Wrapped Beacon ETH (WBETH) is Binance's liquid staking token and the largest ETH staking product in existence at roughly $9.2bn, bigger than the entire tokenized treasury market combined. One WBETH represents one staked ETH plus rewards accrued since April 2023, with Binance taking 10 percent of staking rewards and reserving the right to change that fee without notice. WBETH scores 30/100 (Tier 3) on the RWTS Trust Score, the lowest score we award to any asset above $1bn. Size is not safety here. The exchange rate is written by a single Binance-controlled oracle key rather than proved against validator balances, the validator set is not published or enumerable, Binance's proof-of-reserve programme does not cover WBETH, and the deployed contract contains live blacklist, pause and upgrade functions. On 10 October 2025 WBETH printed roughly an 88 percent discount to ETH during a liquidation cascade on Binance's own venue, remedied afterwards by $283m of discretionary issuer compensation rather than by any protocol mechanism.
- Issuer / protocol
- Binance
- Backing
- Staked ETH (Binance-operated validators, set not disclosed)
- Redemption / lock-up
- Redemption via Binance account, daily quotas apply, rewards stop accruing during the wait
- Audit & proof of reserves
- Independently audited
- Availability
- Not available to US persons. Binance.US does not list WBETH, so US holders have no primary mint or redeem.
- Chain
- Ethereum
- Tier
- Tier 3 — Secured DeFi
- Contract
- 0xa2E3…E2e1
Scored on the published RWTS methodology (v1.1), reviewed quarterly and on material events. Ratings are independent and never pay-influenced.
Calculations are indicative. Actual yields may vary.
Price data from CoinGecko. Not financial advice.
Projections assume constant APY of 2.23%. Actual returns may vary. Not financial advice.
Beyond WBETH's own score, two structural questions matter: what is it built on, and what has broken before in this part of the market. A high score in isolation can still carry hidden, shared exposure.
What this and similar assets are built on, and where contagion could spread.
The depegs, defaults, and exploits that inform the Track Record dimension.
Liquidity read: TVL of $9.31B indicates deep on-chain liquidity. Lock-up: Redemption via Binance account, daily quotas apply, rewards stop accruing during the wait.
Is WBETH safe?
WBETH (Wrapped Beacon ETH) scores 30/100 on the independent RWTS Trust Score, which places it in Secured DeFi (Tier 3). Tier 3 carries real DeFi exposure: the backing is sound but smart-contract and collateral risk are live, so size positions accordingly. Backing: Staked ETH (Binance-operated validators, set not disclosed). It is independently audited. The score reflects backing, verification, redeemability, audit, regulatory standing, and track record, not headline yield. We rate. You decide.
Exit routes
5/15 · right 4/8 · routes 1/7If the issuer stopped cooperating tomorrow, could you get out?
One route, and it does not depend on the issuer
- issuer
Binance
Unwrap to ETH through Binance. Requires a Binance account and is granted by the same entity that issues the token and carries 97.6% of its volume.
- independent
PancakeSwap V3 and Uniswap V4 on BSC
$87k of pool liquidity between them. Above the capacity floor, but they carry 2.4% of volume between them and so collapse to a single route under the concentration test.
Route 1: one public market with a single dominant venue, and that venue is the issuer. Right 4 rather than 8 because redemption requires an account with Binance rather than a claim anyone can exercise.
This is the redeemability component of the Trust Score above, which stands at 30/100 (F). Until 1 September 2026 redeemability was a single figure measuring the right to redeem while ignoring how many routes existed to exercise it. Splitting it moved this asset’s score. How the score works
Assessed 2026-09-01. Route independence asks how many ways out the issuer cannot close, not how much the asset trades.
Compare WBETH
Head to head on the Trust Score with similar assets.