$1,353.84 -2.53%
ETH · 6w

Coinbase, Binance and OKEx Announce Ethereum 2.0 BETH

Three of the biggest crypto exchanges have announced that ethereans staking with them will receive what some are calling an eth bond where one eth is one beth.

“Till ETH2.0 launches transfer feature, you will be able to redeem any staked ETH for BETH in a 1:1 ratio. Redemption will be determined based only on the amount of BETH you have available at the time, and is unrelated to the amount that you initially staked or exchanged,” Binance said in announcing ethereum 2.0 staking services.

The statement above suggests you receive normal eth instead of staking eth for your beth, with it unclear who exactly keeps the staking eth.

Presumably it would be Binance itself, the exchange, in which case where are they getting this eth they’re giving for beth as the staking eth is locked.

They could well buy it on the market, so taking liability risks, but OKEx interestingly has announced they are to launch a beth trading pair.

“OKEx will open BETH trading once it has finished an evaluation of the staking system,” they say.

While Coinbase announced prior to eth2 going live that there will be a market for eth/eth2 trading, stating:

“While staked ETH2 tokens remain locked on the beacon chain, Coinbase will also enable trading between ETH2, ETH, and all other supported currencies providing liquidity for our customers.”

Coinbase gives almost no detail but Binance and OKEx refer to what OKEx calls “a token that is anchored to the on-chain staked asset,” but neither explains how exactly it is anchored or what is the address of this token or how Binance and OKEx agree on just which one is the beth token.

Both however say the 5% to 20% staking yield will be given, presumably after they take the fees, but since this Binance and OKEx beth can freely exchange hands, it’s not clear how OKEx or Binance will know just which is their beth to give the yield.

OKEx for its part suggests the reward will be in USDt, while...

Continue on
Recent news
ETH -2.53% · · 5h

DeFi will eat corporate debt

Corporate debt markets are being built on Ethereum, and it's going to eat traditional finance