Originally launched in 2020, the Beacon Chain serves as the consensus layer of the Ethereum network while being responsible for the validation of newly-created blocks.and Coinbase, Binance rebranded the Beacon Chain for ETH staking in April. In a statement released in the same month, the exchange noted that Wrapped Beacon ETH would be the new liquid staking token.
At the time, the exchange had also noted that the value of WBETH would increase in line with the daily Annual Percentage Rate of ETH staking.transfer suggests that the decision of the exchange may have improved staking on the platform. From Santiment’s data, Ether deposits on the Beacon chain have not had a stable direction. At press time, deposits were down to 10,900 ETH. This implies that, despite the whale transfer, the overall interest in committing ETH and validating transactions has not been impressive.
Despite the drop in deposits, withdrawals did not follow with a hike. At the time of writing, Ether withdrawals on theWhen comparing both deposits and withdrawals, one can infer that validators had more conviction in the long-term value of staking ETH rather than the short-term performance. However, it is worth noting that most of ETH and staked Ether deposits were not on exchanges. According to Santiment, ETH’s supply on exchanges was 11.14 million. On the other hand, the supply outside of exchanges was ten times theAt 113.52 million, the supply outside of exchanges showed that participants would rather hold ETH in self-custody or stake on decentralized platforms.
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