New Asset Enables Seamless Participation

Binance, one of the leading cryptocurrency exchanges, has just announced the launch of Wrapped-BETH (WBETH) on BNB Chain.

The new asset is an upgrade to Binance ETH Staking and allows users to participate in on-chain DeFi projects while still receiving ETH staking compounding rewards automatically.

Wrapped-BETH is a liquid staking token, with each token representing 1 BETH plus the accrued ETH staking rewards since its launch date of April 27th, 2023 at 8:00 AM (UTC). The initial conversion rate between BETH and WBETH is 1:1, and the value of WBETH increases on a daily basis.

This new asset allows users to participate in DeFi projects outside of Binance while still enjoying the accrued compounding ETH staking rewards automatically. Users can wrap BETH and unwrap WBETH anytime with zero fees. Additionally, WBETH gives access to more use cases in DeFi protocols, making it a versatile asset for crypto investors.

Those interested in participating in ETH staking and using the staked ETH to participate in DEFI protocols can wrap BETH and receive WBETH. Users can withdraw WBETH from Binance to self-custody wallets and use it for various DEFI protocols. Binance is also working with multiple DEFI protocols to expand WBETH use cases.

Deposits and withdrawals for WBETH will open on April 27th, 2023 at 8:00 AM (UTC), while BETH withdrawals will be ceased starting from April 26th, 2023 at 8:00 AM (UTC). BETH deposits, however, will remain open.

For those who only wish to participate in ETH staking on the Binance exchange, they can keep BETH or wrap it to WBETH. Both tokens receive the same staking rewards, but BETH has more use cases within Binance exchange, such as use as loan collateral, trading against ETH, and liquidity farming. To stake ETH and receive BETH, users can go to the ETH Staking page.

If users hold BETH in self-custody wallets/Dapps on the BNB Smart Chain, they can deposit BETH into Binance or keep it in self-custody wallets. An on-chain Smart Contract will be provided to convert BETH to WBETH at a 1:1 fixed rate on BNB Smart Chain in May.

In conclusion, the launch of Wrapped-BETH on the BNB Chain provides an excellent opportunity for crypto investors to participate in ETH staking and DEFI projects seamlessly. By providing a versatile and liquid asset, Binance is making it easier for investors to diversify their crypto portfolios and explore new investment opportunities. For more information on how to wrap BETH and other details, check out the official announcement.

What is BNB Chain:

Previously known as the Binance Smart Chain (BSC), BNB Chain is a community-driven, decentralized, and censorship-resistant blockchain that is powered by Binance. It consists of BNB Beacon Chain and BNB Smart Chain, EVM compatible and facilitating a multi-chain ecosystem. Through the concept of MetaFI, BNB Chain aims to build the infrastructure to power the world’s parallel virtual ecosystem.

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Find more about BNB Chain here:

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