Binance is bringing back its Ethereum staking products and introducing a liquid staking token less than two weeks after the Shabella upgrade that enabled Ethereum withdrawals.
The token, called Wrapped Beacon ETH (WBETH). Binance users to participate in decentralized finance protocols outside the trading platform. Users will continue to get staking rewards while doing so. Starting Thursday, users can mine Beacon ETH (BETH) tokens to WBETH and unwrapped WBETH to BETH tokens on the staking Ethereum page of the exchange. There will be no fee for wrapping and unwrapping these tokens.
The advertisement indicated that the initial conversion is a one-to-one conversion. But this is subject to change since the value of WBETH will increase over time by daily APR on Ethereum staking.
Liquid staking tokens allow their holders to stake in ether and obtain a derivative token that represents the locked cryptocurrency. This derivative can then be used in different crypto markets. effectively making the locked coins liquid.
Lido dominates staking Lido largely dominates the staking market. Which has about 31% of the market share, according to data compiled by Hildebert Moulie. Data scientist at Dragonfly Capital. The total value of closed Lido Finance (TVL) has exceeded 6 million ether (ETH). That's the equivalent of more than $12 billion, days after Shabella's Ethereum upgrade.
