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Binance Staked Ether Experiences $573M in Inflows This Month

Two days of inflows fueled a more than fourfold increase in Binance staked ether's total value locked.

By Oliver Knight|Edited by Sheldon Reback
Updated Apr 9, 2024, 11:09 p.m. Published Sep 19, 2023, 8:50 a.m.
Binance staked ether TVL (DefiLlama)
Binance staked ether TVL (DefiLlama)

Binance's staked ether token, BETH, experienced a surge in deposits earlier this month that lifted the total value locked (TVL) more than fourfold to $731 million, according to DefiLlama data.

The exchange rolled out the liquid staking token in April following the Ethereum blockchain's transition to a proof-of-stake network. TVL fluctuated between $120 million and $170 million until a Sept. 1 influx of $165 million in two transactions and a single transaction of $243 million two weeks later. Aside from these two transactions inflows haven't exceeded $500,000 on a single day.

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Liquid staking tokens are derivative tokens obtained by staking ether (ETH) on services like Lido, Coinbase or Binance and receiving the derivatives in exchange. Stakers can earn a yield while retaining an asset that can be used elsewhere across the decentralized finance (DeFi) market.

Etherscan data shows that the four largest holders of BETH are all Binance-controlled wallets, which may be Binance mirroring its users' transactions on-chain.

Whilst BETH remains relatively small in terms of TVL compared with the likes of Lido staked ether, with $14 billion, and Coinbase's $2 billion, the irregular inflows suggest that one entity or trader is putting its faith in Binance despite the regulatory uncertainty surrounding the crypto exchange.

Lido currently offers a 3.6% APY on staked ether, significantly more than BETH's 3.25%. The incentive to stake on Binance as opposed to a decentralized offering like Lido remains unclear.

Binance did not immediately respond to CoinDesk's request for comment.

BinanceStaked ethEther
Oliver Knight

Oliver Knight is the co-leader of CoinDesk data tokens and data team. Before joining CoinDesk in 2022 Oliver spent three years as the chief reporter at Coin Rivet. He first started investing in bitcoin in 2013 and spent a period of his career working at a market making firm in the UK. He does not currently have any crypto holdings.

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