In this article:
Learn about Ether (ETH), the native token of Ethereum, including how to use it in Best Wallet
Ether is the native cryptocurrency of the Ethereum network and is the second-largest cryptocurrency by market capitalization. Launched in 2015 alongside the Ethereum blockchain, Ether powers the ecosystem by enabling transactions and serving as fuel for smart contracts and decentralized applications (dApps).
Unlike Bitcoin (BTC), which is often viewed as a store of value, Ether plays a key role in the functioning of the Ethereum ecosystem. It is not just a digital currency but a token with multiple use cases, including staking, paying transaction fees, and participating in the decentralized finance (DeFi) and non-fungible token (NFT) ecosystems.
Key features of Ether
Utility in the Ethereum Ecosystem: Ether is essential for executing smart contracts and running dApps. Every transaction or operation on the Ethereum blockchain requires ETH to pay for gas fees, ensuring the network’s continued functionality.
Staking Opportunities With Ethereum’s transition to Proof of Stake (PoS), ETH holders can now stake their tokens to help validate transactions, secure the network, and earn staking rewards.
Broad Application in DeFi and NFTs Ether is widely used in DeFi protocols for lending, borrowing, and earning interest. Additionally, it plays a crucial role in the creation, sale, and purchase of NFTs, making it indispensable in these growing sectors.
Why you need ETH in Best Wallet
Owning ETH in Best Wallet comes with several benefits:
Pay Gas Fees: You need ETH to cover transaction fees when sending or swapping tokens on the Ethereum network.
Access DeFi and dApps: Best Wallet allows you to interact with Ethereum-based DeFi platforms and dApps.
Participate in Staking: Stake your ETH directly in Best Wallet and earn rewards for helping secure the Ethereum network.
Buy and Swap with Ease: Best Wallet makes buying and swapping ETH simple and accessible, with competitive rates and multiple payment options.
Can I buy ETH in Best Wallet?
You can buy Ether directly in Best Wallet through trusted third-party crypto purchase providers.
With options like Apple Pay, Google Pay, debit or credit cards, and bank transfers, Best Wallet ensures a smooth buying process with minimal fees.
Can I swap ETH in Best Wallet?
Swapping your ETH for another cryptocurrency is a straightforward process in Best Wallet. You can swap your Ether for thousands of other cryptocurrencies on the Ethereum blockchain and cross-chain, giving you full control and freedom.
Read our guides on how to swap crypto on the same chain or cross-chain.
Paying gas fees with ETH
In the context of blockchain transactions, "gas fees" refer to the cost necessary to perform transactions or execute smart contracts.
You need ETH to send, swap, claim, or stake on the Ethereum blockchain.
This makes ETH not only a utility token but also an essential asset for users engaging with Binance's blockchain infrastructure.
Read our guide on gas fees.
Wrapping up
Ether (ETH) serves as the backbone of the Ethereum ecosystem, powering smart contracts, dApps, and blockchain transactions. Owning ETH in Best Wallet gives you access to the full range of Ethereum’s capabilities, from DeFi and NFTs to staking rewards.
With Best Wallet, buying, swapping, and managing ETH is simple and accessible, making it a vital asset for your crypto journey.