exchange to be integrated with wETH, which is backed on a 1:1 ratio by Ethereum (ETH), this feature enables investors to use the token to trade ETH with other ERC-20 tokens on decentralized networks. With most DeFi projects running on Ethereum blockchain, this provides interoperability and ease of transaction.
While wETH has always dominated the conversation among Ethereum miners as one of the most popular payout options for their mining efforts on Polygon Network, Ethermine, an Austrian mining pool run by Bitfly blockchain technology firm, is currently the largest mining pool for Ethereum. Ethermine not only mines Ethereum but other tokens such as Zcash, Ethereum Classic, Ravencoin, and more.
Through the integration of wETH, AAX offers a low cost and real-time settlement via Polygon Network for miners. With the vision of a future where different blockchain networks can all be compatible with a broader interconnected landscape, Polygon brings a faster but cheaper delivery for an optimal and seamless DeFi experience.
“AAX always aims to stay at the forefront of innovation and bring the best solutions to our users. Adding support for Wrapped ETH is not just a play on hype, but rather the implementation of a proven solution that benefits Ethereum miners, arbitrageurs and everyday traders who may want to move seamlessly between AAX Exchange and Ethereum-based DeFi platforms,” said Ben Caselin, Head of Research & Strategy at AAX.
For further explanations on the AAX-enabled direct deposits of wETH via the Polygon Network in regards to the Ethermine community, please visit AAX’s related blog post titled“AAX Becomes The First Crypto Exchange to Support wETH Direct Deposits, appealing to Ethermine Mining Pool”
Favored by more than a million users in over 100 countries, AAX is the world’s first cryptocurrency exchange to be powered by LSEG Technology, and the first to make the switch to the Satoshi Standard (SATS) to drive the adoption of Bitcoin forward.
Connecting traders, innovators, NFT-artists, high-net-worth investors as well as the unbanked, AAX’s mission is to help ground digital assets in the real world and to bring the benefits of sound money to everyone.