Binance staked ETH

WBETH is Binance’s wrapped, exchange-issued liquid staking token for Ethereum. Users deposit ETH on Binance and receive WBETH, an ERC-20 that tracks the deposit plus accrued staking rewards through an exchange rate that increases over time rather than rebasing.

Validator operations are run by Binance, which makes WBETH a custodial LST in practice — the trust assumption is the exchange itself. WBETH circulates on Ethereum and BNB Chain and is used in DeFi protocols that accept exchange-backed staked ETH as collateral or yield-bearing asset.