Binance
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
$1906.73
+2.1% 24h
Latest data · 15 min delay
Risks identified
- Counterparty
WBETH is a custodial, exchange-issued token. Binance takes custody of the underlying ETH, runs the validators, and unilaterally controls the conversion rate, reward accrual, and wrap/redeem functions. Holders rely entirely on Binance's solvency, honesty, and operational continuity; there is no on-chain, trust-minimized claim on the staked ETH beyond Binance's redemption promise.
- Regulatory
As a token issued by a centralized global exchange that has faced significant regulatory action across jurisdictions, WBETH is exposed to enforcement, licensing, delisting, or service-restriction risk. Regulatory action against Binance's staking or custody operations could impair redemptions, secondary-market liquidity, or availability in certain regions.
- Network
The underlying ETH is staked on the Ethereum beacon chain and is subject to validator slashing, penalties for downtime, and beacon-chain/consensus risks. Adverse validator performance or protocol-level events on Ethereum reduce the rewards that accrue to WBETH's conversion rate.
- Smart Contract
WBETH relies on Binance's wrap/redeem and token contracts deployed on Ethereum and BNB Smart Chain (0xa2E3356610840701BDf5611a53974510Ae27E2e1). Bugs, upgrade/admin key compromise, or exploits in these contracts or in downstream DeFi integrations could lead to loss of funds or a break in the peg between WBETH and its intended value.
- Reserve / Depeg
WBETH's market price can deviate from its intrinsic (conversion-rate-implied) value, especially in stressed liquidity conditions or if confidence in the issuer falls. Because redemption to ETH is gated through Binance's custodial process, secondary-market WBETH can trade at a discount to fair value during periods of stress.