WETH Dominance and Altcoin Surge: Open Interest Records Tumble

WETH (WETH), a wrapped version of Ether (ETH), has emerged as a popular choice for users and developers in decentralized applications (dApps) and decentralized finance (DeFi) protocols. Created to address the limitations of ETH, WETH is an ERC-20 token that represents a 1:1 value with ETH, enabling its use in various dApps.

With its compatibility with the Ethereum Virtual Machine (EVM), WETH allows for seamless integration with other Ethereum-based platforms. This has made it a widely accepted and traded token, listed on various cryptocurrency exchanges and used in various DeFi protocols.

Meanwhile, altcoin perpetual futures open interest surpassed Bitcoin's on September 6 for the first time since December 2024, according to Coinalyze. ZEC leverage reached a record $2.4B, while L-BTC faces an uncertain future as Liquid Network users await a restart and the return of peg-outs.