Binance’s passive income platform, Binance Earn, has partnered with a BSC-based altcoin. Liquidity staking integration begins for WBETH.
Binance Earn announces new altcoin partnership
According to the official announcement on April 29, PancakeSwap (CAKE) has teamed up with Binance Earn to integrate liquid staking for WBETH (Wrapped Beacon Ethereum).
PancakeSwap users will be able to directly convert ETH to WBETH to receive ETH commitment rewards. They will also be able to use WBETH for transfers and trades on other platforms.
Wrapped Beacon Ethereum (WBETH) is a liquid staking derivative token that represents the ETH committed and its rewards. It is also a packaged version of BETH created by Binance Earn and available on Ethereum and BNB Chain.
What will PancakeSwap’s WBETH liquid staking integration provide?
With this integration, PancakeSwap now makes it easier to stake ETH. ETH staking rewards can be earned by converting ETH directly to WBETH. Some of the advantages included in the official announcement are as follows:
- Seamless ETH to WBETH conversion. Convert your ETH to WBETH with zero fees directly on PancakeSwap without the need for any third party platform.
- Farming rewards: Add your WBETH and ETH to V3 liquidity pools to earn rewards and participate in WBETH Farming.
- Earn staking rewards with WBETH. Chance to earn daily ETH Staking rewards from Ethereum. Accordingly, you can use your WBETH for participation in DeFi projects on Ethereum and BNB Chain.
- Convert WBETH back to ETH. With the dedicated ETH/WBETH liquidity pool, you can instantly convert WBETH back to ETH.
How did the PancakeSwap (CAKE) price react to the Binance news?
Meanwhile, CAKE, ranked 84th by market cap, has been in a downtrend since April 24. The price most recently found support in the current level of $2.5. Meanwhile, let’s note that the price of CAKE is down 93.88% from the ATH level. The price is currently trading at $2,7053, where it moved sideways during the day.
PancakeSwap is a DEX and automated market maker on Binance Smart Chain (BSC). Users can exchange between different cryptocurrencies via CAKE on Binance Smart Chain. The platform also keeps users’ assets safe as a decentralized trading platform.
What is liquid staking?
Liquid staking is a method that allows users to stake their assets while remaining non-trading via representative tokens. This feature provides access to funds for other uses while still earning staking rewards.
As Ethereum completes the Merge upgrade, liquid staking gives users the option to stake ETH to earn rewards. Also, unlike traditional staking methods, users can continue to use their ETH and have liquidity while staking. WBETH is the key player at this point.
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