Wrapped beacon ethereum (WBETH) is now available on the ETH Staking service at Binance, the largest cryptocurrency exchange in the world.
To ensure that users are eligible to collect the matching ETH staking incentives accumulated, DeFi has created a new liquid staking token that may be used in projects outside of Binance.
Binance will begin using the new name for ETH Staking, formerly known as ETH 2.0 staking. Token holders may convert their BETH to WBETH and unwrap their WBETH to BETH on the ETH Staking website at no cost.
Details of the new staking update
Even though the exchange rate between BETH and WBETH is set at 1:1 on the launch date, WBETH will gain value over time due to the daily APR on ETH Staking.
The daily APR on ETH Staking will be applied to the staking rewards earned by each WBETH token. Spot Wallet users who want to continue receiving daily BETH incentives may do so by keeping their BETH there.
Binance will also begin accepting deposits and withdrawals for WBETH on the set date. In contrast, on March.26, at the same time, the exchange will stop accepting withdrawals for BETH but continue to accept deposits. The spot trade pairings BETH/BUSD, BETH/ETH, and BETH/USDT will all continue to be available on Binance.
Additionally, self-custody wallets will have access to an on-chain smart contract on BNB Smart Chain that will enable them to convert BETH to WBETH at a set rate of 1:1. Binance will make a second statement with further information about this new capability.
Adding WBETH to Binance will increase user choice and convenience in participating in DeFi projects and receiving staking rewards. Users of Binance can receive staking rewards from ETH Staking while also participating in DeFi initiatives outside of Binance, thanks to WBETH.
The addition of WBETH to Binance’s platform is another example of the company’s dedication to innovating to fulfill the demands of its customer base. By launching WBETH, Binance has again shown why it is a frontrunner in the cryptocurrency market by giving its customers cutting-edge tools to engage with it.
Source: https://crypto.news/binance-enables-greater-flexibility-for-wbeth-defi-users/