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Wrapped Beacon ETH (WBETH)

Liquid Staking - Passive earning with both staking rewards and additional DeFi gain.

Wrap BETH into WBETH

Ethereum:

0xa2E3356610840701BDf5611a53974510Ae27E2e1

BNB Smart Chain:

0xa2E3356610840701BDf5611a53974510Ae27E2e1

Wrapped Beacon ETH ("WBETH") is a wrapped version of BETH. Wrapped, WBETH is reward-bearing in nature. It accumulates ETH2.0 staking rewards not by growing in number, but by growing in value in relation to BETH. Unlike BETH, the value of WBETH will increase despite not being held in Binance Spot Wallet. That means WBETH provides you with double yield potential by (i) holding it to earn staking rewards, and (ii) moving it on-chain and exploring exciting DeFi and other dapps opportunities. Users can wrap their BETH to receive WBETH on this page. Find below for the historical conversion rate of 1 WBETH in BETH.

WBETH: BETH Rate History

Wrap

Unwrap

1 BETH =

WBETH

BETH

Amount

Available:

BETH

WBETH

Wrap into

I have read and agreed to Binance ETH 2.0 Staking Service Agreement

FAQ

1. What is WBETH?

Wrapped BETH ("WBETH") is a special kind of BETH, and is a token created by depositing BETH into the BETH wrapper. Each WBETH represents 1 BETH (1:1 to staked ETH) plus all of its accrued ETH2.0 staking rewards starting from when WBETH's conversion rate was initialized at 1:1 on 27 Apr 2023 00:00 (UTC+0).

In other words, WBETH is reward-bearing in nature. It reflects ETH2.0 staking rewards not by growing in quantity, but by growing in value in relation to BETH. Over time, the price of WBETH will likely be worth more BETH. You can find the WBETH:BETH conversion rate and wrap/unwrap information here.

Unlike BETH, WBETH accumulates staking rewards despite not being held in Binance.

Example*:
You wrap 10 BETH to 9.95 WBETH.
ETH2.0 staking rewards accumulate in the wrapper, and your WBETH becomes worth more BETH.
After a period of time, when you unwrap your WBETH, you receive 11 BETH.

*The numbers above are hypothetical and for illustrative purposes only. The actual scenario depends on the conversion rate at wrap/unwrap, the holding period of WBETH, and on-chain ETH2.0 staking APR, etc.

Please find the correct WBETH contract address below:
Ethereum: https://etherscan.io/token/0xa2E3356610840701BDf5611a53974510Ae27E2e1
BNB Smart Chain: https://bscscan.com/token/0xa2E3356610840701BDf5611a53974510Ae27E2e1

2. Why would I wrap BETH to get WBETH and how can I use WBETH?

Wrapping your BETH allows you to send your staked ETH off-platform or to/from a self-custodied wallet on the blockchain, including Ethereum and BSC.

Hold WBETH in wallets you own anywhere and receive staking rewards. The value of WBETH will increase despite not being held in Binance.

Earn additional yield on other DeFi protocols or dApps with strategies like yield farming and vaults, etc. The best part is that while you earn yield with those additional strategies, you are still entitled to ETH2.0 staking rewards because WBETH is reward-bearing in nature and the staking reward accumulates and auto-compounds in the wrapper by itself. This gives you a double-yield potential.

Unwrap your WBETH for BETH and redeem staked ETH.

3. Do I have to wrap my BETH into WBETH to keep receiving ETH2.0 staking rewards?

No, you will still receive a daily ETH2.0 staking reward distributed to your Binance Spot Wallet by holding BETH, as long as you are following the rules detailed in ETH2.0 staking page.

But wrapping BETH into WBETH gives you exclusive benefits that are covered in more depth in the answer to the question "Why would I wrap BETH to get WBETH and how can I use WBETH?".

4. How can I get WBETH?

You can wrap your BETH tokens here. Simply log in to your Binance account, specify the BETH amount, and click Wrap.

To get BETH, you can buy it on the Spot Market or stake ETH at the ETH Staking page.

5. Do I get my staking rewards if I wrap BETH to WBETH?

Yes, WBETH gets staking rewards at the same rate as regular BETH. When you keep your BETH in the wrapper as WBETH, the daily staking reward will not be distributed to your Binance Spot Wallet as BETH; instead, the reward will accumulate and auto-compound inside the wrapper.

Once your WBETH is unwrapped, the BETH amount you get back will be more than the pre-wrapped amount, which reflects the reward you received.

6. Do I need to claim my staking rewards if I wrap BETH to WBETH?

No, staking rewards accrue to WBETH automatically.

7. Will I have a historical record of my earned rewards by holding WBETH, like the transaction record of daily reward distribution by holding BETH?

Records of reward earned by holding WBETH are not displayed in the same way as BETH.

When you keep your BETH in the wrapper as WBETH, the daily staking reward will not be distributed to your Binance Spot Wallet as BETH (hence there is no transaction record of daily reward distribution per user).

Instead, the reward will accumulate and auto-compound inside the wrapper. Once your WBETH is unwrapped, the BETH amount you get back will be more than the pre-wrapped amount, which reflects the reward you received.

If you would like to monitor the reward earned on an ongoing basis, you may refer to the WBETH:BETH conversion rate here. By subtracting the conversion rate between two dates, the difference will tell how much BETH you (would) have earned by holding 1 WBETH for that period.

Holding WBETH will allow users to enjoy the same level of ETH2.0 staking rewards as holding BETH.

8. How do I unwrap WBETH back to BETH?

You can unwrap your WBETH tokens here. Please specify the WBETH amount and press Unwrap.

You will receive the BETH in your Binance Spot Wallet as soon as you unwrap WBETH. Please note that wrap/unwrap feature is paused in 23:45 - 00:15 (UTC+0) every day when the WBETH:BETH conversion rate is being updated.

9. What is the minimum/maximum amount of BETH I can wrap/unwrap?

There's no limit on the minimum/maximum amount. You can wrap/unwrap any amount.

10. Why do I get less WBETH for my 1 BETH?

Each WBETH represents 1 BETH plus all of its accrued ETH2.0 staking rewards starting from when WBETH's conversion rate was initialized on 27 Apr 2023 00:00 (UTC+0).

Consequently, the WBETH price denominated in BETH is always larger than 1. That is why when you convert 1 BETH to WBETH, you will get less WBETH.

As rewards are paid on the underlying staked ETH, the WBETH price denominated in BETH (conversion rate) will increase over time. Each WBETH will be worth more BETH.

For example

1. User wraps 1 BETH and gets 1 WBETH on the first day when WBETH launched;(1 WBETH = 1 BETH);

2. As rewards accrue, 1 year later, the WBETH price goes up by 5%;

3. User unwraps 1 WBETH and gets 1.05 BETH (1 WBETH = 1.05 BETH);

4. Now, when another user wraps 1BETH to WBETH, they could get ~0.95238095 WBETH (1 WBETH = 1.05 BETH).

When you wrap the 1 BETH at step 4, it is normal that you get WBETH less than 1. If you unwrap it immediately, you will find you receive an amount of BETH exactly the same as the original one before you wrap.

However, if you choose to continue holding WBETH:

5. 1 year later, as rewards accrue, the WBETH price goes up by another 5% (1 WBETH = 1.10250000 BETH);

6. You unwrap 0.95238095 WBETH and get 1.05 BETH.

11. Where can I find the WBETH:BETH conversion rate?

You can also check the conversion rate here.

12. How often does the WBETH:BETH conversion rate change/update?

Daily at 23:45 - 00:15 (UTC+0)

13. Does the conversion rate change linearly or variably?

WBETH will increase in value, which is reflected by every update of the WBETH:BETH conversion rate. However, the actual value increase in every update is variable, depending on the on-chain ETH2.0 staking APR (same as APR for BETH).

14. Are there any charges for the wrapping/unwrapping process?

No, users can wrap/unwrap for free.

15. What is the additional risk for holding WBETH than BETH?

Please make sure you are interacting with the correct smart contract address when you transfer/trade WBETH off Binance’s platform. Anyone can create a token and name it with the same symbol on chain. Please find the correct contract addresses at etherscan and bscscan

Secondary markets may price WBETH differently from the underlying conversion rate on Binance, which could mean that you lose/earn some cash value if you wrap and then arbitrage your WBETH in the market. Please take risk into consideration. Alternatively, when you would like to exit your WBETH position, you may unwrap it for BETH and redeem the underlying ETH for free.

16. Why doesn't the WBETH price match the BETH price?

WBETH is designed to include all staking rewards earned on the underlying BETH, which may also cause price deviations over time.

17. What happens if I sell/transfer my WBETH to someone else?

If you sell/transfer your WBETH to someone else, then you won’t be able to unwrap it for BETH. BETH represents staked ETH on Binance at 1:1 ratio. If you sell WBETH to someone else, then you’ll give up your ability to others to unwrap it for BETH and hence your redemption right for ETH.

You can find more details about BETH at the ETH Staking page.

18. Where can I view my WBETH balance?

Your WBETH balance can be viewed after logging in to your Binance account and navigating to your Spot Wallet.

19. Why is my unwrapped BETH amount less than the pre-wrapped amount?

Since the wrap/unwrap conversion rounds down the applied amount to 8 decimal places, unwrapped BETH amount could be less than the pre-wrapped amount when wrapping and unwrapping within a small timeframe.