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Ethereum 2.0 staking goes live on Binance Smart Chain

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Binance established Binance Smart Chain [BSC], a new blockchain a while ago and it has become popular among users. The platform that already homes over 100 projects has added a new service to BSC to keep up with the demands of its users. According to Binance Smart Chain news, Binance added delivery of ETH 2.0 staking rewards to BETH holders.

BETH is an ETH 2.0 staking token issued by Binance on BSC and Ethereum, for users to stake ETH in a 1:1 ratio to get BETH. This new addition opens up the potential rewards which were earlier limited to simply holding BETH to receive daily airdrops.

Meanwhile, adding to the momentum, BSC liquidity pools for BEP-20 tokens, BakerySwap introduces liquidity mining pools for various BETH pairs. These included BETH/ETH, BETH/BNB, and BETH/BUSD, making the pools dual earners. This meant that the users can earn both BAKE and BETH simultaneously.

The annual percentage yield [APY] was currently hovering around 30% for all three pools and offered liquidity miners interesting pairs to consider. For instance, BETH/ETH allowed liquidity providers to earn a higher yield with a meager risk of impermanent loss to their ETH positions. However, it was earning 32.02% APY on 1 Feb.

The Binance Smart Chain has become a prime spot for users to interact with new projects. The BSC team is now looking forward to developing its Decentralized Finance [DeFi] infrastructure. Owing to their vision for 2021, BSC announced connecting to the Metamask wallet, a DeFi crypto wallet.

While the platform onboarding new projects, the network has been growing too. It was reportedly capturing high transactions and reported an ATH of 771k on 28 January. Whereas, it has been processing 40% more transactions compared to Ethereum with unique addresses of 930k.

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Namrata is a full-time journalist at AMBCrypto covering the US and Indian market. A graduate in Mass communication, while majoring in Journalism, she writes mainly about regulations and its impact with a focus on technological advancements in the crypto space.