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New Wrapped-BETH is Now available on BNB Chain

2023.4.24 • 3 min read

Binance has recently introduced a new asset called Wrapped-BETH (WBETH) on BNB Chain. This upgrade on Binance ETH Staking allows users to participate in on-chain DEFI projects while still being entitled to the ETH staking compounding rewards automatically.

WBETH is a liquid staking token, with each token representing 1 BETH plus the accrued ETH staking rewards since the launch date of 2023-04-27 08:00 (UTC). The initial conversion rate between BETH and WBETH is 1:1, and the value of WBETH increases over time on a daily basis.

WBETH allows users to participate in DEFI projects outside of Binance while still enjoying the accrued compounding ETH Staking rewards automatically. Users can wrap BETH and unwrap WBETH anytime with zero fees. WBETH also gives access to more use cases in DEFI protocols, making it a versatile asset for crypto investors.

Here is a comparison table between BETH and WBETH:

BETH	WBETH
1 BETH = 1 staked ETH	1 WBETH = 1 BETH + staking reward accrued since launch date
Reward distribution based on users' BETH holding in Binance Spot Wallet	The amount of wBETH holding is constant. No additional wBETH is to be distributed.
Can be used for trading on Binance Spot Market, earning ETH staking rewards, collateral for loans	Access to DEFI protocols on BNB Chain and Ethereum. LP for WBETH will be created and provided with initial funds and incentives for users to trade on DEXes
Subscription method: stake ETH on Binance ETH Staking page or buy on Binance Spot Market	Subscription method: wrap BETH to WBETH on Binance with zero fee or mint WBETH using ETH in Ethereum and BNB Chain
Exiting method: redeem from Binance ETH Staking page or sell on Binance Spot Market	More and more DeFi protocols to expand WBETH use cases.
Supported networks: BNB Smart Chain	Supported networks: BNB Smart Chain and Ethereum (and more to come)
Smart contract addresses BNB Smart Chain: 0x250632378e573c6be1ac2f97fcdf00515d0aa91b	Smart contract addresses BNB Smart Chain: 0xa2E3356610840701BDf5611a53974510Ae27E2e1 Ethereum: 0xa2E3356610840701BDf5611a53974510Ae27E2e1

If you want to participate in ETH staking and use the staked ETH to participate in DEFI protocols, you can wrap BETH and get WBETH. You can withdraw WBETH from Binance to self-custody wallets and use it for various DEFI protocols. Binance is also working with multiple DEFI protocols to expand WBETH use cases.

Binance will open deposits and withdrawals for WBETH on 2023-04-27 at 08:00 (UTC). BETH withdrawals will be ceased starting from 2023-04-26 08:00 (UTC), while deposits for BETH will remain open.

If you want to participate in ETH staking in Binance exchange only, you can keep BETH or wrap it to WBETH. Both tokens receive the same staking rewards, but BETH has more use cases within Binance exchange, such as use as loan collateral, trading against ETH, and liquidity farming. To stake ETH and get BETH, you can go to the ETH Staking page.

If you hold BETH in self-custody wallets / Dapps on BNB Smart Chain, you can deposit BETH into Binance or keep BETH in self-custody wallets. An on-chain Smart Contract will be provided to convert BETH to WBETH at 1:1 fixed rate on BNB Smart Chain in May.(Should any changes occur, we will inform our users via separate announcements.)

In conclusion, the introduction of Wrapped BETH on the BNB Chain provides an excellent opportunity for crypto investors to participate in ETH staking and DEFI projects seamlessly. By providing a versatile and liquid asset, Binance is making it easier for investors to diversify their crypto portfolios and explore new investment opportunities. For more information on how to wrap BETH and other details, check out the official announcement here.

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