#BTC #BinanceWish ,#BONK Ethereum 2.0 Staking

Staking in Ethereum 2.0 is the process where users participate as validators in the network by locking up, or “staking”, their ETH as a form of collateral. The validators are then rewarded for their service to the network, similar to earning interest.

Understanding Binance ETH 2.0 Staking

When you stake your ETH on Binance, you’re essentially participating in Ethereum’s upgrade to the Proof-of-Stake consensus mechanism, known as Ethereum 2.0. In exchange for your staked ETH, Binance gives you BETH at a 1:1 ratio. These tokens represent your stake in the new Ethereum network.

Binance then distributes staking rewards daily in BETH, allowing users to accumulate more tokens and further their participation in the Ethereum network.

What is BETH, & How Does it Work?

Binance Becon Ethereum, also known as BETH, is a tokenized version of staked Ether (ETH) on the Binance platform. It was developed as a simplified way for users to participate in the staking process associated with the Ethereum 2.0 upgrade, more specifically, the Beacon Chain. When you hold BETH, you are entitled to the staking rewards earned by Binance’s ETH 2.0 staking node.

BETH is a wrapped token issued by Binance that is 1:1 pegged to ETH on the Ethereum blockchain. The main purpose behind launching BETH was to support users who trade or hold ETH on the Binance platform during the duration of time needed to lock in Ethereum on-chain, which is approximately 18-24 months.