Binance introduced a new token called Wrapped Beacon ETH (WBETH). It will give users more flexibility when it comes to using their ETH in DeFi protocols.
Binance brings more options to the Ethereum Liquid Staking market with the launch of Wrapped Beacon ETH (WBETH). The exchange announced on April 24 that it had rebranded its ETH 2.0 Staking as ETH Staking, but more importantly introduced Wrapped Beacon ETH (WBETH) on its ETH Staking Service.
ETH Wrapped Beacon (WBETH); LSD product from Binance
Each token of WBETH Represent 1 beth. Speculators can use the token to participate in DeFi projects outside of Binance, the exchange countries, but they can also get staking rewards.
The WBETH service will begin operations on April 27 at 08:00 UTC, and users can wrap BETH in the new tokens. Binance states that the initial conversion rate is 1:1, although it is subject to change. It also predicts that the value of BETH will increase over time “according to daily APR on ETH Staking.”
WBETH basically allows users to do a lot more with their ETH stack while also being able to receive rewards. Currently, only Ethereum and BNB Smart Chain are supported, but the exchange states that more networks will be supported in the future.
Liquid Ethereum Falls Strong After Shapella
liquid freezing ETH is as strong as ever, with Lido dominating the niche right now. It owns 74.2% of the total stake, holding over 6.1 million ETH. Coinbase tracks ETH liquid with about 1.1 million ETH, which represents 13.84% of the market share.
Liquid staking was one of the hottest trends in Q1 2023, with CoinGecko a report Show that it had the highest growth in the quarter. It has played a significant role in driving the DeFi market higher this year.
Staking Liquid providers such as Rocket Pool have also introduced new updates to incentivize staking. The latter recently outlet An update that gives users faster access to ETH Staking rewards.
Ethereum Shapella upgrade success by all accounts
After the Shapella upgrade was rolled out, Ethereum is gone 572,000 ETH Bet in a week – standard flush. The pegged ETH has largely come from institutional staking providers.
Of note is the fact that ETH deposits continue to grow while withdrawals decrease. This is a positive sign for Ethereum and auspicious as it prepares for the next major upgrade.
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