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Beacon ETH

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Discover Beacon ETH's fundamentals and latest news.

This content was generated by Whalee (BETA), an AI crypto assitant that analyses cryptocurrencies. Informations can be incomplete and/or erroneous. Please always double check and DYOR.

What is Beacon ETH?

Beacon ETH (BETH) is a cryptocurrency that operates on the BNB Smart Chain (BEP20) platform. It is the tokenized version of staked Ethereum (ETH) on Binance, allowing users to easily participate in staking on the Ethereum 2.0 network, also known as the Beacon Chain.

How is Beacon ETH used?

Beacon ETH (BETH) is a tokenized version of staked Ether (ETH) on Binance. It allows users to participate in Ethereum 2.0 staking without the technical requirements and limitations of the Beacon Chain deposit contract. Here are some ways BETH is used:

  1. Staking Rewards: By holding BETH, users are entitled to staking rewards earned by Binance’s ETH 2.0 staking node.

  2. Flexibility: BETH provides the flexibility to withdraw ETH at any time, unlike the Beacon Chain deposit contract, which only allows one-way deposits.

  3. DeFi Apps: BETH can be used in various DeFi applications on the BNB Smart Chain (BSC), such as yield aggregators like Beefy and Autofarm, and borrow-lending protocols like Venus.

  1. Liquidity Pools: Users can provide liquidity to the BETH/ETH pair on PancakeSwap and earn CAKE, or use BETH in Binance Liquid Swap to earn rewards.

  2. Trading: BETH can be traded on Binance and other platforms, allowing users to buy and sell it like any other cryptocurrency.

  3. Staking and Yield Aggregation: BETH can be used in staking pools and yield aggregators, making it easier to earn passive income without the technical requirements of staking ETH directly.

Overall, BETH offers a convenient and flexible way to participate in Ethereum 2.0 staking and utilize staked ETH in various DeFi applications.

How do I store Beacon ETH?

To store Beacon ETH (BETH) tokens, you can use a reliable crypto wallet that supports the Binance Smart Chain. Here are the steps:

  1. Download a Trust Wallet: You can download the Trust Wallet via Google Chrome or the iOS App Store. Ensure you download the official Chrome extension and mobile app from Trust Wallet's website.

  2. Set up Your Trust Wallet: Register and set up the crypto wallet via the wallet’s Google Chrome extension or via the mobile app. Refer to the wallet’s support page for reference. Keep your seed phrase safe and note your wallet address.

  3. Buy BNB as Your Base Currency: Set up your wallet and buy BNB as your base currency. You can do this by logging into your Binance account and proceeding to the Binance Crypto webpage to buy the BNB.

  1. Send BNB to Your Crypto Wallet: Once you buy your BNB, go to your Binance wallet section and withdraw the BNB to your Trust Wallet. Set the network to BNB Chain and provide your wallet address.

  2. Connect to a Decentralized Exchange (DEX): Connect your Trust Wallet to a DEX like Pancake Swap. You can refer to Coinmarketcap.com's Markets section to find the list of centralized exchanges where BETH is listed.

  3. Trade Your BNB for BETH: On the DEX, select your BNB as the payment and select the Beacon ETH as the coin you want to acquire. If BETH doesn’t appear, find its smart contract address on Bscscan.com and copy-paste it into the DEX.

  1. Store Your BETH: Once you have acquired BETH, you can store it in your Trust Wallet. Ensure you keep your wallet secure and backed up to avoid any losses.

Additionally, if you want to store BETH on a Ledger wallet, you can use the BEP20 token on the Binance Smart Chain. You need to add the Binance Smart Chain network to MetaMask and transfer the BETH to your Ledger’s Ethereum address.

How to buy Beacon ETH?

To buy Beacon ETH (BETH) tokens, follow these steps:

  1. Choose an Exchange:

    • Centralized Exchanges (CEX): Register on a reliable CEX like Coinmerce, Binance, or MEXC. Verify your identity and secure your account with two-step verification.
    • Decentralized Exchanges (DEX): Select a DEX like Uniswap, SushiSwap, or PancakeSwap, depending on the blockchain it runs on (e.g., Ethereum or Binance Smart Chain).
  2. Fund Your Account:

    • CEX: Use fiat to buy USDT, ETH, or BNB, depending on the exchange and the trading pairs available. You can use services like OTC trading or financial platforms like PayPal or Robinhood.
    • DEX: Purchase the mainnet cryptocurrency (e.g., ETH or BNB) using fiat, then transfer it to your DEX wallet.
  3. Buy Beacon ETH (BETH):

  • CEX: Transfer your USDT, ETH, or BNB to the CEX that supports Beacon ETH trading. Then, buy Beacon ETH using these tokens in the spot market.
  • DEX: Connect your wallet to the DEX, select the mainnet cryptocurrency as the payment, and Beacon ETH as the coin you want to acquire. If Beacon ETH doesn't appear, find its smart contract address and paste it into the DEX.
  1. Store or Trade:
    • Store: Hold your Beacon ETH in your exchange wallet or transfer it to a cold wallet for long-term storage.
    • Trade: Trade Beacon ETH for other cryptocurrencies on the exchange or use it for staking to earn rewards.

Remember to consult local tax regulations and be cautious of market risks and price volatility.

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History of Beacon ETH

The history of Beacon ETH (BETH) is marked by significant price fluctuations. According to historical data, BETH's price has been erratic, with notable highs and lows.

On November 27, 2023, the price of BETH was $2,062.84. It then experienced a significant increase, reaching $3,336.81 by February 29, 2024. The price continued to rise, reaching $3,474.44 on March 5, 2024.

As of the current date, June 11, 2024, the live Beacon ETH price is $3,523.41 USD, with a 24-hour trading volume of $4,512,620 USD. The token's market capitalization and circulating supply are currently unavailable.

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How Beacon ETH works

Beacon ETH (BETH) is a token that represents staked Ethereum (ETH) on the Beacon Chain. It was introduced to provide flexibility and liquidity to users who have staked their ETH in the Ethereum 2.0 network. Here's how it works:

Key Features
  • 1 BETH = 1 Staked ETH: Each BETH token is equivalent to one staked ETH on the Beacon Chain, ensuring that users can easily manage their staked assets without the need for complex smart contracts.
  • Staking Rewards: BETH holders receive staking rewards earned from the staking node, which are distributed daily.
  • Flexibility: BETH can be used to participate in ETH staking without the restrictions of withdrawals, allowing users to engage in various DeFi applications.
  • Conversion: BETH can be easily converted to ETH and vice versa at a 1:1 ratio on Binance.
Usage
  • Holding BETH: Users can hold BETH in their Spot Wallet to receive daily staking rewards.
  • Withdrawal to Binance Smart Chain: BETH can be withdrawn to the Binance Smart Chain (BSC) and deployed in DeFi applications.
  • Conversion to WBETH: BETH can be converted to Wrapped Beacon ETH (WBETH), which accrues staking rewards and can be used in more DeFi protocols.
Benefits
  • Liquidity: BETH provides liquidity to users who have staked their ETH, allowing them to participate in various DeFi activities without having to wait for their staked ETH to be unlocked.
  • Risk Management: By using BETH, users can manage their staking risks more effectively, as they can withdraw their staked ETH or use it in other applications without penalties.

Overall, BETH offers a convenient and flexible way for users to manage their staked ETH and participate in the Ethereum 2.0 staking ecosystem.

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Beacon ETH's strengths

Beacon ETH (BETH) has several strengths that make it a valuable token for users:

  1. Tokenized Staking: BETH is a tokenized version of staked ETH on Binance, allowing users to participate in ETH 2.0 staking without the technical requirements of setting up and maintaining a validator node.

  2. Flexibility: Users can convert their ETH to BETH at a 1:1 ratio, ensuring that they can still use their staked ETH on Binance even during the Ethereum network upgrade.

  3. Staking Rewards: BETH holders are entitled to ETH 2.0 staking rewards from the Beacon Chain, providing a passive income stream.

  1. Security: The Beacon Chain, which BETH is a part of, aims to introduce the proof-of-stake consensus mechanism to the Ethereum blockchain, making it more secure and decentralized.

  2. Ease of Use: BETH can be easily purchased and traded on various platforms, and users can also use it for yield aggregating and other DeFi applications.

  3. Liquidity: BETH can be traded on spot markets, ensuring liquidity for users who want to convert their BETH back to ETH.

Overall, BETH offers a convenient and flexible way for users to participate in ETH 2.0 staking and earn rewards without the technical complexities involved in setting up a validator node.

Beacon ETH's risks

Beacon ETH (BETH) is a tokenized version of staked ETH on Binance, which allows users to participate in Ethereum 2.0 staking without the need for hardware equipment and minimum stake requirements. However, there are several risks associated with BETH:

  1. Volatility Risk: The price of BETH can fluctuate compared to ETH, which might result in losses if not managed properly.

  2. Price Drop Risk: The value of BETH can decrease if the price of ETH drops, affecting the overall value of the staked assets.

  3. Counterparty Risk: Binance, the platform offering BETH, carries the risk of insolvency, which could impact users' assets.

  1. Liquidity Risk: The liquidity of BETH in the market might be limited, making it difficult to convert back to ETH or use in other applications.

  2. Slashing Risk: On PoS blockchains, validators and delegators can lose staked tokens or rewards if the validator performs improper validation, such as being unavailable or having duplicate signatures.

  3. Wallet Hacks and Scams: Users are exposed to the risk of wallet hacks and scams when working with third-party wallets, platforms, and actors.

  1. Technical Requirements: Users need to ensure their wallets are properly configured to avoid asset loss due to poor setup.

Despite these risks, Binance provides some safeguards to mitigate them, such as covering on-chain penalties and validator operating expenses. Additionally, users can convert BETH back to ETH on the BETH/ETH spot market on Binance.

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Beacon ETH's ecosystem

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Beacon ETH’s team

  • Binance Team: The team behind Beacon ETH (BETH) is the Binance team, which launched BETH as a wrapped token pegged to ETH to support users during the Ethereum 2.0 rollout.

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