Staking · Liquid Staking · wBETH
Binance's wBETH is a wrapped, reward-bearing ETH staking token (1 wBETH = 1 BETH plus accrued staking rewards) issued by the exchange's staking service.
Exchange-native wrapped beacon ETH.
wBETH price
$2068.86
-1.0% 24h
Latest data · 15 min delay
Exchange-native distribution and liquidity; wBETH is usable on-chain and across the Binance ecosystem.
A value-accruing ERC-20/BEP-20 liquid staking token issued by Binance. 1 WBETH represents 1 BETH plus the ETH staking rewards accrued since 2023-04-27 08:00 UTC. It is reward-bearing: rather than rebasing balances, its BETH/ETH conversion rate rises daily as rewards compound. Deployed at contract 0xa2E3356610840701BDf5611a53974510Ae27E2e1 on both Ethereum and BNB Smart Chain.
Binance's original 1:1 tokenized representation of staked ETH. BETH holders receive daily staking rewards distributed as additional BETH to their Binance Spot Wallet. BETH can be wrapped into WBETH (and unwrapped) at zero fees on the ETH Staking page; WBETH is the wrapper that makes the staked position portable to on-chain DeFi.
The custodial staking product (rebranded from 'ETH 2.0 Staking' on 2023-04-27) through which Binance stakes users' ETH on the Ethereum beacon chain and issues BETH/WBETH. Wrap, stake and redeem functions pause daily from 23:45 to 00:15 UTC to apply the conversion-rate update.
The smart contract that converts between BETH and WBETH. WBETH is minted/redeemed at the prevailing dynamic conversion rate, allowing self-custody holders to hold and use WBETH across Ethereum and BNB Smart Chain DeFi while remaining eligible for accrued ETH staking rewards.
2023-04-27 08:00 UTC
Binance Support - Introduces WBETH on ETH Staking0xa2E3356610840701BDf5611a53974510Ae27E2e1
Binance Support - What Is WBETH?Zero fees; conversion rate updated daily at 00:00 UTC
Binance Support - What Is WBETH?How Binance maps onto established TradFi structures, and where it diverges.
Bank-issued accumulating money-market / deposit product
Binance
Like an accumulating (non-distributing) yield product from a regulated institution, WBETH reflects earned yield by increasing in unit value rather than paying out separate distributions; the issuer takes custody of the underlying asset and manages the yield-generating activity on the holder's behalf.
TradFi analogue
WBETH is a freely transferable on-chain token usable across DeFi, exposes the holder to smart-contract and Ethereum validator/slashing risk, has no deposit insurance, and its issuer (Binance) is a crypto exchange rather than a licensed bank.
Binance
Issuer and custodial operator Binance issues WBETH/BETH, custodies the underlying ETH, and runs the validators that stake users' ETH on the Ethereum beacon chain. The conversion rate, reward accrual, and wrap/redeem functions are all controlled by Binance as a centralized custodial issuer.
Key milestones: launches, upgrades, exploits and governance events.
WBETH introduced (ETH Staking rebrand)
ExecutedBinance introduces WBETH on ETH Staking; 1 WBETH = 1 BETH + accrued rewards from 2023-04-27 08:00 UTC. Wrap/unwrap at zero fees, initial 1:1 rate.
SourceDaily conversion-rate updates begin
ExecutedThe dynamic BETH/WBETH conversion rate begins updating daily at 00:00 UTC (from 2023-04-28), with stake/wrap/redeem paused daily from 23:45 to 00:15 UTC to apply the update.
SourceBETH phased out in favor of WBETH
ExecutedBinance announced deprecation of BETH across products: delisting of BETH/ETH, BETH/USDT and BETH/BUSD spot pairs on 2023-10-11, removal from Simple Earn (2023-10-10), Auto-Invest conversion of BETH to WBETH from 2023-09-08, and end of BETH loan collateral use. WBETH/ETH and WBETH/USDT pairs remain, consolidating WBETH as the primary token.
SourceWBETH (Wrapped Beacon ETH) is a reward-bearing liquid staking token offered by Binance. 1 WBETH equals 1 BETH plus all ETH staking rewards accrued since 2023-04-27 08:00 UTC. Its value grows over time in accordance with the daily ETH staking APR, rather than by increasing the token count.
BETH is Binance's 1:1 representation of staked ETH; BETH holders receive daily rewards distributed as additional BETH into their Spot Wallet. WBETH wraps BETH into a single value-accruing token whose BETH/ETH conversion rate increases daily, so rewards auto-compound inside the token. WBETH is designed to be used on-chain in DeFi across Ethereum and BNB Smart Chain.
WBETH does not rebase. Each WBETH accrues ETH staking rewards daily in line with the ETH staking APR, and this is reflected through a dynamic BETH/WBETH conversion rate that Binance updates once per day. Because the WBETH price in BETH is always greater than 1 and rises over time, redeeming WBETH later returns more BETH/ETH than was originally wrapped.
Wrapping BETH into WBETH and unwrapping WBETH back to BETH on Binance's ETH Staking page are done at zero fees. Note that staking, wrap and redeem functions are paused daily from 23:45 to 00:15 UTC to support the daily conversion-rate update.
WBETH is deployed on both the Ethereum network and BNB Smart Chain at the same address, 0xa2E3356610840701BDf5611a53974510Ae27E2e1, enabling holders to use it across DeFi protocols on both chains.
