Binance Supports BETH-to-WBETH Conversion on BNB Smart Chain

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We would like to share an important announcement from Binance that might be of interest to our Venus Community members. In their ongoing efforts to expand the ETH staking ecosystem, Binance has introduced a new feature that allows users to convert their BETH (Binance Ethereum) holdings to WBETH (Wrapped Ethereum) at a 1:1 ratio on the BNB Smart Chain (BSC)​.

This is a significant step as it brings more flexibility and options for users who are involved in Ethereum staking on the Binance platform. By enabling this conversion, Binance is providing an efficient way for users to manage their Ethereum assets.

How to Convert BETH to WBETH On-Chain:

  1. Send your BETH tokens from your self-custody wallet to the following BSC smart contract address: 0x250632378E573c6Be1AC2f97Fcdf00515d0Aa91B
  2. Upon receiving the BETH tokens, the BSC smart contract will immediately transfer WBETH tokens to your 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. 

We believe this feature will be beneficial for our community members who engage in Ethereum staking via Binance. As always, we recommend conducting your own research and exercising caution when interacting with smart contracts.

Read the full article HERE

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