Binance rebrands Ethereum liquid staking product and introduces the Wrapped Beacon ETH (WBETH) token

The cryptocurrency exchange Binance has rebranded its Ethereum liquid staking product and introduced the Wrapped Beacon ETH (WBETH) token.

Introducing Wrapped Beacon ETH (WBETH) on #Binance ETH Staking, available from April 27 at 8am UTC.

WBETH allows you to use DeFi while continuing to receive your $ETH staking rewards.

— Binance (@binance) April 24, 2023

Users will be able to use WBETH in DeFi protocols outside the exchange, while continuing to receive staking rewards on the main platform.

On April 27, the option to convert the synthetic asset BETH to WBETH at a 1:1 ratio will open. The company warned that this ratio could change later, “as the value of WBETH will increase over time”.

On April 19, Binance enabled withdrawals of ETH from staking. This occurred after activation of the Shapella upgrade.

Experts interviewed by ForkLog described the impact of the hard fork on the mainnet and Ethereum’s price in the long term.