Binance staked Ether experiences $573M in inflows this month


19 Sep 2023 10:28 AM

Binance's staked ether token, BETH, experienced a surge in deposits earlier this month that lifted the total value locked (TVL) more than fourfold to ...

  • Binance's staked ether token, BETH, saw a surge in deposits, increasing the total value locked (TVL) to $731 million.
  • The TVL fluctuated between $120 million and $170 million until two large transactions in September.
  • Liquid staking tokens are obtained by staking ether on platforms like Lido, Coinbase, or Binance, allowing users to earn a yield while retaining an asset for use in the DeFi market.
  • The four largest holders of BETH are Binance-controlled wallets.
  • Despite regulatory uncertainty, one entity or trader seems to have faith in Binance.
  • Lido offers a higher APY on staked ether compared to BETH.

The article provides information about the surge in deposits for Binance's staked ether token, BETH, and highlights the potential faith in Binance despite regulatory uncertainty. However, it also mentions that BETH's TVL is relatively small compared to other offerings like Lido staked ether.

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You May Ask

What is BETH and how does it work?What caused the surge in deposits for BETH?Who are the largest holders of BETH?How does BETH's TVL compare to other staked ether offerings?What is the incentive to stake on Binance instead of decentralized platforms like Lido?

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