Share this article
Binance Staked Ether Experiences $573M in Inflows This Month
Two days of inflows fueled a more than fourfold increase in Binance staked ether's total value locked.
Updated Apr 9, 2024, 11:09 p.m. Published Sep 19, 2023, 8:50 a.m.
Binance's staked ether token, BETH, experienced a surge in deposits earlier this month that lifted the total value locked (TVL) more than fourfold to $731 million, according to DefiLlama data.
The exchange rolled out the liquid staking token in April following the Ethereum blockchain's transition to a proof-of-stake network. TVL fluctuated between $120 million and $170 million until a Sept. 1 influx of $165 million in two transactions and a single transaction of $243 million two weeks later. Aside from these two transactions inflows haven't exceeded $500,000 on a single day.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
Liquid staking tokens are derivative tokens obtained by staking ether on services like Lido, Coinbase or Binance and receiving the derivatives in exchange. Stakers can earn a yield while retaining an asset that can be used elsewhere across the decentralized finance (DeFi) market.
Etherscan data shows that the four largest holders of BETH are all Binance-controlled wallets, which may be Binance mirroring its users' transactions on-chain.
Whilst BETH remains relatively small in terms of TVL compared with the likes of Lido staked ether, with $14 billion, and Coinbase's $2 billion, the irregular inflows suggest that one entity or trader is putting its faith in Binance despite the regulatory uncertainty surrounding the crypto exchange.
Lido currently offers a 3.6% APY on staked ether, significantly more than BETH's 3.25%. The incentive to stake on Binance as opposed to a decentralized offering like Lido remains unclear.
Binance did not immediately respond to CoinDesk's request for comment.
More For You
L1 tokens broadly underperformed in 2025 despite a backdrop of regulatory and institutional wins. Explore the key trends defining ten major blockchains below.
What to know:
2025 was defined by a stark divergence: structural progress collided with stagnant price action. Institutional milestones were reached and TVL increased across most major ecosystems, yet the majority of large-cap Layer-1 tokens finished the year with negative or flat returns.
This report analyzes the structural decoupling between network usage and token performance. We examine 10 major blockchain ecosystems, exploring protocol versus application revenues, key ecosystem narratives, mechanics driving institutional adoption, and the trends to watch as we head into 2026.
More For You
Tensions over El Salvador's bitcoin holdings ease as IMF praises economic progress
The Central American country’s economy is projected to grow 4% this year, the IMF said.
What to know:
- The IMF praised El Salvador's stronger-than-expected economic growth and progress in bitcoin-related discussions.
- El Salvador's real GDP growth is projected to reach around 4%, with a positive outlook for 2026.
- Despite previous IMF recommendations, El Salvador continues to increase its bitcoin holdings, adding over 1,000 BTC during November's market downturn.
Top Stories
