A different metric has emerged for the leading cryptocurrency exchange Binance. Accordingly, there was an inflow of 573 million dollars for BETH in September. This entry attracts attention in the cryptocurrency world. Let’s look at the details together.
Unlocking value in Binance and Ethereum Staking
Important data is coming from DefiLlama today. Accordingly, the staked Ethereum token known as BETH on the Binance exchange is experiencing a significant increase. Thus, it witnesses its Total Locked Value (TVL) rising to $731 million.
The journey of Binance’s BETH began in April, coinciding with Ethereum’s transition to a proof-of-stake network. Initially, its TVL ranged from $120 million to $170 million. On the other hand, this reflected a stable start for Binance. However, on September 1, there was an influx of $165 million through two transactions. When this happened, an important turning point occurred.
Unlocking Liquid Staking tokens
Just two weeks later, a staggering $243 million was raised in a single transaction on the Binnca exchange. These significant increases are attracting the attention of the crypto community. Outside of these notable examples, daily receipts did not exceed $500,000.
Liquid staking tokens like BETH are essentially derivatives obtained by staking Ethereum (ETH) on platforms like Lido, Coinbase or Binance. Participants receive these derivatives in exchange for the ETH they stake. It also allows them to generate returns while maintaining the flexibility to use their assets elsewhere within the decentralized finance (DeFi) sector.
Binance’s prominent role
Etherscan data reveals that the four largest holders of BETH are wallets under the control of the Binance exchange. This observation suggests that Binance may actively participate in transactions involving its users on the blockchain. It also demonstrates BETH’s commitment to facilitating its growth. BETH’s TVL is relatively smaller than platforms like the $14 billion Lido Stake Ethereum or the $2 billion Coinbase.
However, significant and irregular inflows indicate a significant level of confidence in the Binance exchange. This confidence continues even in the face of current regulatory uncertainties surrounding the crypto exchange. When we look at it from Kriptokoin.com, the increase in BETH’s TVL draws attention. On the other hand, it is a testament to the appeal and value proposition of liquid stake tokens in the crypto ecosystem. The crypto world continues to evolve. On the other hand, Binance’s BETH stands out as an important player. Accordingly, it attracts significant inflows. On the other hand, it provides users with a way to stake Ethereum safely and efficiently.
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