DefiLlama data, Binance's total locked value (TVL) for Ethereum in their liquidity pool has reached $1.2 billion. In April of this year, Binance launched an upgraded version of BETH called WBETH, which is a liquidity staking derivative that allows investors to use tokens to lend and borrow on decentralized finance (DeFi) protocols outside of Binance, while also earning staking rewards. When users stake ETH by locking it in Binance, they receive derivative tokens that represent their staked assets. According to 21Shares' Dune dashboard, Binance has 1.2 million staked ETH, making them one of the largest participants in the Ethereum staking network, second only to Lido Finance and Coinbase.
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Binance’s liquid staking Ethereum TVL reaches $1.2 billion
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