The world's largest crypto exchange Binance continues its altcoin support announcements.
In this context, Binance, which recently made an announcement about Ethereum, said that Ethereum 2.0 Staking was renamed as ETH Staking.
Binance stated that it has made Wrapped Beacon ETH (WBETH) available in its ETH Staking service, effective from 27.04.2023 at 08:00 UTC.
“Binance is renaming ETH 2.0 Staking to ETH Staking.
Effective from 27.04.2023 at 08:00 UTC, it makes Wrapped Beacon ETH (WBETH) available in its ETH Staking service.
WBETH is a new liquid staking token that represents 1 BETH of 1 WBETH and the total staking rewards of BETH token in ETH Staking after 27.04.2023 at 08:00 UTC.
WBETH will allow users to participate in DeFi projects outside of Binance, while allowing them to receive the ETH Staking rewards they have achieved.
From 08:00 UTC on 27.04.2023, users will be able to convert their BETH tokens to WBETH and unlock their WBETH to BETH tokens on the ETH Staking page for zero fees.
While the initial conversion rate between BETH and WBETH is 1:1 at 08:00 UTC on 27.04.2023, this may change as the WBETH value will increase over time relative to the daily APR in ETH.
Binance will open deposits and withdrawals for WBETH on 27.04.2023 at 08:00 UTC.
Binance will stop withdrawals for BETH from 08:00 UTC on 26.04.2023, while deposits for BETH will remain open.
Please note that ETH Staking participants can redeem ETH with their BETH holdings in a 1:1 ratio on the ETH Staking page."
*Not investment advice.