In an announcement made on April 24, Binance, the cryptocurrency exchange with the largest trade volume, unveiled its latest staking product, wrapped beacon eth (WBETH). This new addition to Binance’s staking solutions is built on the Ethereum network, joining the ranks of other competing liquid staking products such as Lido, Coinbase, Rocket Pool, and Frax.

WBETH Emerges as Binance’s New Solution to Ethereum-Based Staking

Liquid staking products based on Ethereum have been gaining popularity over the past two years. According to metrics, as of this writing, there are over 8.2 million ether worth $15.49 billion locked into liquid staking derivatives. A staggering 74.22% of these ether assets are held by Lido Finance, the current leader in this space.

Coinbase’s wrapped ether product comes in second with $2.19 billion locked, followed by Rocket Pool with $983.26 million, Frax with $297.09 million, and Stakewise with $163.98 million. Binance has revealed that it has created two contracts for its new WBETH token, one for the Binance Smart Chain and one for Ethereum. The token will be available for trading on Binance from Thursday, with BUSD, ETH, and USDT trading pairs.

Starting on April 27, 2023, users will be able to create WBETH by depositing 1 ether, and vice versa. “Each WBETH token will accrue ETH Staking rewards daily, in accordance with the daily APR on ETH Staking,” states Binance. Additionally, to “support the daily updates of the BETH/WBETH conversion rate, the ‘Wrap’ and ‘Unwrap’ functions will be temporarily paused each day” at a designated time.

Tags in this story
APR, Binance, Binance WBETH, Coinbase, Cryptocurrency, Ethereum, FRAX, Lido, Liquid Staking, Rocket Pool, Smart Chain, trading, WBETH

What do you think the future holds for liquid staking products, and how will the launch of WBETH impact the competitive landscape? Share your thoughts about this subject in the comments section below.

Jamie Redman

Jamie Redman is the News Lead at News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 7,000 articles for News about the disruptive protocols emerging today.

Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

Read disclaimer

Articles You May Like

Hobbies are not supposed to be productive endeavours
Pennsylvania’s budget grants governor’s economic development wishlist
Rachel Reeves tells town halls to use their pension funds to fuel growth
Kamala Harris promises a ‘better future’ in first campaign speech since Biden steps aside
Reeves hints at imminent above-inflation pay deals for teachers and nurses