Binance Launches Ether-Based Liquid Staking Product WBETH to Rival Liquid Staking Competitors

0 8

Binance Launches Ether-Based Liquid Staking Product WBETH to Rival Liquid Staking Competitors

knife

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’s 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.

WBETH Emerges as Binance’s New Solution to Ethereum-Based Staking

Liquid staking products based on Ethereum have been gaining popularity over the past two years. According to defillama.com metrics, 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.

Coinbase’s 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 that it has created two contracts for its new WBETH token, one for the Binance Smart Chain and one for Ethereum. The token will be available for trading on Binance from Thursday, with BUSD, ETH, and USDT trading pairs.

Starting on April 27, 2023, users will be able to create WBETH by depositing 1 ether, and vice versa. “Each WBETH token will accrue ETH Staking rewards daily, in accordance with the daily APR on ETH Staking,” states Binance. Additionally, to “support the daily updates of the BETH/WBETH conversion rate, the ‘Wrap’ and ‘Unwrap’ functions will be temporarily paused each day” at a designated time.

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.

Leave A Reply

Your email address will not be published.

bitcoin
Bitcoin (BTC) $ 68,050.23
ethereum
Ethereum (ETH) $ 3,533.26
tether
Tether (USDT) $ 1.00
bnb
BNB (BNB) $ 600.74
solana
Solana (SOL) $ 183.94
staked-ether
Lido Staked Ether (STETH) $ 3,531.90
usd-coin
USDC (USDC) $ 1.00
xrp
XRP (XRP) $ 0.59824
dogecoin
Dogecoin (DOGE) $ 0.140983
the-open-network
Toncoin (TON) $ 7.15
cardano
Cardano (ADA) $ 0.443885
avalanche-2
Avalanche (AVAX) $ 32.78
tron
TRON (TRX) $ 0.134367
shiba-inu
Shiba Inu (SHIB) $ 0.000018
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 68,043.23
chainlink
Chainlink (LINK) $ 14.96
polkadot
Polkadot (DOT) $ 6.40
bitcoin-cash
Bitcoin Cash (BCH) $ 399.37
near
NEAR Protocol (NEAR) $ 6.29
uniswap
Uniswap (UNI) $ 8.13
litecoin
Litecoin (LTC) $ 73.84
dai
Dai (DAI) $ 1.00
leo-token
LEO Token (LEO) $ 5.69
pepe
Pepe (PEPE) $ 0.000013
wrapped-eeth
Wrapped eETH (WEETH) $ 3,684.50
matic-network
Polygon (MATIC) $ 0.546578
internet-computer
Internet Computer (ICP) $ 10.77
kaspa
Kaspa (KAS) $ 0.179572
fetch-ai
Artificial Superintelligence Alliance (FET) $ 1.46
ethereum-classic
Ethereum Classic (ETC) $ 24.21
aptos
Aptos (APT) $ 7.48
ethena-usde
Ethena USDe (USDE) $ 1.00
stellar
Stellar (XLM) $ 0.105509
monero
Monero (XMR) $ 164.08
blockstack
Stacks (STX) $ 1.97
mantle
Mantle (MNT) $ 0.881408
render-token
Render (RNDR) $ 7.19
dogwifcoin
dogwifhat (WIF) $ 2.80
filecoin
Filecoin (FIL) $ 4.78
injective-protocol
Injective (INJ) $ 27.66
maker
Maker (MKR) $ 2,890.58
arbitrum
Arbitrum (ARB) $ 0.802581
hedera-hashgraph
Hedera (HBAR) $ 0.074281
immutable-x
Immutable (IMX) $ 1.68
crypto-com-chain
Cronos (CRO) $ 0.095407
okb
OKB (OKB) $ 42.60
cosmos
Cosmos Hub (ATOM) $ 6.51
bittensor
Bittensor (TAO) $ 353.97
vechain
VeChain (VET) $ 0.030707
bonk
Bonk (BONK) $ 0.000033
arweave
Arweave (AR) $ 33.69
optimism
Optimism (OP) $ 1.96
sui
Sui (SUI) $ 0.853209
the-graph
The Graph (GRT) $ 0.219625
floki
FLOKI (FLOKI) $ 0.000206
first-digital-usd
First Digital USD (FDUSD) $ 1.00
rocket-pool-eth
Rocket Pool ETH (RETH) $ 3,955.10
renzo-restaked-eth
Renzo Restaked ETH (EZETH) $ 3,580.37
mantle-staked-ether
Mantle Staked Ether (METH) $ 3,667.48
lido-dao
Lido DAO (LDO) $ 1.94
theta-token
Theta Network (THETA) $ 1.65
thorchain
THORChain (RUNE) $ 4.88
notcoin
Notcoin (NOT) $ 0.015997
bitget-token
Bitget Token (BGB) $ 1.15
ondo-finance
Ondo (ONDO) $ 1.09
fantom
Fantom (FTM) $ 0.538133
aave
Aave (AAVE) $ 99.76
jasmycoin
JasmyCoin (JASMY) $ 0.030368
coredaoorg
Core (CORE) $ 1.63
whitebit
WhiteBIT Coin (WBT) $ 10.14
jupiter-exchange-solana
Jupiter (JUP) $ 1.08
based-brett
Brett (BRETT) $ 0.144907
celestia
Celestia (TIA) $ 6.71
pyth-network
Pyth Network (PYTH) $ 0.36543
algorand
Algorand (ALGO) $ 0.159421
sei-network
Sei (SEI) $ 0.392066
ether-fi-staked-eth
ether.fi Staked ETH (EETH) $ 3,525.44
mantra-dao
MANTRA (OM) $ 1.40
quant-network
Quant (QNT) $ 76.21
gatechain-token
Gate (GT) $ 7.85
elrond-erd-2
MultiversX (EGLD) $ 36.90
flow
Flow (FLOW) $ 0.654434
beam-2
Beam (BEAM) $ 0.019514
msol
Marinade Staked SOL (MSOL) $ 221.51
gala
GALA (GALA) $ 0.026479
kucoin-shares
KuCoin (KCS) $ 9.99
axie-infinity
Axie Infinity (AXS) $ 6.40
popcat
Popcat (POPCAT) $ 0.963604
bitcoin-sv
Bitcoin SV (BSV) $ 47.69
eos
EOS (EOS) $ 0.610195
flare-networks
Flare (FLR) $ 0.020335
kelp-dao-restaked-eth
Kelp DAO Restaked ETH (RSETH) $ 3,591.09
ethereum-name-service
Ethereum Name Service (ENS) $ 27.24
tokenize-xchange
Tokenize Xchange (TKX) $ 11.07
dydx-chain
dYdX (DYDX) $ 1.45
bittorrent
BitTorrent (BTT) $ 0.00000090644286
ordinals
ORDI (ORDI) $ 41.46
akash-network
Akash Network (AKT) $ 3.57
neo
NEO (NEO) $ 12.02
mog-coin
Mog Coin (MOG) $ 0.000002