AAX becomes first crypto exchange to support wETH direct deposits


TL;DR Breakdown

  • AAX becomes first exchange to support wETH direct deposits.
  • Ethermine, Australian mining pool remains  largest mining pool for Ethereum.

AAX exchange, an innovative next-gen crypto exchange, has launch Wrapped Ether (wETH) direct deposits and withdrawals. It becomes the first and only crypto exchange 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. Also, as most DeFi projects run on Ethereum blockchain, it 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 as miners are offered two payment options for their block validations- ERC-20 tokens or wrapped ETH.

Why AAX provides support for wETH

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.

This makes a huge difference for miners as they will now be able to pocket most of their proceeds, keeping a larger portion of the commission reaped from their mining efforts. Anton Gulin, AAX’s Country Manager for Russia said.

“AAX always aims to stay at the forefront of innovation and bring the best solutions to 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.

Muhaimin Olowoporoku

Muhaimin Olowoporoku

Muhaimin loves writing on crypto news aside from being a crypto enthusiast. He has a knack for analysing issues and updating people on what's happening around the globe. He believes that blockchain and cryptocurrency are the most useful systems of mutual trust ever devised.

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