Binance, the foremost cryptocurrency exchange in the world regarding trading volume, has recently launched a new asset, known as Wrapped-BETH (WBETH), on the Binance Smart Chain. This enhancement to Binance’s ETH Staking offering enables users to partake in on-chain DEFI projects while also enjoying the automatic accumulation of ETH staking compounding rewards.
Introducing Wrapped-BETH: A Promising Avenue for Investors
The Wrapped-BETH is a type of token that facilitates liquid staking and is designed to represent 1 BETH along with the accumulated staking rewards in ETH, starting from its launch on 27th April 2023 at 08:00 (UTC). The initial exchange ratio between BETH and WBETH is 1:1, while the value of WBETH appreciates gradually on a daily basis.
The addition of Wrapped BETH on the Binance Chain presents a promising avenue for cryptocurrency investors to partake in Ethereum staking and DEFI projects with ease. Through the provision of a fluid and adaptable asset, Binance is simplifying the process of diversifying crypto portfolios and exploring novel investment prospects for investors.
With WBETH, users can engage in DEFI projects beyond the Binance platform and concurrently enjoy the automatic accumulation of ETH Staking rewards. The process of wrapping and unwrapping BETH to WBETH is feeless and can be performed at any time. Furthermore, WBETH provides access to a broader range of use cases within DEFI protocols, rendering it a flexible asset for cryptocurrency investors.
Investors who exclusively wish to partake in ETH staking on the Binance exchange can opt to retain BETH or convert it to WBETH. Both tokens are entitled to the same staking rewards, although BETH offers additional use cases within the Binance platform, including utilization as loan collateral, trading against ETH, and participation in liquidity farming. To engage in ETH staking and acquire BETH, users can navigate to the ETH Staking page.
To summarize, Binance’s launch of Wrapped BETH on the Binance Smart Chain presents an outstanding chance for investors to expand their cryptocurrency portfolios and participate in ETH staking and DEFI projects without difficulty. The versatile and liquid staking token, WBETH, enables users to take advantage of ETH staking compounding rewards while simultaneously participating in DEFI protocols beyond Binance.