Binanceannounced that it will rebrand its ETH 2.0 staking service to ETH staking only, effective 2023-04-27. In addition, the company will introduce a new liquid staking token called Wrapped Beacon ETH (WBETH). According to the announcement, 1 WBETH will represent 1 BETH and the total staking rewards accrued by the BETH token in ETH staking after 2023-04-27.
WBETHis designed to allow users to participate in DeFi projects outside of Binance while maintaining their eligibility to receive the corresponding accrued ETH staking rewards. From 2023-04-27, users will be able to convert BETH tokens to WBETH and convert WBETH to BETH tokens for zero fees on the ETH staking page. It is important to note that while the initial conversion ratio between BETH and WBETH is 2023-04-27 1:1, this may change as the value of WBETH will increase over time relative to the daily APR in ETH staking.
BETH The main difference between WBETH and WBETH is that BETH represents 1 staked ETH. Whereas WBETH represents 1 BETH plus the staking rewards accrued by the BETH token for staking ETH after 2023-04-27. Users will receive ETH stake rewards in the form of BETH from the Ethereum network based on their BETH holdings in their spot wallets. On the other hand, each WBETH token will accrue daily ETH staking rewards from the Ethereum network in accordance with the daily APR on the ETH staking service. Users can unlock WBETH tokens to redeem their corresponding ETH stake rewards in the form of BETH based on the daily BETH/WBETH conversion rate.
Binance users can trade on BETH/BUSD, BETH/ETH or BETH/USDT trading pairs on Binance Spot by staking ETH on the Binance ETH staking page, buying BETH from the ETH/BETH or BETH/USDT liquidity pool on Binance Swap Farming. can get BETH or WBETH by trading. You can convert BETH to WBETH with zero fees on Binance or directly print WBETH using ETH on BNB Smart Chain and Ethereum network.
Koinfinans.com As we have reported, WBETH will be available for deposits and withdrawals on Binance from 2023-04-27. However, withdrawals for BETH will be stopped from 2023-04-26, while deposits for BETH will remain open. It is important to note that ETH staking participants will be able to redeem their ETH with BETH tokens until further notice.