The decentralized exchange platform PancakeSwap has announced a collaboration with Binance Earn to provide liquid staking integration in the case of the WBETH token. As a result of the respective partnership, the consumers can conveniently convert and exchange their ETH tokens for Wrapped Beacon Ethereum (WBETH) tokens.
PancakeSwap and Binance Earn Integrate for Liquid Staking Integration to Offer ETH Staking Rewards
The platform stated that its objective is to provide an innovative and consumer-friendly platform to deal with DeFi operations. Keeping that in view, the company has moved to the respective liquid staking integration to provide several benefits. Liquid staking is known as a method that permits consumers to stake their digital tokens while being permitted to utilize or trade them via a token that represents them.
This procedure offers both access and flexibility to the funds possessed by the users as they can still obtain staking rewards while trading them. While Ethereum has efficiently carried out the prominent proof-of-stake upgrade, liquid staking lets the consumers stake the ETH tokens to get rewards. In addition to this, as opposed to the conventional staking methods, consumers can still utilize their assets as well as enjoy liquidity simultaneous to staking them. This issue is solved with the advent of the WBETH token.
Wrapped Beacon Ethereum (or WBETH) is known as a liquidity-staking derivative coin that denotes the staked ETH tokens as well as the rewards obtained from them. The WBETH is the BETH token’s wrapped version. It was developed by Binance Earn and permits customers to take part in the procedure of staking ETH to earn rewards from the platform of Ethereum. Wrapped tokens offer a way to utilize crypto tokens on the blockchains except for the original blockchain of the relevant tokens.
WBETH can be utilized on both the BNB Chain and Ethereum blockchains. It offers a very competitive five percent redemption fee over the staked rewards in comparison with the rest of the staking providers. Being one among several other staking pools for ETH tokens, WBETH is developed by Binance that is categorized among the top crypto exchanges.
Users Can Also Use WBETH to Trade and Transfer on Other Platforms
The integration enables PancakeSwap to offer a very convenient and easy method for ETH staking. By converting ETH straight to WBETH, the clients can get staking rewards. They can also utilize the WBETH token to trade and transfer on the rest of the platforms.
