Binance: Expand WBETH usage scenarios and gradually reduce product support for BETH

Odaily Planet Daily News Binance released important updates about BETH and WBETH, including: - BETH will continue to be used for ETH staking reward issuance. WBETH can be used for transactions, 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 into Binance; - Users holding BETH in their spot wallet 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 staking rewards as BETH holders. Regarding spot trading, Binance will delist and stop trading on 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 10th, Binance earning coins will no longer open BETH subscriptions. At the same time, the existing purchase 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: Binance fixed investment plan will stop supporting BETH single and portfolio purchase plans starting from 10:00 on September 8, 2019. Binance reminds users to switch their related plan settings from BETH to WBETH. Regarding pledged borrowing: New Binance borrowing or VIP borrowing applications will no longer support BETH as a collateral asset starting from 16:00 on September 7. BETH can still be used as a collateral asset for existing borrowing orders. About liquidity mining: From 16:00 on September 8, liquidity mining will gradually increase the annual interest rate of the WBETH liquidity pool and reduce the annual interest rate of the BETH liquidity pool. From 12:00 on October 2, Users will not be able to add liquidity to the ETH/BETH or BETH/USDT liquidity pools. The ETH/BETH and BETH/USDT liquidity pools will be removed after 12:00 on October 6. Users holding positions in the above liquidity pool will automatically receive their deposited assets in their spot wallets after 12:00 on October 6. In addition, starting 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 the Binance platform, as well as BETH tokens held in users’ self-hosted wallets, will not be affected.