Wrapped Beacon ETH
WBETHA liquid staking token for Ethereum.
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About Wrapped Beacon ETH
Analysis of 4 Feb 2026Wrapped Beacon ETH (WBETH) is Binance's liquid staking token representing staked ETH plus accumulated staking rewards since April 2023. As of February 2026, WBETH has a market cap of $10.67 billion with 3.26 million tokens in circulation, while Ethereum network staking reached 36.8 million ETH (30.46% of circulating supply, worth $83.8 billion).
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Binance holds approximately 2.16 million ETH staked (6.4% of total staked Ethereum), ranking behind Coinbase (8.4%) among centralized exchanges. With cross-chain deployment on Ethereum, BNB Smart Chain, Solana, Base, Arbitrum, and others, WBETH provides a major entry point into liquid staking within the centralized exchange ecosystem.
The token currently offers yields around 2.8% APR (after Binance's 10% commission), lower than the network average of 3-4% APY but competitive for regulated centralized exchange offerings. WBETH automatically accrues value relative to ETH through daily exchange rate updates at 00:00 UTC, making it tradeable across Binance's ecosystem and compatible with external DeFi protocols including PancakeSwap (TVL approximately $2.7 billion), EigenLayer, and Pendle.
Binance's January 5, 2026 activation of its ADGM-regulated structure with three licensed entities (Nest Exchange, Nest Clearing & Custody, Nest Trading) positions WBETH as the most regulated major centralized exchange staking product.