Share this article
Binance’s Liquid Staked Ether Jumps to $1.2B in TVL After Sudden $500M Inflow
The exchange is one of the largest players in ether staking after Lido Finance and Coinbase.
Updated Sep 26, 2023, 5:08 p.m. Published Sep 26, 2023, 5:08 p.m.
Binance’s liquid staking ether saw a sudden $500 million burst of inflows over the weekend, pushing its total locked value (TVL) to $1.2 billion, according to DefiLlama.
Blockchain data shows that a total of 318,180 wrapped Binance ETH (WBETH) derivative tokens – worth $502 million – were minted on Saturday and Sunday in five, roughly equal $100 million installments. The tokens then landed on a crypto address labeled as “Binance 8,” a cold walletwhere the exchange holds users’ assets.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
These latest transactions followed another $573 million in inflows earlier this month, prompting discussions among crypto observers about the seemingly irregular nature of the movements. While rival exchange Coinbase’s liquid staking derivative cbETH saw regular inflows and outflows every day over the past weeks, inflows to WBETH have been intermittent and taken place in large chunks.
Binance explained in a social media post that the transactions were part of the exchange’s previously announced action to gradually convert the original Binance-issued staked ether (BETH) tokens to WBETH.
In April, Binance introduced an upgraded version of BETH called WBETH, a liquid staking derivative that lets investors use the tokens for borrowing and lending on decentralized finance (DeFi) protocols outside of Binance while earning staking rewards. When users lock up (stake) ETH to participate in staking through Binance, they receive a derivative token that represents the staked assets.
The exchange announced a month ago several measures to boost the new token and curb activity with the old one, including “progressively” burning BETH tokens held in Binance wallets.
Blockchain data shows that Binance burned 330,000 BETH on Monday, roughly similar to the amount of WBETH minted during the weekend, so the movements didn’t change substantially the overall amount of staked assets through the exchange.
With 1.2 million ETH stakes, Binance is one of the largest players on Ethereum’s staking network behind Lido Finance and Coinbase, according to crypto investment firm 21Shares’ Dune dashboard. Now, WBETH represents about 765,000 of the staked assets, per data by DefiLlama.
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
Crypto Markets Today: Cardano-based NIGHT crashes, ZEC, XMR also drop
Most tokens that debuted this year are trading below their initial valuations.
What to know:
- Cardano-based Midnight Network's token NIGHT plummeted 22%, the steepest decline among the top 100 tokens.
- Bitcoin fell below $88,000 after failing to maintain gains above $90,000, with potential volatility expected following the U.S. GDP release.
- A year-end analysis reveals that only 15% of crypto tokens launched in 2025 are trading above their initial valuations, with infrastructure and AI-linked tokens underperforming.
Top Stories
