Staking ETH and waiting for the WBETH balance to start growing every day—only to have it just freeze in place. 😐
I staked a small amount of ETH via Binance Earn, got back WBETH one-to-one by token count, and thought this is where the usual “reward accrual” would start: every day, a little more tokens on the balance, like with staking.
A week passed, and the amount of WBETH in my wallet didn’t change. My first impression was that something’s not working or rewards simply aren’t being credited.
As it turned out, WBETH doesn’t add new tokens—instead, the exchange rate of WBETH to ETH increases. The number of tokens stays the same, but the amount of ETH you get when you redeem one WBETH goes up slightly every day. Since April 2023, when the rate started exactly at 1:1, it has grown to roughly 1.08 ETH per 1 WBETH—that’s the accumulated reward, just hidden not in the quantity, but in the price.
The difference from what you’re used to with regular staking turned out to be significant: you need to track progress not by the number of tokens on your balance, but by the exchange rate, which Binance updates once per day.
Now, when I see “staking” with an unchanged balance, the first thing I check is whether there’s a rebase—or, like with WBETH, whether the value grows not in the token count.
Have you ever confused the token balance with the real accumulated profit in the same way?
@Binance_Ukraine #earn
I staked a small amount of ETH via Binance Earn, got back WBETH one-to-one by token count, and thought this is where the usual “reward accrual” would start: every day, a little more tokens on the balance, like with staking.
A week passed, and the amount of WBETH in my wallet didn’t change. My first impression was that something’s not working or rewards simply aren’t being credited.
As it turned out, WBETH doesn’t add new tokens—instead, the exchange rate of WBETH to ETH increases. The number of tokens stays the same, but the amount of ETH you get when you redeem one WBETH goes up slightly every day. Since April 2023, when the rate started exactly at 1:1, it has grown to roughly 1.08 ETH per 1 WBETH—that’s the accumulated reward, just hidden not in the quantity, but in the price.
The difference from what you’re used to with regular staking turned out to be significant: you need to track progress not by the number of tokens on your balance, but by the exchange rate, which Binance updates once per day.
Now, when I see “staking” with an unchanged balance, the first thing I check is whether there’s a rebase—or, like with WBETH, whether the value grows not in the token count.
Have you ever confused the token balance with the real accumulated profit in the same way?
@Binance_Ukraine #earn
