What is BETH? BETH is a tokenized version of staked ETH. Each BETH represents 1 staked ETH on Binance. ETH can be staked on this new chain of ETH 2.0, which aims to improve Ethereum’s scalability and fully switch Ethereum to Proof of Stake (PoS).
As ETH 2.0 has not officially launched, users can participate in the many ETH 2.0 staking pools. Binance has provided one of these pools, which is used to convert ETH to BETH at a 1:1 ratio. In addition, users can receive staking rewards in BETH.
How to use BETH
Binance came up with BETH to counter the effects of the Ethereum network upgrade. The introduction of BETH allows users to seamlessly transition between ETH and BETH by staking ETH on Binance. As of right now, there are a few ways where users can utilise their staked BETH while the network is undergoing its upgrade.
Apart from keeping BETH in Binance and enjoying staking rewards, users can also withdraw BETH to Binance Smart Chain (BSC) and use it in DeFi apps.
For instance, BETH can be used as the coin for staking for some Launchpool projects on Binance. By locking BETH into Launchpool, users can earn a newly launched token.
Furthermore, Binance Liquid Swap, which makes use of a liquidity pool, allows users to earn rewards by providing liquidity to the ETH/BETH liquidity pool. PancakeSwap is also another blockchain platform that users can provide liquidity to the BETH/ETH on. In return, users can receive the native token CAKE as a reward.
In Conclusion
What is BETH? It is, simply, a tokenized version of staked ETH on Binance. Users can earn ETH 2.0 staking rewards and earn additional yield using DeFi apps on the Binance Smart Chain.
