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Binance Introduces Wrapped Beacon ETH (WBETH) on ETH Staking

Binance Introduces Wrapped Beacon ETH (WBETH) on ETH Staking

2023-04-24 10:30

This is a general announcement. Products and services referred to here may not be available in your region.

Fellow Binancians,

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). 

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

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.

Key Differences Between BETH & WBETH:

BETH

WBETH

Definition

1 BETH = 1 staked ETH

1 WBETH = 1 BETH + staking rewards accrued by the BETH token on ETH Staking after 2023-04-27 08:00 (UTC)

Rewards Calculation & Distribution

Users will receive ETH Staking rewards from the Ethereum Network in the form of BETH, based on the BETH holdings in their Spot Wallets. 


The ETH Staking rewards will be distributed on a daily basis. 



Each WBETH token will accrue ETH Staking rewards from the Ethereum Network daily, in accordance with the daily APR on the ETH Staking service.


Users can unwrap their WBETH tokens to redeem the corresponding ETH Staking rewards in the form of BETH, based on the daily BETH/WBETH conversion rate. 


Please note that users will not receive any WBETH tokens as staking rewards. 


Utilities

  • Trading on the Binance Spot Market 

  • Earning ETH Staking rewards, which will be distributed daily to Spot Wallets 

  • Earning liquidity rewards on Binance Liquidity Farming

  • Collateral for Crypto Loans and VIP Loan 

Greater flexibility to access DeFi protocols and services outside Binance, while retaining users’ eligibility to access the ETH Staking rewards accrued by BETH. 


How to Obtain BETH or WBETH

  • Wrap BETH to WBETH on Binance at zero fees

  • Mint WBETH directly using ETH on BNB Smart Chain and the Ethereum Network

Supported Networks

BNB Smart Chain

BNB Smart Chain and Ethereum Network, with more to come

For more information, please refer to the ETH Staking Terms and Conditions, WBETH FAQ, and the WBETH Page on 2023-04-27 08:00 (UTC).

How to Wrap BETH:

  • Step 1: Login to the Binance App and click [More].

  • Step 2: Navigate to the [Earn] section and select [ETH Staking].

  • Step 3: Stake ETH to receive BETH in the Spot Wallet.

  • Step 4: Wrap BETH to WBETH on the [WBETH Page].

Notes:

  • Users can continue holding BETH in their Spot Wallets to receive BETH rewards on a daily basis. It is not necessary for users to wrap their BETH holdings to WBETH. 

  • Each WBETH token will accrue ETH Staking rewards daily, in accordance with the daily APR on ETH Staking. Users can unwrap their WBETH tokens to redeem the corresponding on-chain staking rewards in the form of BETH, based on the daily BETH/WBETH conversion rate. 

  • Details on the BETH/WBETH conversion rate:

    • The BETH/WBETH conversion rate is dynamic, and will be updated daily at 00:00 (UTC), starting from 2023-04-28 00:00 (UTC). 

    • To support the daily updates of the BETH/WBETH conversion rate, the "Wrap” and “Unwrap” functions will be temporarily paused each day from 23:45 (UTC) till 00:15 (UTC) on the next day, starting from 2023-04-27 23:45 (UTC).

    • All updates to the daily BETH/WBETH conversion rate are dependent on the daily APR on ETH Staking.

    • All BETH/WBETH conversions at the WBETH Page will be rounded down to eight decimal places.

  • Users can refer to the following smart contract addresses for WBETH on BNB Smart Chain and the Ethereum Network.

  • Binance will open deposits and withdrawals for WBETH on 2023-04-27 at 08:00 (UTC).

  • Binance will cease withdrawals for BETH starting from 2023-04-26 08:00 (UTC), while deposits for BETH will remain open. Please note that ETH Staking participants will be able to redeem ETH with their BETH holdings on a 1:1 basis at the ETH Staking page. 

  • For self-custody wallets, an on-chain smart contract will also be provided to convert BETH to WBETH at a fixed rate of 1:1 on BNB Smart Chain. More information will be announced in a separate announcement.

  • The BETH/BUSD, BETH/ETH and BETH/USDT spot trading pairs will remain open for trading on Binance. 

  • Where any discrepancy arises between the translated versions of this announcement and the original English version, the English version of this announcement shall prevail.

Thanks for your support!

Binance Team

2023-04-24

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Binance reserves the right in its sole discretion to amend or cancel this announcement at any time and for any reasons without prior notice.

Risk Warning: Digital asset prices can be volatile. The value of your investment may go down or up and you may not get back the amount invested. You are solely responsible for your investment decisions and Binance is not liable for any losses you may incur. APR is an estimate of rewards you will earn in cryptocurrency over the selected timeframe. It does not display the actual or predicted returns/yield in any fiat currency. APR is adjusted daily and the estimated rewards may differ from the actual rewards generated. Not financial advice. For more information, see our Terms of Use and Risk Warning.