Over the weekend, Binance's liquid staking ether experienced a sudden influx of $500 million, bringing its total locked value to $1.2 billion. This was due to the minting of 318,180 wrapped Binance ETH derivative tokens, worth $502 million, in five $100 million installments. These tokens were then sent to a cold wallet labeled as "Binance 8". This movement was part of Binance's plan to gradually convert the original Binance-issued staked ether (BETH) tokens to WBETH, an upgraded version of BETH that allows investors to use the tokens for borrowing and lending on decentralized finance protocols.
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Binance's Liquid Staking Ether Sees $500 Million Inflows, Total Locked Value Reaches $1.2 Billion
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