🥳 #ETH Binance Introduces Wrapped Beacon ETH (#WBETH) for ETH Staking

WBETH will allow users to participate in DeFi projects outside of Binance while ensuring they are eligible to receive the corresponding accumulated ETH staking rewards.

📝 Binance has released updates on #BETH and #WBETH, expanding #WBETH use cases and reducing support for #BETH products.
binance.com

👀 Binance (0xa4…7e5b) issued 69,999.6 wBETH yesterday (0xa4…7e5b) worth about $116 million, causing #wBETH circulation to double, which may be in response to increased demand for ETH 2.0 staking by Binance users. source

👀 Coinbase Director: Binance minted over $500 million over the weekend #WBETH and placed them on the stock exchange. Anyone know what they're wrapped in? This number represents almost 50% of all #BETH supply and I have not seen any movement/burn on the network.

📊 Binance Research: Liquid staking providers and CEXs remain the preferred venues for #ETH staking, capturing over 60% of the market.

#WBETH from Binance has shown a 700% increase in TVL over the past 30 days, while smaller players like Stader and EtherFi gained traction with TVL growth of 10% and 30% over 30 days, respectively.