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Important Updates on BETH and WBETH

Important Updates on BETH and WBETH

2023-08-31 05:00

This is a general announcement. Products and services referred to here may not be available in your region.

Fellow Binancians,

Since Binance introduced Wrapped Beacon ETH (WBETH) on ETH Staking, WBETH has been expanding its use cases to include multiple Binance services like Earn, Loans, and Spot, as well as capturing staking rewards and additional applications in DeFi. 

To enable better services with Binance ETH Staking, the following updates will be applied to BETH and WBETH on Binance.

Please note:

  • BETH will continue to be used for ETH Staking rewards distribution. WBETH can be used for trading, collateralizing on Binance Loans, and participating in DeFi projects outside Binance.

  • Binance Wallet will continue supporting BETH. Users can still deposit BETH to Binance. 

  • Users who hold BETH in their spot wallets will continue receiving ETH Staking rewards daily. Users can redeem BETH for ETH, wrap BETH for WBETH, or unwrap WBETH for BETH anytime. 

  • WBETH holders are entitled to the same ETH Staking rewards as BETH holders. For more about WBETH, please refer here.

Spot

  • At 2023-10-11 08:00 (UTC), Binance will delist and cease trading of the following BETH trading pairs: BETH/ETH, BETH/USDT, and BETH/BUSD. All pending trade orders will be automatically removed after trading ceases in each respective trading pair.

  • Binance will terminate Trading Bots services for the aforementioned spot trading pairs at 2023-10-11 08:00 (UTC), where applicable. Users are strongly advised to update and/or cancel their Trading Bots prior to the cessation of Trading Bots services to avoid any potential losses.

  • Users can continue accessing the WBETH/ETH and WBETH/USDT spot trading pairs.

Simple Earn

  • On 2023-08-14, WBETH was added to the list of supported assets on Binance Simple Earn Flexible Products, to allow Binance Loans (Flexible Rate) users to use their WBETH assets in Simple Earn Flexible Products as collateral. Please note that there will be no real-time APR rewards for WBETH on Simple Earn Flexible Products. Instead, users will continue accruing ETH Staking rewards with their WBETH Simple Earn Flexible Products subscriptions.

  • At 2023-10-10 08:00 (UTC), BETH will no longer be available for subscription on Simple Earn Flexible Products, and any existing subscriptions will be automatically redeemed and credited to users’ spot wallets. Users may choose to redeem these assets beforehand.

Auto-Invest

  • From 2023-09-08 02:00 (UTC), Binance Auto-Invest will stop offering BETH plan subscriptions for Single Token and Portfolio Plans. Users are encouraged to modify their plan's settings from BETH to WBETH.

  • Thereafter, for users who do not remove their BETH plans or modify their plan settings by 2023-09-08 02:00 (UTC), their BETH Auto-Invest plan settings will be changed from BETH to WBETH to support the upgrade. Please note that this would mean no conversion of users’ existing assets nor change to their ETH Staking rewards. Users will continue earning ETH Staking rewards through WBETH’s accrual of value.

Loans

  • On 2023-08-14, Binance Loans (Flexible Rate) listed WBETH as a collateral asset. 

  • From 2023-09-07 08:00 (UTC), BETH will no longer be supported as a collateral asset for new Binance Loans or VIP Loan applications. BETH will still work as collateral for existing loan orders.

  • At 2023-10-09 08:00 (UTC), BETH will be fully delisted as a collateral asset from Binance Loans (Stable and Flexible Rate). All outstanding Binance Loans orders (Stable and Flexible Rate) using BETH as collateral will be automatically liquidated at this time. Users are advised to repay any outstanding loans using BETH as collateral by 2023-10-09 07:59 (UTC) to avoid potential losses. 

  • At 2023-10-10 00:00 (UTC), BETH will be delisted as a collateral asset from VIP Loan. Users are strongly advised to ensure that their loans using BETH as collateral are sufficiently collateralized with other eligible collateral assets before the scheduled delisting. 

Liquid Swap

  • From 2023-09-08 08:00 (UTC) onward, Liquid Swap will gradually increase APR on WBETH liquidity pools and lower APR on BETH liquidity pools. Users will not be able to add liquidity into ETH/BETH or BETH/USDT liquidity pools starting from 2023-10-02 04:00 (UTC). ETH/BETH and BETH/USDT liquidity pools will be removed after 2023-10-06 04:00 (UTC). Users who hold positions in the above liquidity pools will automatically receive their deposited assets in their spot wallets after 2023-10-06 04:00 (UTC). Users are encouraged to withdraw their BETH liquidity from BETH liquidity pools and wrap their BETH for WBETH to add liquidity to WBETH liquidity pools and receive higher rewards and better utility.

Notes:

Thanks for your support!

Binance Team

2023-08-31

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

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