Binance Launches Wrapped Beacon ETH
Binance’s Wrapped Beacon ETH launch adds more options to the Ethereum liquid staking market. On April 24, the exchange revealed that it had relaunched its ETH 2.0 Staking service to ETH Staking, but more crucially, that it has launched the Wrapped Beacon ETH on its ETH Staking service.
Each WBETH token is worth one BETH. Stakers can utilise the token to participate in DeFi initiatives outside of Binance, according to the exchange, but they can also earn staking rewards.
The WBETH service will be live on April 27 at 08:00 UTC, and users will be able to convert their BETH into the new tokens. According to Binance, the initial conversion rate is 1:1, although it is subject to change. It also expects that the value of BETH will increase over time “in accordance with the daily APR on ETH Staking.”
WBETH essentially allows users to do a lot more with staked ETH while also being able to receive rewards. Currently, only Ethereum and BNB Smart Chain are supported, but the exchange states that more networks will be supported in the future.
(With inputs from Shikha Singh)
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