Binance, one of the leading cryptocurrency exchanges, has announced a rebranding of its ETH 2.0 Staking service to ETH Staking, along with the introduction of Wrapped Beacon ETH (WBETH) as a new liquid staking token. This change will be effective from April 27, 2023, at 08:00 (UT...
WBETH is designed to provide users with more flexibility in participating in DeFi projects outside of Binance, while still being eligible to receive staking rewards accrued by their BETH tokens on the ETH Staking service. Each WBETH will represent 1 BETH and will be equivalent to the total staking rewards accrued by the corresponding BETH token on ETH Staking after April 27, 2023, at 08:00 (UTC).
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Starting from April 27, 2023, at 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. The initial conversion rate between BETH and WBETH will be 1:1 on April 27, 2023, at 08:00 (UTC). However, it’s important to note that the value of WBETH may change over time, as it will be linked to the daily APR (Annual Percentage Rate) on the ETH Staking service.