Following Ethereum’s recent network upgrade, Binance introduced its liquid stakin token.
Binance, the largest cryptocurrency exchange, is stepping into the growing market after Ethereum’s Shapella. The exchange has launched its liquid staking token.
New Move from Binance
After Etherum’s successful recent network upgrade, Shapella, Binance stepped into this growing industry. The exchange has launched its liquid staking token. Binance has launched a new liquid staking token for its Ethereum staking service following the recent realization of Ethereum’s Shapella.
The new liquid staking token, called Wrapped Beacon ETH (WBETH), will allow Binance users to participate in decentralized finance protocols (DeFi) outside the exchange while continuing to earn Ethereum staking rewards.
Starting Thursday, users will be able to convert Beacon ETH (BETH) tokens to WBETH on the exchange’s Ethereum staking page. It will also be able to convert WBETH back into BETH tokens without any packaging and unpacking fees.
In the announcement, Binance stated that the initial conversion rate is 1:1, but the value of WBETH may change over time based on the daily APR on Ethereum staking.
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