Binance, the largest cryptocurrency exchange in terms of trade volume, has announced the launch of its latest staking product, wrapped beacon eth (WBETH), which is built on the Ethereum network. This new addition to Binance’s staking solutions will rival other competing liquid staking products such as Lido, Coinbase, Rocket Pool, and Frax. According to defillama.com metrics, liquid staking products based on Ethereum have been gaining popularity in recent years, with over 8.2 million Ethereum worth $15.49 billion locked into liquid staking derivatives. Lido Finance currently holds 74.22% of these Ethereum assets, followed by Coinbase’s wrapped Ethereum product, Rocket Pool, Frax, and Stakewise. 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, users will be able to create WBETH by depositing 1 Ethereum, and vice versa. “Each WBETH token will accrue ETH Staking rewards daily, in accordance with the daily APR on ETH Staking,” states Binance. The launch of WBETH will impact the competitive landscape of liquid staking products.
