Binance: Expand WBETH usage scenarios and gradually reduce product support for BETH
2023-08-31 05:52:51
Odaily News Binance released important updates on BETH and WBETH, including: - BETH will continue to be used for ETH staking rewards. WBETH can be used for trading, as collateral for Binance pledged borrowing, and to participate in DeFi projects on non-Binance platforms; - Binance will continue to support BETH, and users can still deposit BETH to Binance; - Hold BETH in a spot wallet users will continue to receive ETH staking rewards every day. Users can redeem BETH into ETH at any time, encapsulate BETH into WBETH, or de-encapsulate WBETH into BETH tokens; - WBETH holders can receive the same ETH pledge rewards as BETH holders. Regarding spot trading, Binance will delist and stop trading the following BETH trading pairs at 16:00 on October 11: BETH/ETH, BETH/USDT and BETH/BUSD. About earning coins: From 16:00 on October 10, Binance’s current currency earning products will no longer be open for BETH subscription. At the same time, existing subscription assets will be automatically redeemed to the user’s spot wallet. Users can choose to redeem these assets in advance. . Regarding the Fixed Investment Plan: From 10:00 on September 8, 2020, the Binance Fixed Investment Plan will stop supporting BETH’s single and portfolio subscription plans. Binance reminds users to set their relevant plans and convert them from BETH to WBETH. Regarding pledge loan: new Binance loan or VIP loan applications will no longer support BETH as a mortgage asset starting from 16:00 on September 7. BETH can still be used as a collateral asset for existing loan orders. Regarding liquidity mining: Liquidity mining will gradually increase the annual interest rate of the WBETH liquidity pool from 16:00 on September 8, and reduce the annual interest rate of the BETH liquidity pool. Starting from 12:00 on October 2, Users will not be able to add liquidity to the ETH/BETH or BETH/USDT liquidity pool. The ETH/BETH and BETH/USDT liquidity pools will be removed after 12:00 on October 6. Users who hold positions in the above liquidity pool will automatically receive their deposited assets in their spot wallets after 12:00 on October 6. In addition, from 17:00 on August 31, BETH tokens in Binance wallet addresses starting with 0xF977 and 0xF68a will be gradually destroyed. Users existing BETH or ETH pledged positions on Binance, as well as BETH tokens held in users self-custodial wallets will not be affected.
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