Hi,

I’ve had my ETH locked up for a while as BETH on Binance. I’m not a bit disappointed to see I cant convert it to ETH 1:1 which is what I believed would be the case (not even sure if the missing arbitrage covers my BETH staking gains?) . Is there any reason I should keep it as BETH and not convert it ETH? I will move this into cold storage eventually but wondering what to do in the meantime.


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Posted in Binance Reddit and tagged

5 Comments

  1. Ruyven on 3. January 2023 at 20:05

    You’ll be able to convert it 1:1 when Ethereum releases the “Shanghai” update. They say this will happen in about 1 year, but tbh I’m fully expecting it to be delayed.
    If you’re willing to keep it locked up until then, you’ll keep getting the staking rewards – if you’d rather withdraw it, afaik the only way is to trade it for ETH at the 0.97:1 rate (or whatever the rate of the day is) and withdraw that.

     


  2. BinanceCSHelp on 3. January 2023 at 20:05

    Hi there. BETH doesn’t trade at a 1:1 ratio with ETH, even though each BETH represents 1 staked ETH. Because they aren’t the same asset. Price discovery between BETH and ETH is completely up to the market. This is the reason BETH is a tokenized version of staked ETH. As such, BETH has different implications than ETH. The fact that it’s trading at a different price means that the market is pricing those qualities differently than ETH. You can hold, withdraw or convert in to Binance for staking, which is completely depends on you. Regarding that, we highly recommend you take a look our articles about your inquires. https://www.binance.com/en/support/faq/binance-eth-2-0-staking-eecd04618b5042c79f2a5b07f895c498 you have more question about BETH transactions or ETH 2.0 staking, you can always join our live chat at [https://binance.com/en/chat](https://binance.com/en/chat) for detailed conversation.^KO

     


  3. thCuba on 3. January 2023 at 20:05

    Higher staking and not 1:1

     


  4. TheSpaceCoffee on 3. January 2023 at 20:05

    With all the things going on with exchanges, I’m trying to avoid wrapped coins that need reserves of actual said coin backing it up. My advice here would be converting to ETH, even though the rate is not favorable. Owning your coins with no risk of them disappearing has a cost. Then move it on a wallet on Ethereum.

    If you want low fees and staking, but still decentralized, Loopring Layer 2 does that as well, on Ethereum.

     


  5. Don-For on 3. January 2023 at 20:05

    Interested in this myself.
    Very disappointed that Beth didn’t qualify for Ethw airdrop.