We often hear that people who are familiar with cryptocurrencies say after a while, “with money miners, you need to invest a little and earn money without risk”.
However, when it comes to establishing an ideal mining system where you can generate passive income, many obstacles such as the prices of hardware devices, depreciation expenses, electricity costs distract us from this income generation method. When volatile crypto money prices are included in this, we witness that the mining adventures of those who do not have a certain stamina are short-lived.
With Ethereum 2.0, a system was introduced where many investors can earn passive income without taking the above risks.
Confidence = Making Money From Money
The Ethereum network switched its mining model from a proof-of-work system to a proof-of-stake system after the Merge upgrade. In other words, if you have enough shares/shares in the network (32 ETH), you will be able to earn your share of the Ethereum rewards produced as long as this network is running.
In summary, you trust the network and lock your money there, and the network helps you earn money with your money in return for this trust.
For this, you don’t have to put up with expensive equipment, renting a place, high energy and depreciation expenses.
If you believe in the future of Ethereum, are looking for a reliable method to earn passive income on ETH, but cannot take advantage of this opportunity because you do not have 32 Ethereum, Binance ETH 2.0 Staking may be the product you are looking for.
32 Ethereum as of our news hour, $59072 and current exchange rates together amount to 1.4 million TL.
This is where Binance stepped in and launched the ETH 2.0 staking service to bring Ethereum Staking to more people.
Investors using Binance ETH 2.0 Staking service do not have to prepare some hardware equipment and hold additional assets, and can earn passive income without being exposed to the liquidity risks associated with slashing and staking queues.
You can start ETH staking on Binance even if you only hold 0.0001 ETH ($0.18).
If you want to earn passive income and earn money with Binance ETH 2.0 Staking, you can stake your Ethereums by following the steps below.
How Do We Participate in Binance ETH 2.0?
We log in to our Binance account and select ETH Staking from the Earn tab above.
On the screen that opens, we click on the “Stake Now” tab.
Next, we enter the amount of ETH we want to stake (in the example, we stake 0.0539 ETH, which we received for $100) and click the “Don’t Stake” button.
At this stage, we encounter a general warning and confirmation text regarding the consequences of staking. If we accept these terms, we tick all the checkboxes and click the “Confirm” button.
After we say confirm, our staking process ends and a screen that shows that our staking process has been completed successfully greets us.
When we check our spot wallet after staking, we see that BETH as much as Ethereum we staked came to our wallet at a ratio of 1:1.
In ETH 2.0 Staking, BETH rewards will be distributed daily based on users’ BETH assets. Here, the distribution of the rewards will be based on the number of BETHs during the distribution, not the initial stake amount.
For example: We staked 100 ETH and got 100 BETH in a 1:1 ratio. If we have 110 BETH on the redemption date through a transaction or on-chain rewards distribution, we will be able to withdraw 110 ETH in return. All validator operating expenses here will be covered by Binance.
How Can We Get Our Staked ETH Back?
We select ETH Staking from the Earn tab above, as we did when staking.
On the screen that opens, we click the “BUY” button instead of the stake button this time.
Then we write the amount we want to convert from BETH to ETH and click the “BUY” button.
Your ETHs will be returned to your spot wallet when your ETH withdrawal request is fully processed. Note that due to processing limitations on the Ethereum network, a daily ETH usage quota is set for each user.
Users who want to win prizes with BETHs and benefit from other opportunities offered by DeFi can wrap their BETHs and convert them to wBETH.
Binance defines WBETH as:
“Wrapped Beacon ETH (“WBETH”) is a wrapped version of BETH. In summary, WBETH is rewarding by nature. ETH2.0 accumulates staking rewards through increase in value relative to BETH, not through increase in number. BETH’ Unlike WBETH, the value of WBETH increases even though it is not held in Binance Spot Wallet. This means that WBETH gives you double return potential”
How Do We Wrap Our BETH?
From the Earn tab above, we select ETH Staking.
On the page that opens, we select the “Wrap BETH” option.
Here we select the amount of BETH we want to Wrap and check the number of WBETH we will get after Wrapping. If we want to confirm the transaction, we accept the Binance ETH 2.0 service agreement and click the “Wrap” button.
Then a confirmation screen opens for us to confirm what I have done. If we understand and accept the terms here, we mark all and click the confirm button.
After this approval process is ok.
How Does WBETH Benefit?
Wrapping your BETH allows you to withdraw these assets to your personal wallet and other DeFi platforms while earning ETH 2.0 staking rewards.
“Wrapping your BETH allows you to send or receive your staked ETH off-platform or to a wallet on the blockchain, including Ethereum and BSC, that you control.
Keep WBETH in wallets you own anywhere and earn staking rewards. The value of WBETH will increase even though it is not held on Binance.
Get additional returns on other DeFi protocols or dApps with strategies like yield farming and vaults. The best part is that while earning returns with these additional strategies, you still have the right to earn ETH2.0 staking rewards, because WBETH is rewarding in nature, the staking reward wrapper also accumulates by itself and merges automatically. This gives you the potential for double returns.”
If you believe in the future of Ethereum and want to earn passive income over the Ethereum network while holding Ethereum, you can go to the Binance ETH 2.0 Staking page from the link below and start earning passive income with your ETHs.
If you still do not have a Binance account, you can make transactions with much lower transaction fees by becoming a member with a lifetime commission discount of 20% from the link below:
