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Binance Introduces Wrapped Beacon ETH (WBETH) on ETH Staking

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Binance is rebranding ETH 2.0 Staking to ETH Staking, and introducing Wrapped Beacon ETH (WBETH) on the ETH Staking service, effective from 2023-04-27 08:00 (UTC). WBETH is a new liquid staking token, where 1 WBETH represents 1 BETH and the total staking rewards accrued by the BETH token on ETH Staking after 2023-04-27 08:00 (UTC).

According to the announcement, WBETH will allow users to participate in DeFi projects outside Binance, while ensuring their eligibility to receive the corresponding ETH Staking rewards accrued.

Key Differences Between BETH & WBETH (Source: Binance)

Starting from 2023-04-27 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. While the initial conversion rate between BETH and WBETH is 1:1 at 2023-04-27 08:00 (UTC), this is subject to change, as the value of WBETH will increase with time, in accordance with the daily APR on ETH Staking.

Ethereum Ethereum $1,586.25
-0.01%
Binance
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