{"id":20190,"date":"2023-04-24T20:14:28","date_gmt":"2023-04-24T20:14:28","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/binance-launches-ether-based-liquid-staking-product-wbeth-to-rival-liquid-staking-competitors-altcoins-bitcoin-news\/"},"modified":"2023-04-24T20:14:28","modified_gmt":"2023-04-24T20:14:28","slug":"binance-launches-ether-based-liquid-staking-product-wbeth-to-rival-liquid-staking-competitors-altcoins-bitcoin-news","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/binance-launches-ether-based-liquid-staking-product-wbeth-to-rival-liquid-staking-competitors-altcoins-bitcoin-news\/","title":{"rendered":"Binance Launches Ether-Based Liquid Staking Product WBETH to Rival Liquid Staking Competitors \u2013 Altcoins Bitcoin News"},"content":{"rendered":"

(Originally posted on : Bitcoin News )<\/b>
\n<\/p>\n

\n
\n<\/header>\n
\n\n<\/div>\n

In an announcement made on April 24, Binance, the cryptocurrency exchange with the largest trade volume, unveiled its latest staking product, wrapped beacon eth (WBETH). This new addition to Binance\u2019s staking solutions is built on the Ethereum network, joining the ranks of other competing liquid staking products such as Lido, Coinbase, Rocket Pool, and Frax.<\/strong><\/p>\n

WBETH Emerges as Binance\u2019s New Solution to Ethereum-Based Staking<\/h2>\n

Liquid staking products based on Ethereum have been gaining popularity over the past two years. According to defillama.com metrics<\/a>, as of this writing, there are over 8.2 million ether worth $15.49 billion locked into liquid staking derivatives. A staggering 74.22% of these ether assets are held by Lido Finance, the current leader in this space.<\/p>\n

Coinbase\u2019s wrapped ether product comes in second with $2.19 billion locked, followed by Rocket Pool with $983.26 million, Frax with $297.09 million, and Stakewise with $163.98 million. Binance has revealed<\/a> that it has created two contracts for its new WBETH token, one for the Binance Smart Chain<\/a> and one for Ethereum<\/a>. The token will be available for trading on Binance from Thursday, with BUSD, ETH<\/a>, and USDT<\/a> trading pairs.<\/p>\n

Starting on April 27, 2023, users will be able to create WBETH by depositing 1 ether, and vice versa. \u201cEach WBETH token will accrue ETH<\/a> Staking rewards daily, in accordance with the daily APR on ETH<\/a> Staking,\u201d states Binance. Additionally, to \u201csupport the daily updates of the BETH\/WBETH conversion rate, the \u2018Wrap\u2019 and \u2018Unwrap\u2019 functions will be temporarily paused each day\u201d at a designated time.<\/p>\n

\n
\nTags in this story
\n<\/h6>\n
APR<\/a>, Binance<\/a>, Binance WBETH<\/a>, Coinbase<\/a>, Cryptocurrency<\/a>, Ethereum<\/a>, FRAX<\/a>, Lido<\/a>, Liquid Staking<\/a>, Rocket Pool<\/a>, Smart Chain<\/a>, trading<\/a>, WBETH<\/a><\/div>\n<\/div>\n

What do you think the future holds for liquid staking products, and how will the launch of WBETH impact the competitive landscape? Share your thoughts about this subject in the comments section below.<\/strong><\/em><\/p>\n

\n
\n\n<\/div>\n
\n
\nJamie Redman <\/h6>\n

\nJamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 7,000 articles for Bitcoin.com News about the disruptive protocols emerging today.

\n
\n
\n<\/a>
\n<\/span>\n<\/p>\n<\/div>\n<\/div>\n

Image Credits<\/b>: Shutterstock, Pixabay, Wiki Commons<\/em><\/p>\n

\n

Disclaimer<\/strong>: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com<\/a> does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.<\/p>\n<\/div>\n

\n