Binance Supports BETH-to-WBETH Conversion on BNB Smart Chain
This is a general announcement. Products and services referred to here may not be available in your region.
Fellow Binancians,
As part of its continued efforts to build the Binance ETH Staking and WBETH ecosystem on chain, Binance ETH Staking is pleased to announce that users who hold BETH in self-custody wallets can now directly convert their BETH holdings to WBETH at a 1:1 ratio on BNB Smart Chain (BSC).
How to Convert BETH to WBETH On-Chain:
Send BETH tokens from your self-custody wallet to the following BSC smart contract address: 0x250632378E573c6Be1AC2f97Fcdf00515d0Aa91B
Upon receiving the BETH tokens, the BSC smart contract will immediately transfer WBETH tokens to the self-custody wallet on a 1:1 basis.
Notes:
The on-chain conversion function is available on the BNB Smart Chain (BSC) only. To successfully convert BETH to WBETH on-chain, users should transfer their BETH tokens to the aforementioned BSC smart contract address from a self-custody wallet that is compatible with BNB Smart Chain.
Please note that the BETH-to-WBETH conversion function on BNB Smart Chain is one-way only. To convert WBETH tokens to ETH, users can either complete a token swap on a DeFi protocol, or redeem their ETH tokens at the ETH Staking page after depositing WBETH tokens to Binance and unwrapping their WBETH tokens to BETH at the WBETH page. Refer to this announcement for more information.
Users who hold WBETH can participate in DeFi projects outside Binance, while ensuring their eligibility to receive the corresponding ETH Staking rewards accrued. Each WBETH token will accrue ETH Staking rewards daily, in accordance with the daily APR on ETH Staking.
Where any discrepancy arises between the translated versions and the original English version, the English version shall prevail.
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Binance Team
2023-06-19
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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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