Binance, the largest crypto exchange in terms of users and trade volume, announced early Monday that it was rebranding its ETH 2.0 staking service to simply ‘ETH Staking’ and launching a new liquid token, Wrapped Beacon ETH (WBETH).
WBETH to Represent the value of BETH and ETH Staking Rewards
WBETH represents 1 BETH ‘and the total staking rewards accrued by the BETH token on ETH Staking after 2023-04-27.’
The Binance team added:
© Solana Daily Brief, Inc. All Rights Reserved. This article is for informational purposes only. It is not to be used as legal, tax, investment, financial, or other advice.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.