This is a general notice and the products and services mentioned here may not be available in your area.

Dear User:

Binance will rename ETH 2.0 staking to ETH staking. Starting from 16:00 (ET on April 27, 2023), the wrapped token WBETH will be launched in the ETH staking product. WBETH is a new liquid staking token. The value of one WBETH includes one BETH and the sum of the ETH staking rewards accumulated by this BETH since 16:00 (ET on April 27, 2023).

WBETH allows users to participate in DeFi projects outside the Binance platform and receive corresponding ETH staking income.

Starting from 16:00 (ET) on April 27, 2023, users can package BETH into WBETH and unpackage WBETH into BETH tokens on the ETH 2.0 staking page with zero transaction fees. The initial exchange rate of BETH to WBETH at 16:00 (ET) on April 27, 2023 will be 1:1, and this exchange rate will change as the value of WBETH grows to reflect the daily ETH staking yield.

The difference between BETH and WBETH:

BETH

WHAT

definition

1 BETH = 1 pledged ETH

1 WBETH = 1 BETH + ETH staking rewards generated by BETH tokens in ETH staking since 16:00 (GMT+8) on April 27, 2023.

Reward calculation and distribution

Based on the BETH holdings in the user's spot wallet, the ETH staking income from the Ethereum network will be received in the form of BETH.


ETH staking income is distributed daily.

Each WBETH will bring ETH staking income, which comes from the Ethereum network and corresponds to the daily annualized income of ETH staking.


When users de-package WBETH into BETH, they can obtain the corresponding ETH staking income in the form of BETH based on the BETH/WBETH exchange rate on that day.


Please note: Staking rewards will not be issued in any form of WBETH.

scenes to be used

  • Available for trading on Binance spot markets

  • You can get ETH staking rewards, which are distributed to the spot wallet every day

  • Participate in Binance liquidity mining and earn liquidity rewards

  • Can be used as collateral for Binance lending and VIP lending

Users can use DeFi projects and services outside the Binance platform more flexibly and conveniently, while enjoying the ETH staking income accumulated by BETH.

How to get BETH or WBETH

  • Stake ETH through the Binance ETH staking page

  • Buy BETH through Binance Liquidity Mining ETH/BETH or BETH/USDT Liquidity Pool

  • Buy BETH through the BETH/BUSD, BETH/ETH, or BETH/USDT trading pairs on Binance Spot Market

  • Package BETH into WBETH and enjoy 0 transaction fee.

  • Directly mint ETH into WBETH on BNB Smart Chain and Ethereum network

Supported Networks

BNB Smart Chain

BNB Smart Chain and Ethereum Network, and more to come

For more information, please refer to the ETH staking rules and the WBETH FAQ and WBETH page after 16:00 (ET) on April 27, 2023.

How to package BETH:

  • Step 1: Log in to the Binance app and click [More].

  • Step 2: Go to the [Wealth Management] section and click [ETH Staking];

  • Step 3: After staking ETH, you will receive BETH in your spot wallet;

  • Step 4: Package BETH into WBETH on the WBETH page.

Note:

  • Users can continue to hold BETH in their spot wallets and receive BETH rewards daily. Users do not need to encapsulate their BETH into WBETH.

  • Each WBETH will bring daily staking income based on the daily ETH staking annualized interest rate. When users de-encapsulate WBETH into BETH, they will obtain the corresponding ETH staking income in the form of BETH based on the BETH/WBETH exchange rate on that day.

  • About BETH/WBETH exchange rate:

    • The BETH/WBETH exchange rate is dynamic and will be updated daily at 08:00 (GMT+8) starting from April 28, 2023.

    • To coordinate with the daily update of the BETH/WBETH exchange rate, the wrapping and unwrapping functions will be suspended between 07:45 and 08:15 (GMT+8) daily starting from April 28, 2023.

    • All BETH/WBETH exchange rate updates on the WBETH page will depend on the daily annualized interest rate for ETH staking.

    • The conversion of BETH/WBETH on the WBETH page will be unconditionally rounded down to 8 decimal places.

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

    • BNB Smart Chain: 0xa2E3356610840701BDf5611a53974510Ae27E2e1

    • Ethereum network: 0xa2E3356610840701BDf5611a53974510Ae27E2e1

  • Binance will open deposits and withdrawals of WBETH from 16:00 (ET) on April 27, 2023.

  • Binance will stop supporting BETH withdrawals from 16:00 (ET) on April 26, 2023. BETH deposits will not be affected. Please note: ETH staking participants can still redeem their BETH for ETH at a 1:1 ratio on the ETH staking page.

  • For non-custodial wallets, there will be a smart contract on the BNB Smart Chain that supports the conversion of BETH to WBETH at a fixed ratio of 1:1. More details will be announced separately.

  • BETH/BUSD, BETH/ETH, and BETH/USDT spot trading pairs will continue to be available on Binance.

  • In the event of any discrepancy between the translated version and the original English version, the English version shall prevail.

Thank you for your support!

Binance Team

April 24, 2023