Wrapped Beacon ETH (WBETH)
WBETH is a liquid staking token designed to represent staked Ethereum (ETH) along with the total staking rewards accrued by the ETH token on Ethereum staking platforms. It provides users with the flexibility to access immediate liquidity and engage in decentralized finance (DeFi) projects while maintaining eligibility for the corresponding staking rewards. This innovative approach allows users to maximize their participation in the Ethereum ecosystem without compromising on staking benefits.
How WBETH works
WBETH operates through a unique mechanism that integrates both liquidity and staking rewards. Each WBETH token is equivalent to one ETH plus any accrued staking rewards. This means that holders of WBETH can enjoy the benefits of ETH staking without having to lock their assets for extended periods. The process involves two main interactions: staking ETH to receive WBETH and converting BETH tokens to WBETH on the Binance platform.
| Ticker | WBETH |
| Category | Crypto-Backed Tokens |
| Website | https://www.binance.com/en/wbeth |
| @binance | |
| Telegram | binance_announcements |
| Contract Addresses | |
|---|---|
| ethereum | 0xa2...e1 Copied! |
| binance-smart-chain | 0xa2...e1Copied! |
Staking ETH for WBETH
On-chain users can stake their ETH to obtain WBETH by interacting with the official smart contract provided by Binance. This process involves depositing ETH into the smart contract, which then issues an equivalent amount of WBETH to the user, representing both the staked ETH and any future staking rewards. This system ensures transparency and security, as the smart contract autonomously manages the staking and token issuance process.
Converting BETH to WBETH
Binance users have the convenience of converting their BETH tokens into WBETH through the Binance ETH Staking page. This conversion process is fee-free, allowing users to seamlessly transition between BETH and WBETH. By wrapping BETH into WBETH, users gain access to enhanced liquidity and the ability to participate in a broader range of DeFi projects while still benefiting from the staking rewards associated with their original ETH holdings.
Benefits of WBETH
WBETH offers several advantages to users looking to optimize their involvement in the Ethereum network and DeFi projects. The primary benefits include:
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Immediate liquidity: WBETH holders can access their funds at any time, without the need to wait for staking lock-up periods to end. This flexibility ensures that users can respond quickly to market opportunities or personal financial needs.
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Staking rewards: By holding WBETH, users continue to earn staking rewards from their underlying ETH, ensuring they do not miss out on the potential yield generated by staking activities.
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Participation in DeFi: WBETH enables users to engage in various DeFi projects, such as lending, borrowing, and yield farming, thereby maximizing the utilization of their assets and potentially increasing returns.
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No conversion fees: The conversion between BETH and WBETH on the Binance platform is free of charge, allowing users to switch between these tokens without incurring additional costs.