The world’s largest cryptocurrency exchange Binance is preparing to launch a new liquid staking token called Wrapped Beacon ETH (WBETH).
Interest in liquid staking tokens continues to grow after the successful Ethereum Shanghai update. Liquid staking tokens allow users to stake Ethereum and represent their locked assets. derivative token allows them to receive.
Responding to user demand in this area, Binance decided to launch liquid staking services. In a recent announcement by Binance, April 27 will be effective from WBETH The details of the token named were given.
WBETH will allow users to participate in DeFi projects outside of Binance while ensuring that they are eligible to receive their respective ETH staking rewards. From April 27, users will be able to convert their BETH tokens to WBETH and perform conversions for zero fees on the ETH staking page.
Eligible users can receive ETH staking rewards on a daily basis and these rewards in BETH will be deposited in spot wallets. In the shared announcement, the first conversion processes BETH And WBETH between 1:1 with zero commission will happen, but the value of WBETH is higher than in Ethereum staking. as it will increase over time with daily APR It was stated that this rate may change.
According to on-chain data, it is currently the leading actor in the liquid staking sector. Lido Finance (LDO) of the total market 31%It hosts. Total locked asset (TVL) value of assets on LDO 12 billion dollars passed.