Wrapped Beacon ETH
$3,172
STRICT-Score
Max. Potenzial
1.1x
Potenzieller Ertrag
Wahrscheinlichkeit
75%
Erfolgschance
Risikoniveau
5/10
Mittleres Risiko
Marktkapitalisierung
$10.36B
Volumen
$2.67M
STRICT-Score Aufschlüsselung
Unser proprietäres Bewertungssystem evaluiert Projekte anhand von 6 Schlüsseldimensionen.
Analyseübersicht
Analyseübersicht
Wrapped Beacon ETH (WBETH) is Binance's liquid staking token representing staked ETH plus accumulated staking rewards since April 2023. With approximately 2.05 million ETH staked (~$3.8 billion TVL as of Q4 2025) and over 3.26 million WBETH in circulation, it captures 14.18% of the Ethereum liquid staking market - second only to Lido's stETH. The token offers a dynamic base yield of 3-5% APR (approximately 3.48% current rate) after Binance's 10% commission on rewards, with DeFi opportunities boosting potential returns up to 7.37%. WBETH automatically accrues value relative to ETH through daily exchange rate updates, making it tradeable across Binance's ecosystem and compatible with external DeFi protocols on Ethereum and BNB Smart Chain.
Investitionsthese
WBETH provides a streamlined entry point into Ethereum staking for users already within the Binance ecosystem, requiring as little as 0.0001 ETH to start earning rewards compared to the 32 ETH minimum for solo staking. The principal-guaranteed feature and zero-fee wrapping/unwrapping on Binance make it highly accessible. However, the centralization trade-off is significant: users depend entirely on Binance as the validator operator, exchange rate oracle, and custodian. For users accepting centralized validator risk in exchange for convenience and deep liquidity, WBETH offers seamless integration with Binance trading, margin, and lending products. The value accrues through the growing WBETH:ETH ratio updated daily, even when used in DeFi applications. The value proposition weakens for DeFi-native users who prioritize decentralization, where Lido stETH (75% market share) or Rocket Pool rETH (3,900+ node operators) offer superior trust assumptions despite lower convenience.
Wettbewerbsposition
WBETH occupies a unique position as the dominant centralized liquid staking solution. While Lido commands 54.4% of the liquid staking market with stETH at $30.9B TVL, WBETH serves the massive Binance user base seeking convenience over decentralization. Rocket Pool's rETH offers the most decentralized alternative with 3,900+ node operators. WBETH's advantages include Binance ecosystem integration, principal guarantees, and institutional backing, while disadvantages include centralization risk, limited DeFi adoption, and regulatory uncertainty. For users already KYC-verified on Binance, WBETH provides frictionless staking; for DeFi-native users, alternatives offer better trust assumptions.
Fazit
WBETH is a solid liquid staking option for Binance users who accept centralized validator risk in exchange for convenience, deep liquidity, and principal protection. The 2.7% base APR with potential DeFi boosts up to 7.37% provides competitive yield. However, regulatory risks and centralization concerns make stETH or rETH preferable for users prioritizing decentralization and long-term trust assumptions.
Stärken
- Second-largest liquid staking token with $3.8B TVL and 14.18% market share (2.05M ETH staked)
- Dynamic APR of 3-5% with value accrual through daily WBETH:ETH ratio updates (1 WBETH > 1 ETH over time)
- Zero barriers to entry: 0.0001 ETH minimum vs 32 ETH for solo staking, zero fees on wrap/unwrap
- Deep liquidity integration with Binance trading, margin, lending, and earning products
- Cross-chain availability on Ethereum and BNB Smart Chain, compatible with external DeFi protocols
Risiken
- Fully centralized to Binance - opaque ownership structure and ongoing regulatory scrutiny globally
- Exchange rate oracle is centralized; vulnerabilities could enable manipulation
- No publicly available audit reports for proprietary smart contract modifications
- Assessed as riskier than stETH and cbETH in most categories except volatility
- Limited DeFi integrations compared to stETH (300+ protocols vs fewer for WBETH)
Kommende Katalysatoren
Binance regulatory settlement completion
Zeitrahmen: Q1 2025
Enhanced DeFi protocol integrations
Zeitrahmen: Q2 2025
EigenLayer restaking expansion
Zeitrahmen: Q1 2025
STRICT-Score
Bewertung: 72/100 | Potenzial: 1.1x
Verwandte im gleichen Sektor - Liquid Staking
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Haftungsausschluss: Diese Analyse dient nur zu Informationszwecken und sollte nicht als Finanzberatung betrachtet werden. Führen Sie immer Ihre eigene Recherche durch, bevor Sie Anlageentscheidungen treffen. Investitionen in Kryptowährungen sind volatil und mit erheblichen Risiken verbunden.