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Dear Binance Community,

Binance will rename Staking ETH 2.0 to Staking ETH and introduce Wrapped Beacon ETH (WBETH) on the ETH Staking service, effective from 15:00 April 27, 2023 (Vietnam Time). WBETH is a new liquid staking token, where 1 WBETH represents 1 BETH and the total staking rewards accumulated by BETH tokens on Staking ETH after 15:00 April 27, 2023 (Vietnam Time).

WBETH will allow users to participate in DeFi projects outside of Binance, while ensuring they are eligible for the corresponding ETH Staking rewards accumulated.

Starting from 15:00 April 27, 2023 (Vietnam Time), users will be able to wrap their BETH tokens into WBETH and unwrap WBETH tokens into BETH on the ETH Staking page without fees. Although the initial conversion ratio between BETH and WBETH is 1:1 as of 15:00 on April 27, 2023 (UTC), this ratio is subject to change as the value of WBETH will increase over time , according to Daily APR on Staking ETH.

Key Differences Between BETH & WBETH:

BETH

WHAT

Define

1 BETH = 1 ETH staked

1 WBETH = 1 BETH + staking rewards accumulated in BETH tokens on Staking ETH after 15:00 April 27, 2023 (Vietnam Time)

Reward Calculation & Allocation

Users will receive ETH Staking rewards from the Ethereum Network in the form of BETH, based on the amount of BETH they hold in their Spot Wallet.


ETH Staking rewards will be distributed daily.



Each WBETH token will accumulate ETH Staking rewards from the Ethereum Network daily, according to the daily APR on the ETH Staking service.


Users can unwrap their WBETH tokens to redeem the corresponding ETH Staking rewards in the form of BETH, based on the daily BETH/WBETH conversion rate.


Please note, users will not receive any WBETH tokens as staking rewards.


Utilities

  • Trade on Binance's spot market

  • Earn ETH Staking rewards, distributed daily to Spot Wallets

  • Earn liquidity rewards on Binance Liquidity Farming

  • Use as collateral in Crypto Loans and VIP Loans

Greater flexibility when accessing DeFi protocols and services outside of Binance, while users maintain eligibility for ETH Staking rewards accrued by BETH.


How to get BETH or WBETH

  • Stake ETH on Binance's ETH Staking page

  • Buy BETH from the ETH/BETH or BETH/USDT liquidity pool on Binance Swap Farming

  • Buy BETH by completing a trade on BETH/BUSD, BETH/ETH or BETH/USDT trading pairs on the Binance spot market.

  • Wrap BETH to WBETH on Binance for free

  • Mint WBETH directly with ETH on BNB Smart Chain and Ethereum Network

Network supported

BNB Smart Chain

BNB Smart Chain, Ethereum Network and many more coming soon

For more information, please refer to the ETH Staking Terms and Conditions, WBETH FAQ, and WBETH Page as of 15:00 April 27, 2023 (Vietnam Time).

How to wrap BETH:

  • Step 1: Log in to Binance App and click [Add].

  • Step 2: Navigate to [Earn] section and select [Staking ETH].

  • Step 3: Stake ETH to receive BETH in Spot Wallet.

  • Step 4: Wrap BETH to WBETH on [WBETH Page].

Note:

  • Users can continue to hold BETH in their Spot Wallet to receive daily BETH rewards. Users do not need to convert their BETH holdings into WBETH.

  • Each WBETH token will accumulate daily ETH Staking rewards, according to the daily APR on ETH Staking. Users can unwrap their WBETH tokens to redeem the corresponding on-chain staking rewards in the form of BETH, based on the daily BETH/WBETH conversion rate.

  • Details about BETH/WBETH conversion rate:

    • The BETH/WBETH conversion rate is dynamic and will be updated daily at 07:00 (Vietnam Time), starting from 07:00 April 28, 2023 (Vietnam Time).

    • To support daily BETH/WBETH conversion rate updates, the "Wrapping" and "Unwrapping" functions will be temporarily suspended every day from 06:45 (UTC) to 07:15 (UTC). Vietnam), starting from 06:45 April 27, 2023 (Vietnam Time).

    • All daily BETH/WBETH conversion rate updates are dependent on the daily APR on ETH Staking.

    • All BETH/WBETH conversion rates at the WBETH Site will be rounded down to eight decimal places.

  • Users can refer to the following smart contract addresses for WBETH on BNB Smart Chain and Ethereum Network.

    • BNB Smart Chain: 0xa2E3356610840701BDf5611a53974510Ae27E2e1

    • Ethereum: 0xa2E3356610840701BDf5611a53974510Ae27E2e1 

  • Binance will open deposit and withdrawal features for WBETH at 15:00 on April 27, 2023 (Vietnam Time).

  • Binance will stop the withdrawal feature for BETH from 15:00 April 26, 2023 (Vietnam Time), while the BETH deposit function will remain open. Please note that ETH Staking participants will be able to exchange ETH for their BETH holdings at a 1:1 ratio on the ETH Staking page.

  • For self-custodial wallets, we will provide an on-chain smart contract to convert BETH to WBETH at a fixed rate of 1:1 on BNB Smart Chain. Further information will be announced in a separate announcement.

  • Spot trading pairs BETH/BUSD, BETH/ETH, and BETH/USDT will remain open for trading on Binance.

  • In the event any discrepancies arise between the translated versions of this notice and the original English version, the English version of this notice shall prevail.

Thanks for your support!

Binance team

24/04/2023

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Binance reserves the right, in its sole discretion, to modify or cancel this announcement at any time and for any reason without prior notice.

Risk warning: Digital asset prices may fluctuate. The value of your investment may go down as well as up and you may not get back the amount you invested. You are solely responsible for your investment decisions and Binance is not responsible for any trading losses you may experience. The APR is an estimate of the reward you will receive in cryptocurrency over the selected time frame, not showing actual or predicted yield/return in any fiat currency. APR is adjusted daily and estimated rewards may vary from actual rewards. This is not financial advice. For more information, see our Terms of Use and Risk Warning.