Binance Announces New Liquid Staking Token On ETH Staking
Key Points:
- Binance will rebrand its ETH 2.0 Staking service to ETH Staking and introduce WBETH to its platform.
- WBETH will allow users to participate in DeFi projects outside of Binance while ensuring their eligibility to receive the corresponding ETH Staking rewards accrued.
- Users can wrap their BETH tokens to WBETH and unwrap their WBETH to BETH tokens on the ETH Staking page at zero fees.
Binance recently announced rebranding the ETH 2.0 Staking service to ETH Staking and bringing in Wrapped Beacon ETH (WBETH) to their platform. This change is set to take effect on April 27, 2023, at 08:00 (UTC).
WBETH will allow users to participate in DeFi projects outside of Binance while ensuring their eligibility to receive the corresponding ETH Staking rewards accrued. Each WBETH token will accrue ETH Staking rewards from the Ethereum Network daily, following the daily APR on the ETH Staking service. Users can also unwrap their WBETH tokens to redeem the corresponding ETH Staking rewards in the form of BETH, based on the daily BETH/WBETH conversion rate.
One of the significant differences between BETH and WBETH is that BETH is a staked ETH token, whereas WBETH is a new liquid staking token. One WBETH represents one BETH and the total staking rewards accrued by the BETH token on the ETH Staking service after April 27, 2023, at 08:00 (UTC).
| BETH | WBETH | |
| Definition | 1 BETH = 1 staked ETH | 1 WBETH = 1 BETH + staking rewards accrued by the BETH token on ETH Staking after 2023-04-27 08:00 (UTC) |
| Rewards Calculation & Distribution | Users will receive ETH Staking rewards from the Ethereum Network in the form of BETH, based on the BETH holdings in their Spot Wallets. The ETH Staking rewards will be distributed on a daily basis. | Each WBETH token will accrue ETH Staking rewards from the Ethereum Network daily, in accordance with the daily APR on the ETH Staking service. Users can unwrap their WBETH tokens to redeem the corresponding ETH Staking rewards in the form of BETH, based on the daily BETH/WBETH conversion rate. Please note that users will not receive any WBETH tokens as staking rewards. |
| Utilities | • Trading on the Binance Spot Market • Earning ETH Staking rewards, which will be distributed daily to Spot Wallets • Earning liquidity rewards on Binance Liquidity Farming • Collateral for Crypto Loans and VIP Loan | Greater flexibility to access DeFi protocols and services outside Binance, while retaining users’ eligibility to access the ETH Staking rewards accrued by BETH. |
| How to Obtain BETH or WBETH | • Stake ETH on the Binance ETH Staking page • Purchase BETH from the ETH/BETH or BETH/USDT liquidity pool on Binance Swap Farming • Purchase BETH by completing trades on the BETH/BUSD, BETH/ETH, or BETH/USDT trading pairs on Binance Spot. | • Wrap BETH to WBETH on Binance at zero fees • Mint WBETH directly using ETH on BNB Smart Chain and the Ethereum Network |
| Supported Networks | BNB Smart Chain | BNB Smart Chain and Ethereum Network, with more to come |
Users will be able to wrap their BETH tokens to WBETH and unwrap their WBETH to BETH tokens on the ETH Staking page at zero fees. However, the initial conversion rate between BETH and WBETH is 1:1 at Thursday 08:00 (UTC), but this is subject to change as the value of WBETH will increase with time, in accordance with the daily APR on ETH Staking.
Binance will open deposits and withdrawals for WBETH on April 27, 2023, at 08:00 (UTC). However, they will cease withdrawals for BETH starting from April 26, 2023, at 08:00 (UTC), while deposits for BETH will remain open. Please note that ETH Staking participants can redeem ETH with their BETH holdings on a 1:1 basis at the ETH Staking page.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
Join us to keep track of news: https://linktr.ee/coincu
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Binance Announces New Liquid Staking Token On ETH Staking
Key Points:
- Binance will rebrand its ETH 2.0 Staking service to ETH Staking and introduce WBETH to its platform.
- WBETH will allow users to participate in DeFi projects outside of Binance while ensuring their eligibility to receive the corresponding ETH Staking rewards accrued.
- Users can wrap their BETH tokens to WBETH and unwrap their WBETH to BETH tokens on the ETH Staking page at zero fees.
Binance recently announced rebranding the ETH 2.0 Staking service to ETH Staking and bringing in Wrapped Beacon ETH (WBETH) to their platform. This change is set to take effect on April 27, 2023, at 08:00 (UTC).
WBETH will allow users to participate in DeFi projects outside of Binance while ensuring their eligibility to receive the corresponding ETH Staking rewards accrued. Each WBETH token will accrue ETH Staking rewards from the Ethereum Network daily, following the daily APR on the ETH Staking service. Users can also unwrap their WBETH tokens to redeem the corresponding ETH Staking rewards in the form of BETH, based on the daily BETH/WBETH conversion rate.
One of the significant differences between BETH and WBETH is that BETH is a staked ETH token, whereas WBETH is a new liquid staking token. One WBETH represents one BETH and the total staking rewards accrued by the BETH token on the ETH Staking service after April 27, 2023, at 08:00 (UTC).
| BETH | WBETH | |
| Definition | 1 BETH = 1 staked ETH | 1 WBETH = 1 BETH + staking rewards accrued by the BETH token on ETH Staking after 2023-04-27 08:00 (UTC) |
| Rewards Calculation & Distribution | Users will receive ETH Staking rewards from the Ethereum Network in the form of BETH, based on the BETH holdings in their Spot Wallets. The ETH Staking rewards will be distributed on a daily basis. | Each WBETH token will accrue ETH Staking rewards from the Ethereum Network daily, in accordance with the daily APR on the ETH Staking service. Users can unwrap their WBETH tokens to redeem the corresponding ETH Staking rewards in the form of BETH, based on the daily BETH/WBETH conversion rate. Please note that users will not receive any WBETH tokens as staking rewards. |
| Utilities | • Trading on the Binance Spot Market • Earning ETH Staking rewards, which will be distributed daily to Spot Wallets • Earning liquidity rewards on Binance Liquidity Farming • Collateral for Crypto Loans and VIP Loan | Greater flexibility to access DeFi protocols and services outside Binance, while retaining users’ eligibility to access the ETH Staking rewards accrued by BETH. |
| How to Obtain BETH or WBETH | • Stake ETH on the Binance ETH Staking page • Purchase BETH from the ETH/BETH or BETH/USDT liquidity pool on Binance Swap Farming • Purchase BETH by completing trades on the BETH/BUSD, BETH/ETH, or BETH/USDT trading pairs on Binance Spot. | • Wrap BETH to WBETH on Binance at zero fees • Mint WBETH directly using ETH on BNB Smart Chain and the Ethereum Network |
| Supported Networks | BNB Smart Chain | BNB Smart Chain and Ethereum Network, with more to come |
Users will be able to wrap their BETH tokens to WBETH and unwrap their WBETH to BETH tokens on the ETH Staking page at zero fees. However, the initial conversion rate between BETH and WBETH is 1:1 at Thursday 08:00 (UTC), but this is subject to change as the value of WBETH will increase with time, in accordance with the daily APR on ETH Staking.
Binance will open deposits and withdrawals for WBETH on April 27, 2023, at 08:00 (UTC). However, they will cease withdrawals for BETH starting from April 26, 2023, at 08:00 (UTC), while deposits for BETH will remain open. Please note that ETH Staking participants can redeem ETH with their BETH holdings on a 1:1 basis at the ETH Staking page.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
Join us to keep track of news: https://linktr.ee/coincu
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