PancakeSwap Partnered with Binance Earn to allow liquid staking integration for the WBETH coin.
Wrapped Beacon Ethereum (aka WBETH) is a liquidity-staking derivative coin representing both the staked ETH tokens and their profits.
What is PancakeSwap, and what has it announced about the WBETH coin?
A decentralized exchange platform PancakeSwap has recently partnered with Binance Earn to allow liquid staking integration for the WBETH coin. As a result of the collaboration, customers may easily convert and exchange their ETH tokens for Wrapped Beacon Ethereum (WBETH) tokens.
What is Wrapped Beacon Ethereum coin?
Wrapped Beacon Ethereum (aka WBETH) is a liquidity-staking derivative coin representing both the staked ETH tokens and their profits. The WBETH token is a wrapped version of the BETH token. It was created by Binance Earn and allowed users to participate in staking ETH to earn incentives from the Ethereum ecosystem. In addition, wrapped tokens will enable you to use crypto tokens on blockchains other than the original blockchain of the relevant tokens.
What Technology is used for WBETH coin?
WBETH can be used on the BNB Chain and the Ethereum blockchains. Compared to the other staking providers, it gives a relatively competitive five percent redemption cost over the staked rewards. WBETH is one of the numerous staking pools for ETH tokens built by Binance, one of the main crypto exchanges.
What is their main motive?
The platform aims to create an innovative and user-friendly interface for dealing with DeFi activities. Keeping this in mind, the company has implemented the appropriate liquid staking integration to provide several benefits. Liquid staking is a system that allows customers to stake their digital tokens while still being able to use or trade them through a token that symbolizes them.
This technique gives customers to access and freedom to their funds because they can still earn staking rewards while trading them. While Ethereum has successfully implemented the well-known proof-of-stake upgrade, liquid staking allows users to stake their ETH tokens to receive rewards. Furthermore, unlike traditional staking methods, consumers can still use their assets while staking them and enjoy liquidity at the same time. With the introduction of the WBETH token, this problem has been resolved.
What else is PancakeSwap providing to the users?
PancakeSwap can now provide a very convenient and simple option for ETH staking, thanks to the integration. Clients can earn staking incentives by converting ETH to WBETH directly. In addition, they can use the WBETH token to trade and transfer on other sites.
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