Enhanced Flexibility for WBETH DeFi Users on Binance.
Beacon Encapsulated Ethereum (WBETH) is now available on the ETH staking service on Binance, the world’s largest cryptocurrency exchange.
To ensure that users are eligible to collect staking ETH matching incentives accumulated, DeFi has created a new liquid storage token that can be used in projects outside of Binance.
Binance will start using the new name for ETH Staking, previously known as ETH 2.0 Staking. Token holders can convert their BETH to WBETH and demonetize their WBETH to BETH on the ETH Staking website for free.
Details of the new Staking update
Although the exchange rate between BETH and WBETH is set at 1:1 on the launch date, WBETH will gain value over time due to the daily APR on ETH staking.
The daily APR on ETH Staking will be applied to staking rewards earned from each WBETH token. Spot Wallet users who want to continue receiving BETH daily incentives can do so by keeping their BETH there.
Binance will also start accepting deposits and withdrawals for WBETH on the specified date. In contrast, on March 26, at the same time, the exchange will stop accepting withdrawals for BETH but will continue to accept deposits. Spot trading pairs between BETH/BUSD, BETH/ETH, and BETH/USDT will continue to be available on Binance.
In addition, self-custodial wallets will have access to an on-chain smart contract on the BNB smart chain that will enable them to convert BETH to WBETH at a 1:1 rate. Binance will release a second statement with more information on this new capability.
Adding WBETH to Binance will increase user choice and convenience in participating in DeFi projects and receiving staking rewards. Binance users can earn staking rewards from ETH staking while also participating in DeFi initiatives outside of Binance, thanks to WBETH.
The addition of WBETH to the Binance platform is another example of the company’s dedication to innovation to meet the demands of its client base. With the launch of WBETH, Binance has once again shown why it is a leader in the cryptocurrency market by giving its clients sophisticated tools to transact with it.
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