Key Takeaways
* Binance announces delisting of BETH trading pairs effective October 11, 2023, at 08:00 (UTC).
* WBETH gains prominence as Binance adds it to Simple Earn Flexible Products and Loans.
* Users advised to modify trading bots and Auto-Invest plans in light of upcoming changes.
Binance, the global cryptocurrency exchange, is making significant changes to its Beacon ETH (BETH) and Wrapped Beacon ETH (WBETH) staking services, according to an official announcement dated August 31, 2023. The move comes as the exchange aims to streamline its staking services and offer better utility to its users.
Trading Pairs and Bots
Starting October 11, 2023, at 08:00 (UTC), Binance will delist and cease trading of BETH trading pairs: BETH/ETH, BETH/USDT, and BETH/BUSD. Concurrently, the exchange will terminate Trading Bot services for these pairs. “All pending trade orders will be automatically removed after trading ceases in each respective trading pair,” the announcement stated.
Binance Simple Earn and Auto-Invest
As of August 14, 2023, WBETH was added to the list of supported assets on Binance Simple Earn Flexible Products. Conversely, BETH will no longer be available for subscription on Simple Earn Flexible Products from October 10, 2023, at 08:00 (UTC). Binance Auto-Invest will also cease offering BETH plan subscriptions starting September 8, 2023, at 02:00 (UTC).
Binance Loans
WBETH was listed as a collateral asset in Binance Loans (Flexible Rate) as of August 14, 2023. However, BETH will be fully delisted as a collateral asset from Binance Loans (Stable and Flexible Rate) on October 9, 2023, at 08:00 (UTC). “All outstanding Binance Loans orders using BETH as collateral will be automatically liquidated at this time,” the announcement warned.
Liquid Swap
Beginning September 8, 2023, at 08:00 (UTC), Liquid Swap will gradually increase the Annual Percentage Rate (APR) on WBETH liquidity pools while lowering APR on BETH liquidity pools.
Implications for Users
The changes signal a strategic shift in Binance’s staking services, with a clear focus on promoting WBETH over BETH. Users are advised to update their trading bots, modify their Auto-Invest plans, and consider WBETH as a collateral asset in Binance Loans to adapt to these changes.
About WBETH and Key Differences Between BETH and WBETH
Binance introduced Wrapped Beacon ETH (WBETH) to its ETH Staking service on April 27, 2023. This new liquid staking token initially was designed to work alongside Beacon ETH (BETH), offering users additional flexibility and utility.
While BETH is confined to trading on the Binance Spot Market, WBETH expands user options by enabling access to DeFi protocols and services beyond the Binance ecosystem, all while still allowing for the accrual of ETH Staking rewards.
Image source: Shutterstock