Binance, one of the leading cryptocurrency exchanges, has announced a rebranding of its ETH 2.0 Staking service to ETH Staking, along with the introduction of Wrapped Beacon ETH (WBETH) as a new liquid staking token. This change will be effective from April 27, 2023, at 08:00 (UTC).
WBETH is designed to provide users with more flexibility in participating in DeFi projects outside of Binance, while still being eligible to receive staking rewards accrued by their BETH tokens on the ETH Staking service. Each WBETH will represent 1 BETH and will be equivalent to the total staking rewards accrued by the corresponding BETH token on ETH Staking after April 27, 2023, at 08:00 (UTC).
One of the key benefits of WBETH is that it will allow users to participate in various DeFi projects outside of Binance, which can provide opportunities for diversification and potentially higher returns. By wrapping their BETH tokens to WBETH, users can unlock their BETH tokens and use them in other DeFi protocols while still earning staking rewards on the original BETH tokens through the ETH Staking service.
Binance innovative solutions to users
Starting from April 27, 2023, at 08:00 (UTC), users will be able to wrap their BETH tokens to WBETH and unwrap their WBETH to BETH tokens on the ETH Staking page at zero fees. The initial conversion rate between BETH and WBETH will be 1:1 on April 27, 2023, at 08:00 (UTC). However, it’s important to note that the value of WBETH may change over time, as it will be linked to the daily APR (Annual Percentage Rate) on the ETH Staking service.
The introduction of WBETH on the ETH Staking service reflects Binance’s commitment to providing innovative and flexible solutions for its users to participate in the rapidly evolving DeFi ecosystem. By offering a liquid staking token that represents the value of staked BETH tokens, Binance aims to enable users to explore opportunities in the broader DeFi space while still enjoying the benefits of staking on the ETH Staking service.