Reddit Posts
Transferring BETH from Trustwallet to Binance for ETH Exchange: Seeking Advice
"Returning to Crypto After a Long Break: Exchange BETH for ETH Now or Wait?
Does this make sense? I'm taking a USDT loan using BETH as collateral, then I buy more BETH to get an APR of around 4%, my idea is to get more beth while is cheap (~1800 in my opinion) and pay back the loan when the BETH is around +1900.
Hi folks, I have a problem with my BETH coins on binance. And hope one of you knows a possible solution to get my BETH back.
A Positive Experience with Swapspace.co - Lost Funds Recovered
Binance now allows redemption of BETH
Following the successful Shapella upgrade, Binance will allow 1:1 swapping of BETH back to ETH from 19th April
Binance is doing some sketchy stuff. Have centralized exchanges created a huge bubble around non-liquid staked ETH? When you stake ETH on an exchange you get an IOU(BETH) for staking. You can also liquidity farm that IOU WITH ETH. If BETH is not backed 1:1, it seems like there is gonna be problems.
Just stopped staking ETH as BETH on Binance
Should I sell my BETH to get out of Binance?
You can currently buy ETH PoS (ETH2) for a nearly 30% Discount on Kucoin
Binance exchange Updates Regarding the Upcoming Ethereum Merge
Will binance BETH holders get new eth fork (if that happens) after the merge
Any other Binance users feel low key deviously clever every time they’ve bought BETH? Each time I pick it up, I see it as a guaranteed % win on the spot.
BETH <> ETH swap at 1:1 - how and when?
How I Was Able to Get my UST out of Terra at near $1 When the Peg was Significantly Lower and How You (Maybe) Can Too
BETH and the End of ETH 2.0 Staking on Binance
EFT Fan Token ($EFF) | HODL for your chance to win $5,000 B-ETH | Earn dividends in the leading compounding crypto $EFT
How to earn with my coins in Ledger wallet?
I think FOMO is a perfectly valid reason to buy crypto. That’s why I invested for the first time this week.
Top Tip: DONT STAKE ETH 2.0, BUY IT ON SPOT INSTEAD (Binance)
If you have faith in PoS ETH and trust Binance then purchase BETH
Can I stake ETH without moving it from my wallet?
Do you have to hold liquid ETH2 tokens in a certain wallet to get staking rewards?
Any news on when Binance will swap BETH for ETH?
Yield Farming on BSC. Not sure I get the risks, seems too good.
Mentions
BETH seems daily flexible not fixed as far I know. Also wonder if there's any advantage to WBETH over BETH in terms of earnings, assuming I don't plan to move it anywhere?
WETH, BETH. Maybe he meant that
I have been buying BITO and BETH daily. Have $500k in it. If this fucker goes to a Million I will lick on Cathy Woods fingers after she plays with herself
How can I trade or convert my BETH to something else on Binance?
Hello everyone, I've been staking ETH on binance for a little more than a year and half and it was converted to BETH during that time. This week I decide to unstake it as I wanted to have it available in my spot wallet if I wanted to sell ETH. When I went into the ETH Staking section on Binance it asked me if I wanted to convert BETH to WBETH which I was not interested into as I just wanted my BETH back and convert it to ETH. I redeemed my BETH and since then I have been unable to convert them. Seems like it was obligatory to convert them to WBETH first so I could convert them to ETH on Binance platform which wasn't advertise nowhere in the message I received. Now I'm stuck with useless BETH that I can't sell and can't convert back to ETH. What can I do to convert my BETH to ETH please ? Thank you
yep, i can see that. but it i already have BETH, how do i swap it? that’s my question
anyone know what's up with BETH on Binance? it doesn't seem to have any trading pairs and i couldn't see a way to convert it to something more liquid...
I’ve been looking for ways to withdraw BETH, but it seems Binance locked it.
Welp. Apparently, our government will be banning Binance next month, and I staked my ETH with them. Does anyone know if there’s any way to withdraw/sell BETH from Binance? Do I just accept this and take this as a very expensive lesson?
Is worth it to convert BETH into WBETH on Binance?
I have some BETH left too. We're unable to trade it with anything as all BETH pairs have been delisted. And the function to swap small amounts to BNB doesn't pick up BETH either. It's a bit frusrating
I have a stupid question. I have some ETH on Binance. They are registered under "BETH". I was under the assemption that it would be converted to ETH with "The merge". How come I still own BETH ? Should I do something to convert them to ETH ?
How to redeem my BETH assets? ADVICE I did not follow the crypto world for the last few months and I have some BETH left on my account that I would like to redeem now, but I cannot. Do you know how to convert it into another asset that I can withdraw? I read that the new version is WBETH, so I guess I should "wrap" it first?! 1am really not sure what to do about that. Can you please explain what happened and what should I do? Many thanks
Binance stopped staking with BETH, I want to move to coin base but am afraid of the fees, fml
Yes the pairs for BETH have been removed, now there is only WBETH pairs. However as the other guy has said it should just be in your spot wallet
Last year i've swapped my eth in beth in binance, I was interessed by staking altrough I maybe didn't understood how it worked. I thought I could take my BETH back when I wanted so I wasn't quick to swap them after Ether 2.0 release. Now it seems like binance delisted the beth/usdt beth/eth pairs and I don't know how to get my eth back can someone tell me how i can get my eth back ? Thanks
Yep stacking BETH(BTC/ETH) as somebody put it. Doing this mostly before halving with only these alts Kas, Sol, Link and RCPS.
BitWise Ethereum Strategy ETF (AETH), 0.85% Bitwise Bitcoin and Ether Equal Weight Strategy ETF (BTOP), 0.85% ProShares Ether Strategy ETF (EETH), 0.95% ProShares Bitcoin & Ether Equal Weight Strategy ETF (BETE), 0.95% Bitcoin & Ether Market Cap Weight Strategy ETF (BETH), 0.95% VanEck Ethereum Strategy ETF (EFUT), 0.66%
tldr; Binance's liquid staked ether (WBETH) has seen a sudden influx of $500 million, bringing its total locked value (TVL) to $1.2 billion. This surge in inflows has raised questions among crypto observers due to its irregular nature. Binance explained that these transactions were part of their plan to convert the original staked ether (BETH) tokens to WBETH. The exchange has been taking measures to boost WBETH and reduce activity with the old token. Despite the large inflows, the overall amount of staked assets through the exchange has not changed significantly. Binance is now one of the largest players on Ethereum's staking network. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.
There is no supply squeeze because of countless Staking Tokens such as stETH, BETH, RETH that people buy instead of ETH to stake.
I'd not want to be in BETH under these revelations
I moved ETH to BETH for the staking and regretted it because I didn't realize it would be a taxable event (basically like I sold my ETH)
BETH is something to stay away from. - Binance minted >$500M of "Wrapped Beacon ETH" over the weekend and deposited it at the exchange Anyone know what they wrapped? This is a number almost 50% of all BETH supply and I didn't see any movement/burning on chain No movement in the Binance ETH2 depositor either https://x.com/jconorgrogan/status/1706298195117023586?s=46 - Beth have long been total garbage entirely reliant on binance's good will. at one point in 2020 binance held 100mm on-chain (i.e. the entire supply of eth): (keep digging, it gets worse) https://twitter.com/DataFinnovation/status/1706308173840171289
Staked my ETH on binance but didn't realize transferring to ETH to BETH was a taxable event. Something to watch out for with wrapped coins.
tldr; Binance's staked ether token, BETH, has seen a significant increase in deposits this month, with the total value locked (TVL) rising to $731 million. The surge in deposits was driven by two large transactions, with inflows on other days remaining relatively small. BETH is a liquid staking token obtained by staking ether on platforms like Binance, allowing users to earn a yield while retaining the asset for use in decentralized finance (DeFi). Despite regulatory uncertainty, one entity or trader seems to have confidence in Binance. However, the incentive to stake on Binance instead of decentralized offerings like Lido remains unclear. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.
At 2023-10-11 08:00 (UTC), Binance will delist and cease trading of the following BETH trading pairs: BETH/ETH, BETH/USDT, and BETH/BUSD. All pending trade orders will be automatically removed after trading ceases in each respective trading pair.
There's quite a lot of obvious reasons relating to security and ease of use. It's not easy to keep your secrets absolutely secret without running the danger of losing them, e.g. by forgetting a crucial passphrase. A lot of people have a "system" they think is secure when it really isn't and they've just gotten lucky so far. Plenty others have lost their funds. There's other reasons though. BETH is currently one of the ETH staking solution with the lowest fees and it's incredibly liquid. Nobody else comes close. For some countries Binance card gives cashback depending on your BNB reserves on Binance. 2% for 1 BNB is already pretty good, 3% cashback for 10 BNB is nothing to sneeze at either if you don't mind the BNB exposure. In addition they have very comfortable ways of "staking" (not really, but similar) pretty much all tokens you can think of. Staking yourself is a fairly involved process even on the easiest tokens and downright impossible on the more complicated ones. But if you don't stake, token inflation will just eat through your reserves. On Binance it's just a couple clicks. I'm not saying people should keep their funds on Binance, but everyone here always seems so mystified how anyone could be so stupid... well, this is why.
Yep this is possible. 1. withdraw the BETH to Binance Smart Chain your custodial address 2. swap the BETH for ETH https://pancakeswap.finance/swap?outputCurrency=0x2170Ed0880ac9A755fd29B2688956BD959F933F8&inputCurrency=0x250632378E573c6Be1AC2f97Fcdf00515d0Aa91B 3. bridge the ETH from Binance Smart Chain to Ethereum layer 1 https://www.orbiter.finance/?source=BNB%20Chain&dest=Ethereum For step 2, you'll want to verify the tokens are legitimate before making a swap. You can see the ETH contract address corresponds with the real binance-peg ETH on BSC https://bscscan.com/token/0x2170ed0880ac9a755fd29b2688956bd959f933f8
My understanding is WETH and ETH thats bridged to other networks is the exact same principle. Newer network protocols like Arb ONE, Arb Nova, zksync, taiko, starknet simply call it ETH, but it still needs to be "wrapped" or "bridged". These networks are layer2's built upon the main ETH network. Polygon is technically not a layer 2, but a sidechain, and for whatever reason, on that network, we call it WETH, or wrapped eth. Similary, ETH thats been 'wrapped' to Binance network is called BETH. Binance wrapped eth is called BETH, Polygon wrapped eth is WETH
But if a noob question, I’ve been holding BETH for a while now and I don’t really understand the benefits of holding it instead of eth? There is hardly any difference in price so I wouldn’t lose much if I transferred. I haven’t looked at eth staking rates to see if it’s higher than staking BETH
BETH is the token you receive in exchange for your staked ETH on Binance. When you unstake the BETH is exhcnaged 1:1 for ETH, however there is a daily limit on how much BETH can be unstaked back to ETH.
What's BETH? This is my first time of hearing it.
Yes, I swapped my BETH back to ETH around a month ago. I put the request in a few days after it was opened, and it took about 10 days for it to swap.
Side question: isn't ETH on BSC always BETH (or wrapped eth on bsc chain) or do they got eth on bsc - isn't it even possible? I thought ETH is only on main chain and when u use eth on other chains its always some sort of wrapped eth.
Can't you exchange "ETH2" to ETH? Binance is for exampe naming the staked ETH as "BETH" and Nexo as "NETH". Both need to be exchanged for normal ETH that can be transferred to another cEX.
I'm still waiting on Binance to convert my BETH back to ETH
I hear your reasoning which is well-guarded, rightfully so. [But the fact that BTC has been the best performing asset in Q1 2023 between crypto, S&P 500, and Gold](https://app.santiment.net/charts?settings=%7B%22slug%22%3A%22bitcoin%22%2C%22ticker%22%3A%22BTC%22%2C%22from%22%3A%222022-12-17T22%3A00%3A00.000Z%22%2C%22to%22%3A%222023-03-17T22%3A00%3A00.000Z%22%7D&widgets=%5B%7B%22widget%22%3A%22ChartWidget%22%2C%22wm%22%3A%5B%22price_usd%22%2C%22%5B1%3Bprice_usd%3Bethereum%3BETH%5D%22%2C%22%5B1%3Bprice_usd%3Bs-and-p-500%3BSPX%5D%22%2C%22%5B1%3Bprice_usd%3Bgold%3BGold%5D%22%5D%2C%22whm%22%3A%5B%5D%2C%22wax%22%3A%5B0%2C1%2C2%5D%2C%22wpax%22%3A%5B%5D%2C%22wc%22%3A%5B%22%2326C953%22%2C%22%23FF5B5B%22%2C%22%23FFCB47%22%2C%22%235275FF%22%5D%7D%5D), gives me the confidence I need for a bull case during these recessionary times. It's what it was made for ultimately; to fight inflation and central banking. I just hope this is the case for the halving as well. Time will tell.
does anyone know when BETH will transmogrify back into ETH?
I tried to convert my BETH into ETH last week and it said I have to wait 15 days in order to see it done. Let's see if everything goes straight.
It would be great it they could convert my BETH to ETH first
tldr: Binance has introduced a new token called Wrapped Beacon ETH (WBETH). that will give users more flexibility when it comes to using their staked ETH in DeFi protocols. Each WBETH token represents 1 BETH. Stakers can use the token to participate in DeFi projects outside of Binance, the exchange states, but can also accrue staking rewards. The WBETH service will begin operations on April 27 at 08:00 UTC, and users can wrap their BETH into the new tokens.
If you don’t know what to do with it, pls send it my address, I will safe keep it for you for your retirement. I will stake it, keep all the profit and return your BETH.
Sounds like you have been missinformed. The staked ETH were locked up as part of the tranisition to 2.0. BETH were a way for people to exit, were binance took over your stake for a small fee.
You're just teasing me now. WTF is BETH? Buy Extra Testesterone Homie? /s
What the hell is even BETH, some sort of ETH?
It's not ideal but you have to take that decision on your own. People will say NYKNYC and they are right but, binance is the biggest exchange out there and BETH has been working good for me. If they go under, we'll be catapulted into the crypto ice age so if it isn't a huge part of your portfolio, I'd go for it.
I don't understand for why Binance still rewards a stakers with BETH rather than direct ETH after the recent Ethereum update. Does anyone know amore about that? I assume they want to push the BSC chain?
Been on chat with Binance support for over 2 hours because I originally setup my account while living in Ontario, Canada where it is not supported, but now I live in a different province and they won't let me convert my BETH to ETH to withdraw it to my wallet. And the rep I'm talking to, who I'm not convinced isn't a bot, says I can't verify my account to change my address....ima lose it soon.
Looks like Binance users can finally ETH their locked-up BETH..Talk about a redemption story worth celebrating. Just don't get too staked on those rewards, folks.
I am planning to swap out and withdraw my BETH from Binance as soon as I can, but I don't expect it to be the next FTX. Classic FUD.
How do I unstake my BETH on binance ? And how should I stake ETH on Exodus ?
We'll be able to redeem our stacked ETH on Binance (BETH) next Wednesday, they will set a daily redemption for each user, no fees, and 15 days of "waiting"
When can I unstake my BETH on Binance🤔
As a UK holder, I'm struggling with all this. It appears I now have to wait in the Binance queue to withdraw BETH back to ETH, or I have to swap it now lose a little and create a taxable event. I then can't stake on Binance anymore due to our wonderful regulations and so I will need to send it to another exchange to continue staking. Do I leave it as BETH and just keep receiving rewards until I want to sell? Any advice appreciated. 😉
Buying BETH was the move the whole time
Beth is a "fake" token created by binance to make it easier for people to sell their staked ethereum, even though technically withdrawing staked ETH was not possible. So basically every ETH staked through binance created a BETH token, that could be bought and sold on open market, and would also earn staking rewards (also in Beth). So if you bought 100 BETH one year ago youd already have around 104 today, and when it transforms back into normal ETH you would have earned your 4% staking reward. However most did not buy BETH at a 1 to 1 ratio, because generally it sold at a lower price than ETH. So if you had 100 ETH and bought BETH a year ago at a price of 0.95ETH (quite normal price the last year, it went way lower in periods) you would get 105.2 BETH, plus the 4% yearly staking reward, and youd be left with 109.5BETH, which will now turn into real ETH on April 19th, giving you a cool 2.5x higher reward compared to normal ETH staking
1:1 in that for each BETH you have they'll give you ETH back, there has been and i believe still is a price difference between the two. So if you have 1.5 BETH they'll give you 1.5 ETH even though the value is different
Important note is that its all of your BETH not just earned, so even if you bought BETH directly, that will go back to ETH on a 1:1 basis
My understanding is that all the BETH will be converted back to ETH at the same time
That's nothing, really. I think most will just be glad that they have the option to withdraw now. We also need to remember that certain platforms still allowed you to exit your staked position such as BETH in Binance.
Does anyone know when binance will let us trade BETH to ETH 1:1?
I want to get my BETH off of Binance, but not sure yet where I want to stake. Leaning towards Lido at the moment but need to DMOR a bit more
If there is a sell-off, I don't forsee it being massive. Those who were overleveraged might reduce their positions however we shouldn't act like there wasn't an option to get out of your position such as BETH with Binance.
You can literally unstake them with a 1% fee if you look at BETH/ETH pair. I don't see much activity there which tells me people don't want to sell
So we are going to be able to exchange BETH 1:1 ETH on the 12 of april. Is this right?
If BETH/ETH gets to 0.99 today I'll just trade out and take the loss I think. I do genuinely think Binance (global) is safe but I have enough BETH that it's not worth the risk.
You can exchange your BETH for ETH (albeit a small hit) and pull it out.
Traded my BETH back to ETH 2 days ago. Between the BETH/ETH pair fluctuating, never being 1:1 and the "ETH2.0" rewards earned daily I've bagged an extra 0.0586 ETH. Now off to cold storage it all goes.
StETH and some other forms of it like BETH are not exactly stacked eth. To put it simply, let's use Binance as an example, as they are centralized and easier to understand, the process is as follows: * You provide your normal ETH to Binance * If you gave them 32 ETH, they will stake it and start receiving rewards. If you provided less than 32, they will wait until someone else provides until they close up 32 ETH for a node and stake it * Binance then creates a coin (BETH) relative to how much ETH you provided them and starts generating BETH for each estimated rewards they are getting for your staked ETH (this minus the fee they get) In this case you can sell your BETH anytime for normal ETH anytime, provided they still have ETH liquidity. An ETH "bankrush" could "break" Binance because a reasonable part of their ETH is locked, but arbitrage markets also help mitigate that risk. In the case of StETH specifically, they don't have an "official" way to exchange StETH for ETH again, but the coin is created as such arbitrage markets (independent holders/traders) can sell to one another, basically gaining a profit when people choose to exit their ETH position earlier than Shanghai. A "bankrush" could still happen, but the only issue would be waiting until Shanghai, when StETH can be converted to ETH officially.
mine is in Binance (BETH), and I wanna move to my wallet, although I don't know if I'll be able to stake my ETH from there after Shanghai upgrade... we'll see
tldr; Binance will hold off processing ETH withdrawal requests for staked ETH for a week. The exchange intends to implement a daily ETH redemption cap for each user. Staking participants may exchange their BETH for ETH at a rate of 1:1. Binance has warned that excessive demand would likely result in a queue for ETH withdrawals *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR. Get more of today's trending news [here](https://coinfeeds.substack.com).*
So we can actually stake ETH from April 12? Without the BETH system ?
been buying BETH instead of ETH and looks like it’s gonna work out just fine
Withdrawals will be queued so you can probably queue your 1:1 withdrawal but I'd be surprised if they let everyone directly exit BETH/ETH 1:1. The exchange rate for liquid staking derivatives will probably be very close to 1:1 if everything goes according to plan anyways.
For Binance user, will we be able to trade BETH/ETH 1:1 directly the 12 april ?
I have BETH staked etherum token on Binance, that will be converted to ETH after Shanghai upgrade.
This is a large part of why I make sure 50% of my holdings are BTC at all times, and rebalance if any of my alts go on a tear. My strategy is a 50/35/15 split. I divide by 35 ETH up into a staked and unstaked portion, split across STETH, RETH and BETH for safety. The other 15% I hedge into competitors for my two big positions, primarily ETH competitors and NANO for an environmentally friendly currency/value store. If they go on a tear I rebalance my portfolio to keep my exposure level. The only thing I don't do is sell BTC to go further into alts or ETH, I just switch my DCA until it levels off.
To stake more. My ETH already staked is still available as BETH.
BETH! Spray the bear mace!!!!
Oh, you don’t realise what BETH is and does, that’s so cute.
So you don't have trading pair for BETH? You can also check, if you have access to liquidity pool or to exchange by "convert" feature. If you don't have any of this, last call is to send BETH for someone who use Binance instead of Binance.us to exchange back for Ethereum in your behalf. I don't recommend that, if you don't know that guy personally and have enough trust that he won't steal from you. Nonetheless, take care and good luck
For every Ethereum you staked you receive BETH token. It represents staked Binance Ethereum. You can trade it back at BETH/ETH pair. Currently you will get about 98 ETH for every 100 BETH token, so -2% to change it back before Shanghai upgrade.
You can exchange your BETH back to ETH with some slight cut. It's not like in Coinbase, where you don't have any access to it.
How will it work before the ETH withdrawals are open though? Try to trade (like BETH/ETH) it fast at loss? But I agree. We keep learning this year to go away from CEX. Leave it to day traders and beginners. And well, we should help beginners with tips for self-custody
xD I have part of my ETH on Binance as BETH
I did it differently, instead of staking I just traded ETH for bETH using the BETH/ETH pair. I still get daily rewards for holding the bETH. Do your rewards appear in Spot history as distribution too?
You'll be able to swap BETH to ETH on a 1:1 basis (Shanghai upgrade), the BETH received from staking ETH will be treated equally
⛓️ my ETH is still imprisoned as BETH ⛓️
Ugh should I get out of BETH at 0.98 or just YOLO and wait for Shanghai? My brain says sell and move to ledger but the idiot part of me is usually at the wheel.
BETH might not be, but if you're on Binance and trust them it might as well be. Like I said, I sold all the BETH I had for ETH at almost 1:1, before I pulled everything off Binance.
BETH is no ETH. Stop spreading misinformation to lure newbies into this. Those things are tokens backed more or less on a promise to maybe get your ETH back one day, which is not yet clear.
The price 100% won't tank. You've always been able to buy/sell stakes. I bought BETH (Binance staked ETH) as low as 87c on the $1 over a year ago. As the merge drew closer and confidence increased, they have gotten closer to parity. I sold it for ETH recently at 98c on the dollar. The most the price will possibly drop is the difference between staked ETH (Lido stETH, Binance BETH, etc) and ETH before withdrawals unlock.
People who say they are stuck at binance, are they bots? Doesnt binance give you BETH for ETH you stake, which you can turn into BUSD or ETH at any given time and exit? Am I missing something?
Am I correct that the EL element of Shanghai will allow for those of us who staked ETH for BETH (etc.) Can convert back to ETH? Last few weeks have been a but bum clenching with BETH on Binance given all the FUD.
>But since unstaking doesn't work yet, where is that swapped ETH coming from? I don't see a problem unless the exchange is just "buying" the BETH without paying money for it (using customer funds for example). There is no proof that anything shady is going on. It's the same with rETH in rocket pool by the way - with the difference that this rETH / ETH pair is being controled by smart contracts.
These won't disappear once the contract releases you realise right? People will want custodial solutions, LIDO and Rpool will grow, Binance will continue with BETH etc. and if BETH is housed on BSC as a wETH then it could have low enough gas fees to get used in defi instead of ETH