Binance releases new liquid staking token, Wrapped Beacon ETH

Binance launched a new liquid staking token, Wrapped Beacon ETH, on its rebranded Ethereum staking product.
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April 28, 2023
Ayush Pande

As a tech enthusiast who's always on the prowl for the latest developments concerning crypto and hardware, you can find him covering news stories or tinkering with PCs.

TABLE OF CONTENTS
Changpeng Zhao; Photo Source: Binance (Youtube)

Crypto exchange Binance launched a new liquid staking token, Wrapped Beacon ETH (WBETH), on its rebranded Ethereum staking product.

According to its blog post, Binance's WBETH token will allow users to invest in DeFi projects while receiving staking rewards from the Ethereum (ETH) network. 

Meanwhile, the exchange will stop processing withdrawals for its Beacon ETH (BETH), another liquid staking token launched by Binance long before the Ethereum Merge. 

Explaining the difference between the coins, Binance noted that each WBETH token will represent one BETH coin and the staking rewards accrued by BETH after April 27. Unlike BETH, WBETH tokens will provide access to more DeFi platforms and platforms outside of Binance. 



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Starting April 27, the exchange will allow clients to swap their Beacon ETH assets for Wrapped Beacon ETH at zero transaction fees. 

Although the two tokens will initially have a 1:1 conversion ratio, Binance expects the value of WBETH to increase in correspondence with the daily rewards from its Ethereum staking service. Binance added,

"Each WBETH token will accrue ETH Staking rewards from the Ethereum Network daily, in accordance with the daily APR on the ETH Staking service." 

Moreover, Binance clarified that clients need not convert their BETH assets to WBETH to participate in staking. This is because users will continue to receive daily staking rewards by holding BETH in their Spot Wallets.

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Author's profile picture

Ayush Pande

Ayush Pande is a hardware, gaming, and crypto writer based in India. He's a tech enthusiast who's fascinated by the potential of blockchain technology.

Connect with Ayush on LinkedIn

Binance releases new liquid staking token, Wrapped Beacon ETH

HomeCrypto staking
Contents
Changpeng Zhao; Photo Source: Binance (Youtube)

Crypto exchange Binance launched a new liquid staking token, Wrapped Beacon ETH (WBETH), on its rebranded Ethereum staking product.

According to its blog post, Binance's WBETH token will allow users to invest in DeFi projects while receiving staking rewards from the Ethereum (ETH) network. 

Meanwhile, the exchange will stop processing withdrawals for its Beacon ETH (BETH), another liquid staking token launched by Binance long before the Ethereum Merge. 

Explaining the difference between the coins, Binance noted that each WBETH token will represent one BETH coin and the staking rewards accrued by BETH after April 27. Unlike BETH, WBETH tokens will provide access to more DeFi platforms and platforms outside of Binance. 



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Subscribe to our newsletter to get tips, our favorite services, and the best deals on Bitcompare-approved picks sent to your inbox


Starting April 27, the exchange will allow clients to swap their Beacon ETH assets for Wrapped Beacon ETH at zero transaction fees. 

Although the two tokens will initially have a 1:1 conversion ratio, Binance expects the value of WBETH to increase in correspondence with the daily rewards from its Ethereum staking service. Binance added,

"Each WBETH token will accrue ETH Staking rewards from the Ethereum Network daily, in accordance with the daily APR on the ETH Staking service." 

Moreover, Binance clarified that clients need not convert their BETH assets to WBETH to participate in staking. This is because users will continue to receive daily staking rewards by holding BETH in their Spot Wallets.

Written by
Author's profile picture

Ayush Pande

Ayush Pande is a hardware, gaming, and crypto writer based in India. He's a tech enthusiast who's fascinated by the potential of blockchain technology.

Connect with Ayush on LinkedIn
Ayush Pande

As a tech enthusiast who's always on the prowl for the latest developments concerning crypto and hardware, you can find him covering news stories or tinkering with PCs.

Crypto exchange Binance launched a new liquid staking token, Wrapped Beacon ETH (WBETH), on its rebranded Ethereum staking product.

According to its blog post, Binance's WBETH token will allow users to invest in DeFi projects while receiving staking rewards from the Ethereum (ETH) network. 

Meanwhile, the exchange will stop processing withdrawals for its Beacon ETH (BETH), another liquid staking token launched by Binance long before the Ethereum Merge. 

Explaining the difference between the coins, Binance noted that each WBETH token will represent one BETH coin and the staking rewards accrued by BETH after April 27. Unlike BETH, WBETH tokens will provide access to more DeFi platforms and platforms outside of Binance. 



Get Our Free Newsletter

Subscribe to our newsletter to get tips, our favorite services, and the best deals on Bitcompare-approved picks sent to your inbox


Starting April 27, the exchange will allow clients to swap their Beacon ETH assets for Wrapped Beacon ETH at zero transaction fees. 

Although the two tokens will initially have a 1:1 conversion ratio, Binance expects the value of WBETH to increase in correspondence with the daily rewards from its Ethereum staking service. Binance added,

"Each WBETH token will accrue ETH Staking rewards from the Ethereum Network daily, in accordance with the daily APR on the ETH Staking service." 

Moreover, Binance clarified that clients need not convert their BETH assets to WBETH to participate in staking. This is because users will continue to receive daily staking rewards by holding BETH in their Spot Wallets.

Written by
Author's profile picture

Ayush Pande

Ayush Pande is a hardware, gaming, and crypto writer based in India. He's a tech enthusiast who's fascinated by the potential of blockchain technology.

Connect with Ayush on LinkedIn
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Ayush Pande