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Renowned Art Auction brand Sothebys has announced that it now supports a curated peer-to-peer (P2P) marketplace for the sale of secondary non-fungible tokens (NFTs) via the Ethereum and Polygon network.

Sothebys is arguably the oldest and most famed art auction house, with over 279 years of operation.

The reputable house continues to take giant steps into the Web3 space following the official announcement of a secondary NFT marketplace launch on its metaverse platform.

The secondary marketplace features a rotating selection of leading creatives chosen by in-house specialists, enabling NFT collectors to list and make offers from their favorite artists.

All sales on Sothebys metaverse are conducted through a peer-to-peer model and are fully on-chain.

Sothebys has experienced significant growth since it launched its metaverse marketplace in October 2021, which includes tokenized digital collectibles.

The curated marketplace will auction NFTs for fiat currency alongside crypto assets such as USDC Stablecoin, Bitcoin, and Ethereum.

Set to solidify its position as the leading platform for NFTs, Sotheby supports all tokenized artworks minted in Ethereum, Binance Smart Chain, and layer-2 scaling solution, Polygon.

Sothebys metaverse incorporation is geared toward creating a Web3-powered industry that serves as a destination for tokenized arts sales and auctions, positioning it as one of the leading NFT hubs in the industry.

Although there are world-revered NFT platforms such as OpenSea and Blur with stellar peer-to-peer marketplaces, Sothebys asserts to embed unique offerings that set it apart from competitors.

Users can easily access curated selections of tokenized assets of leading artists handpicked by Sothebys.

Collectors will be offered 13 versatile leaders in the art world, including notable mentions like Sam Spratt, Tyler Hobbs, Claire Silver, and the Pseudonymous XCOPY.

There will also be a scheduled change every few months to make the Metaverse digital marketplace platform exciting for creators and collectors.

This development is tipped to trigger a new wave of artists, collectors, and enthusiasts into Sothebys Web3 space.

Mojito, a revolutionary NFT tech and Web3 ecosystem, powers Sothebys Metaverse platform and has seen a surge to greater heights.

The vice president of Sothebys, Michael Bouhanna, described its collaboration with Mojito as an important step forward for the 279 years old auction house as it continues to navigate and explore the Web3 space.

The metaverse hub is dedicated to secondary NFT art sales and is built to honor royalty fees specified by creators through smart contracts on the secondary sales marketplace.

An NFT creator royalty fee is accumulated from secondary sales, typically 5% to 10% of the initial sale price.

Royalties are automatically released to artists wallets to promote greater transparency, seamless user experience, and a commercial venture-driven hub that supports all creatives.

The auction house has previously processed milestone trades of tokenized digital arts via its metaverse marketplace, including a whopping $11.8 million sale of a unique CryptoPunk coined Covid Alien.

This was closely followed by a staggering $24 million auction of up to 101 Bored Ape tokenized digital arts.

In November 2021, Sothebys hosted arguably the biggest, most fabulous, and most popular charity auction in memory, with up to 140 rare NFTs sold to raise funds for renowned charity healthcare, Sostento.

The auction house giveaway was followed by the $2.9 million sale of ex-Twitter CEO Jack Dorseys first tweet as an NFT on the platform.

Proceeds were also geared toward charity in Africa in response to the outbreak of Covid-19.

Sothebys metaverse asserts to expand in the future by integrating a versatile market strategy, redefined peer-to-peer (P2P) secondary sales, and higher royalties to entice artists.

Based in the UK, Jimmy is an economic researcher with outstanding hands-on and heads-on experience in Macroeconomic finance analysis, forecasting and planning. He has honed his skills having worked cross-continental as a finance analyst, which gives him inter-cultural experience. He currently has a strong passion for regulation and macroeconomic trends as it allows him peek under the global bonnet to see how the world works.

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Sotheby's Metaverse Unveils On-Chain Secondary NFT Marketplace - EconomyWatch.com

At the start, when cryptocurrencies emerged back in 2009, they were not very attractive to the common masses. Nonetheless, in the next few years, the elevation in the market capitalization and exchange rates of a few prominent digital assets grasped the attention of many people. As a result of this, the public started following these assets closely while focusing on exclusive and profitable projects entering the market. Lets take a look at the journey of LBLOCK V1 so far.

At present, the crypto industry has more than 18,000 crypto tokens related to diverse projects operating on blockchain technology that is revolutionizing the future. Lucky Block is also considered one such project. It operates as a lottery platform online. As per its creators, each of its participants wins. While both the online gambling and crypto industry is expanding swiftly, Lucky Block may play the role of a perfect combination of both gambling and crypto technology.

Even though the research scientists described the technology comprising distributed databases back in the 1990s, the initial effective application based on this technology was witnessed in 2009 in the form of Bitcoin (BTC). The project developed by Satoshi Nakamoto paved the way for other innovative initiatives. Over the last decade, the respective technology has turned out to be global. Several social groups and industries are at present based on this technology. Now, when many exclusive platforms and solutions are being seen, Lucky Block displays something diverse and new.

In other words, the status of Lucky Block is that of a crypto lottery project that utilizes Binance Smart Chain technology. The chief objective set by the projects creators is to offer a lottery platform without any disadvantages being witnessed in the present e-lottery systems. With the use of blockchain technology, the platform can perform lotteries in a very transparent and honest way. Apart from that, it can enhance the winning chances for every participant.

Moreover, the crypto lottery project intends to ensure the accessibility of electronic lotteries for everyone living anywhere around the globe. To take part in the lottery of Lucky Block, the customers just require a device having a worldwide network connection. Hence, let us have a look at the issues being faced by contemporary online lotteries as well as the solutions provided by Lucky Block with the use of blockchain technology.

The project Lucky Block has LBlock (LBLOCK) as its local digital token that is attractive for crypto enthusiasts and investors alike. Currently, digital assets are considered to be promising investment vehicles. Nonetheless, a tokens intrinsic value has a significant role to play in this regard. Though the top project Bitcoin has remained successful in reaching heights while offering no benefits other than being utilized for investment and payments, the newly-emerging tokens majorly rely on their characteristics. Lucky Blocks main value is that the project can solve the chief issues seen by centrally controlled electronic lotteries.

Deficient transparency is a big issue in conventional lotteries. They randomly generate results. Several electronic lotteries operate analogously with a special algorithm to determine the winner players. In this way, just the developers know the working of their projects. The respective thing leads to unpredictability and minimizes confidence in the results. On the other hand, Lucky Block with the use of distributed ledger technology can create electronic lotteries more fairly and transparently.

Conventional lotteries encounter long intervals between lottery draws and thus annoy many people as they cannot wait that long. Lucky Block offers regular lotteries comprising huge prize pools, giving every member a good chance to win. Sluggish payout times also concern the users of conventional lotteries. The winners have to wait for a long time to get funds. On the contrary, Lucky Block uses blockchain and offers swift transactions. Along with this, several electronic lotteries cannot be accessed in certain regions.

However, Lucky Block operates on a technology that provides equal opportunities and rights to all people irrespective of their differences. The decentralized nature of the project eliminates the requirement of any mediators for the transactions. In this way, the probability of mistakes in the case of the results related to draws as well as the payouts of the cash prizes is minimal. Additionally, the cryptographic algorithms protect the immutable records on the blockchain, decreasing the chances of any unauthorized access for the manipulation of the results.

LBlock version 1 was launched back on January 26, 2022, on Binance Smart Chain. It is a BEP-20 token. However, one of the issues faced by the V1 is the twelve percent sales tax which is very high. Another problem is that the token is based on a network created by Binance and several well-known crypto exchanges that are not compatible with a sales tax.

Due to these issues, the projects creators developed the V2 token. It was launched on the 25th of July last year. The V2 token utilizes the ERC-20 protocol that belongs to the Ethereum blockchain. It implements zero transaction charges. It also guarantees that the centralized crypto entities also list the local token of Lucky Block on their platforms.

Nevertheless, several V1 holders stated that they do not want to exchange the assets and lost the opportunity to get every V1 token exchanged with a 0.94 V2 token. To guarantee the exchange of the tokens, Lucky Blocks creators launched a BEP-ETH bridge on the 3rd of October last year. Nevertheless, a day after, V2s value slumped to a great extent.

Although the past performance cannot ensure the future market trends of the crypto assets, getting information about the price movements of a crypto token in the past can assist in comprehending the context thereof. The price history provides an overview of the cryptocurrency market trends.

Lucky Blocks concept of revolutionizing electronic lotteries provides an exciting roadmap as well as a fine growth potential. The projects native token LBlock emerged as one of the prominent exclusive altcoins in the industry. In January last year, PancakeSwap listed LBLOCK. As a result of this, Lblock V2 offered remarkable returns to the early investors with rapid growth in the tokens value.

On the 14th of February, the team of Lucky Block declared launching a beta testing app scheduled for March. In the mid of the month, the number of people holding LBlock tokens reached the 30,000 mark. On the 17th of February, the price of the token was nearly $0.009617. At that time, the tokens market capitalization was nearly $750M and was very encouraging for investors. Nonetheless, the token started witnessing a gradual slump in its price.

In addition to this, the developers mentioned that the application of the decentralized lottery company could be released on March 21, 2022. Following that, the token recorded another all-time high price of up to $0.00835. Furthermore, enormous hype was raised around the crypto platform that grasped the attention of crypto investors.

Then the token went through a gradual price loss. In May 2022, the token was trading at almost $0.002818. In June 2022, the V1 token of LBLOCK had slumped by up to 2.5 times. While moving forward, the original token started rising swiftly for another time in terms of price following the V2 tokens launch. At Augusts end, the value of the V1 token reached $0.003214.

In the recent month, the price of LBlock has seen a decline. On March 27, 2023, the token was trading at around $0.0001. Nonetheless, on the 26th of April, the price of the token reached $0.0000956. This indicates a clear dip of up to 5.55% in the recent 30 days. However, the traded volume of LBLOCK was placed at $4,628 on the 27th of March. After that, on the 26th of this month, the tokens traded volume touched the $8,559 mark. This shows a huge growth of nearly 84.94% in the recent month.

Cryptocurrency market analysis offers a clear depiction of the crypto tokens current position. This takes into account the fundamental analysis, technical analysis, price volatility, as well as the overall crypto market outlook. Keeping in view the altcoins analysis, the cryptocurrency market trends are revealed. With crypto market analysis, the investors are informed about the crucial points to be taken into consideration regarding a crypto token.

Fundamental analysis tools bring to the front that the current price of Lucky Block V1 is $0.00009309. The market capitalization of the token is nearly $3,817,698. The trading volume of the LBlock token was up to $8,154 in the recent 24 hours. The circulating supply of the token comprises almost 40,773,243,175 tokens out of the cumulative supply of nearly 99,600,521,808 tokens. On the other hand, the maximum supply of LBLOCK is up to 100,000,000,000. The all-time high price of the token is $0.009617.

The respective price level was reached by the token back on the 17th of February last year. Contrarily, the all-time low price of LBlock is up to $0.0000828. The technical analysis tools indicate that the token has witnessed an enormous 99.03% decline since it reached its all-time high price level. Nonetheless, it remained successful in rising by up to 12.75% in comparison with its all-time low price spot. The token has zero market dominance. The analysis of cryptocurrency market sentiment signifies that the token is witnessing an overall bearish sentiment.

Blockchain forecast includes looking at the price performance and price trends of the crypto tokens along with making price predictions with the help of market analysis tools. Crypto prediction is a multidimensional process that focuses on informing about the likely status of crypto assets in the future. Bitcoin price prediction and altcoin price prediction have several parallels. The macroeconomic factors affect the operations of all the crypto assets in more or less the same way.

This means that the overall positive developments in the crypto industry are beneficial for Bitcoin as well as the altcoins alike. Cryptocurrency news updates specify that the market is gradually witnessing expansion. This will ultimately assist in the wide-level adoption of this burgeoning space. In particular, Lucky Block has the potential to grow further based on its huge rise witnessed last year. In line with the historical price movement as well as the analysis of its present position within the market, it is expected that the token will take some time to regain its position.

The price prediction for LBLOCK indicates that the token can reach the maximum price of up to $0.00014245 by the year 2023. However, the token can also witness a decline due to external factors. In this way, the minimum price of the token by 2023 is predicted to be $0.00012058. The token is expected to trade at around $0.00012534 as its average price by this year.

The positive developments are expected to take place in the coming years. As a result of that, the price of LBLOCK is also anticipated to grow. The price forecast for the LBlock token specifies that it can achieve a maximum price of $0.00030723 by the year 2025. On the other hand, the token can also drop to the minimum spot of $0.00025727. The average price of the token by that is expected to be $0.00026455.

The LBLOCK token is predicted to reach $0.002 by 2030 at the maximum. The minimum price of the token can be nearly $0.0009. The tokens average price is anticipated to be approximately $0.001 by that year.

In line with the cryptocurrency price analysis and the forecasts, LBlock appears to be capable of offering good long-term returns. Nevertheless, one should keep in mind the cryptocurrency market volatility. In this way, cryptocurrency investment is rather risky. Although crypto offers a lot of investment opportunities, one needs to examine suitable trading strategies as cryptocurrency trading involves many risks.

The traders should follow the cryptocurrency trading tips and investment advice given by the experts. Investors should seek investment advice from veterans. The people engaged in cryptocurrency exchange should keep an eye on the latest news. This can also assist investors in making risk management strategies for cryptocurrency. They should also focus on their crypto portfolio management. People who are reluctant to make risky decisions should not consider crypto investment.

Lucky Block is a crypto lottery project that utilizes Binance Smart Chain technology. It aims to offer a lottery platform without the disadvantages seen in current e-lottery systems. The platform uses blockchain technology to make lotteries more transparent and honest, while increasing the chances of winning for every participant.

Conventional lotteries face challenges such as deficient transparency, long intervals between lottery draws, sluggish payout times, and limited accessibility in certain regions.

Lucky Block, using distributed ledger technology, creates more transparent and fair electronic lotteries. It offers regular lotteries with large prize pools, swift transactions through blockchain, and equal opportunities for participants regardless of their location.

LBlock V1 is a BEP-20 token launched on Binance Smart Chain on January 26, 2022. It faced issues like high sales tax and incompatibility with some well-known crypto exchanges. To address these issues, V2 token was launched on July 25, 2022, utilizing the ERC-20 protocol of the Ethereum blockchain, with zero transaction charges.

The price predictions for Lucky Block V1 are as follows:

LBlock appears to have the potential to offer good long-term returns, but investors should be aware of the risks and volatility associated with cryptocurrency investments. It is crucial to follow expert advice, stay informed about market trends, and create risk management strategies for your investment.

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Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writers opinion.

Binances (BNB)ecosystem has been at the receiving end of an unrelenting regulatory pushback in the first quarter of 2023, casting serious concerns on the future of one of the largest entities in the crypto space.

The latest salvo directed at the crypto-behemoth was the lawsuit by U.S. Commodity Futures Trading Commission (CFTC), accusing the exchange and Founder Changpeng Zhao (CZ) of violating local compliance rules to expand its business.

Earlier in February, Paxos, the issuer of the Binance branded stablecoin BUSD, was directed by the New York Department of Financial Services (NYDFS) to stop minting new tokens. The action, according to the regulator, was brought about by several unresolved issues related to Paxos oversight of its relationship with Binance.

The impact of these crackdowns has been severe. According to a report by crypto-market data provider Kaiko, Binance lost a 16% share of global trading volume in Q1 2023. The lawsuit-induced FUD resulted in a radical shake-up of its exchange reserves with users withdrawing funds for self-custody.

Moreover, the net stablecoin outflow reached -$295 million/day recently, which was the largest net outflow in the history of the worlds largest crypto exchange. Stablecoin liquidity is one of the most crucial parameters to gauge the health of a crypto-trading platform.

The future course for Binance and its native token Binance Coin [BNB] is shrouded in uncertainty. And, most of the investors and analysts in the space would be busy understanding the dynamics to make informed decisions going forward. We, at AMB Crypto, tried to get some help from an unlikely ally ChatGPT

ReadPrice Prediction for Binance Coin (BNB)2023-24

Ever since it burst onto the scene, ChatGPT has become a rage, revolutionizing the way humans interact with AI. People have flooded the AI-powered chatbot with a plethora of use cases to get assistance for literally anything. Right from finding a bug in a code, asking philosophical questions about life, getting dating advice, and even writing full-fledged media articles (not this one though).

Put simply, it functions like a conventional chatbot that we have encountered in the customer support section of different e-commerce companies. However, the big difference here is that the communication is more conversational, or to put it in a different way, more human-like.

Well, this is because it has been trained using reinforcement learning from human feedback (RLHF). This helps it understand instructions and generates nuanced responses.

But cryptos? Binance? Are we stretching the limits of ChatGPT? Lets see.

Binance is not new to compliance-related issues in the U.S. In 2019, it ceased to operate in the country and launched a separate exchange, Binance.US, its American arm.

The platforms structure is quite similar to the fallen FTX in the sense that a major part of its administration is being controlled from outside the U.S. Hence, it has always been under the radar of the regulators.

We started to test our AI friend by posing this very sweeping, although controversial, question. Now, the ability of ChatGPT to express itself is hindered because of the restrictions imposed by the creators. To make it speak its mind, we used the jailbreak hack.

As is evident, ChatGPT refused to make it a Binance v. U.S. government binary and highlighted that the exchanges woes are not limited to one market. It acknowledged that Binance is taking steps to correct its image but the future remains uncertain. It was quite fascinating to note that ChatGPT steered clear of making definitive statements, something which any expert or analyst in this space wouldve done.

Apart from regulatory concerns, the ecosystems blockchain, BNB Chain, has gained notoriety for the rising number of decentralized finance (DeFi) hacks of late. As per a report by ImmuneFi, a Web3 bug bounty platform, BNB Chain was the most targeted chain in Q1 2023 with 33 incidents of hacks and exploits.

Here again, we turn to our AI partner to know if hacks will be the undoing for Binance. This time, it seemed as if it was waiting for this question to be hurled at its end.

ChatGPT said hacks were definitely a cause for concern and advised the developers to prioritize the issue as it may have a damaging effect not just on the adoption of the BNB Chain, but on the value of the BNB coin as well.

Well, ChatGPT would be glad to know that its word of caution was taken seriously. To address the security loopholes, BNB Chain soon announced a hard fork which is scheduled to go live on 12 April.

Another thing that caught our attention was the use of BSC rather than BNB in the latest response. Now, its a known fact that Binance Chain and Binance Smart Chain are now collectively referred to as one entity BNB Chain. This change was introduced in February 2022. However, ChatGPT continued to use BSC Chain.

This, because its knowledge cutoff date is September 2021, meaning that it will base its answers on the information available until this date only.

At press time, BNB was the third-largest cryptocurrency (excluding stablecoins) in the sector, with a market cap of more than $49 billion, per CoinMarketCap data. As a result, significant fluctuations in its value could create ripples in the broader crypto market.

BNB commenced a bullish cycle at the start of 2023, something that has helped it in gaining 27% on a year-to-date (YTD) basis. However, recent hiccups have applied brakes on its momentum. Since the CFTC lawsuit, the coin has shed 4.5% of its value.

Although setting unrealistic expectations amidst this FUD is not the most sensible thing to do, we tried to put ChatGPT under a bit of pressure. We asked whether it sees BNB touching $350 in 2023 given the current state of uncertainty. And, it impressed again.

As was the case earlier, it didnt give a definite value or a price range, which was its USP. Or else it would have felt like a soothsayer predicting the results of FIFA World Cup matches, like Paul the Octopus.

In a very measured way, it outlined factors like market trends, technological developments, and regulatory changes, which will eventually decide the course of any coin. It also called attention to Binances strong DeFi ecosystem which could support BNBs price in the long run.

Enough of the AI praising! Needless to say, it isnt practical to only depend on what an AI tool says when it comes to price predictions and markets. There is nothing like getting the insights of real-world experts. Therefore, we got in touch with Marius Grigoras, Chief Executive Officer at BHero and a crypto-expert, to help us out with the same question that we asked ChatGPT. He stated

While I cannot give a certain answer on whether BNB will reach $350 in 2023, we must consider the general market dynamics. Its evident that the recent regulatory crackdown has taken its toll on the entire crypto market, including BNB. But despite some fluctuations in price which may occur in the short term, I believe BNB possesses the resilience to rebound even stronger in the long haul.

Did you find similarities between human opinion and AI opinion?

Is your portfolio green? Check out theBNB Profit Calculator

BNB is currently trading at $321.6, down more than 0.58% over the past 24 hours. Earlier this week, the token attempted to breach a key resistance level at $350, however, the rally cut short at BNBs weekly high of $345.

The bears defended the resistance zone, following which the token dropped as low as $318. At the time of writing, BNBs market capitalization stood at a little over $50 billion, making it the fourth largest crypto in the world.

A quick look at the technical indicators revealed that the On Balance Volume (OBV) has remained consistent over the past week, hovering around -1.7 million. A negative OBV is indicative of negative volume pressure, with a potential drop in its price soon.

However, the current Relative Strength Index reading of 30 indicates that BNB is oversold and a rally may be due. $315 is a key support level to watch out for, with $350 remaining the target resistance level to breach for a further rally.

BNBs Open Interest (OI) or the total dollar value locked in unsettled contracts on Futures exchanges was $308.7 million. The same saw a marginal drop of 0.54% over the last 24 hours, as per Coinglass. Since the CFTC lawsuit, the OI has declined by 12%.

The funding rates across most exchanges seemed to be in green though, indicating the dominance of bullish traders.

Additionally, traders positioning themselves for price gains increased vis--vis those looking for price losses, as the Longs/Shorts Ratio hiked to 1.25%.

Its important to note that these indicators fluctuate on a day-to-day basis and can take a wild turn in no time. Therefore, the next course of action for BNB is tough to predict. Only time will tell whether it will manage to weather this storm.

Read more:

I asked ChatGPT if BNB could emerge from the ashes, its answer was strange - AMBCrypto News

Right from regulatory clampdowns to growing number of hacks, the Binance ecosystem faced numerous challenges in 2023. However, there were signs that the situation was easing out for the crypto behemoth.

BNB Chain [BNB] recorded a noticeable jump in transaction fees collected on the platform, clocking a weekly growth rate of more than 6%, according to Token Terminal. The jump was due to increasing network traffic as the number of daily active users on the chain rose by nearly 5% in the same time period.

Is your portfolio green? Check theBNB Profit Calculator

The recent move by BNB Chain to cut down its transaction cost by 40% could have played a big part in enticing users to its network. However, there was more to look forward to.

The BNB Smart Chain performed the Luban hard fork on its testnet on 27 April, which was set to bring a host of enhancements and new features.

The most prominent among them was the BEP-126 which introduces fast finality mechanism. This modification would make it possible to reach block finality in two blocks, decreasing the likelihood of chain reorganization.

However, the fast finality capability wont be fully activated until the Plato upgrade.

Another enhancement, the BEP-174, will bring a new governance proposal to improve the management of the relayer whitelist by introducing Relayer Managers. Furthermore, BEP-221 will introduce a new precompiled contract to validate the CometBFT light blocks.

Though the Luban Upgrade was only launched on the testnet, there were reasons to believe that the upgrade would be live on the mainnet soon, as indicated by the jump in BNBs development activity. This metric is an indicator of a networks commitment to improve the capabilities of products.

How much are1,10,100 BNBs worth today?

Big addresses reacted to these ecosystem updates and started to stack their portfolios with BNB tokens. The supply held by large addresses, which was stagnant until 22 April, showed an uptick of late.

Still, it was not enough to bring a change in investors perception. This was evident as the weighted sentiment trended in the negative territory. At press time, BNB exchanged hands at $320.52, down by more than 3% in the 24-hour period as per CoinMarketCap data.

Continued here:

As BNB Chain logs high development activity, will the tides finally turn in its favor? - AMBCrypto News

Binance's launch of Wrapped-BETH offers investors a liquid and versatile asset to participate in ETH staking and DEFI projects, while still enjoying compounding ETH staking rewards, and with zero fees for wrapping and unwrapping BETH to WBETH.

Binance, one of the leading cryptocurrency exchanges, has just announced the launch of Wrapped-BETH (WBETH) on BNB Chain.

The new asset is an upgrade to Binance ETH Staking and allows users to participate in on-chain DeFi projects while still receiving ETH staking compounding rewards automatically.

Wrapped-BETH is a liquid staking token, with each token representing 1 BETH plus the accrued ETH staking rewards since its launch date of April 27th, 2023 at 8:00 AM (UTC). The initial conversion rate between BETH and WBETH is 1:1, and the value of WBETH increases on a daily basis.

This new asset allows users to participate in DeFi projects outside of Binance while still enjoying the accrued compounding ETH staking rewards automatically. Users can wrap BETH and unwrap WBETH anytime with zero fees. Additionally, WBETH gives access to more use cases in DeFi protocols, making it a versatile asset for crypto investors.

Those interested in participating in ETH staking and using the staked ETH to participate in DEFI protocols can wrap BETH and receive WBETH. Users can withdraw WBETH from Binance to self-custody wallets and use it for various DEFI protocols. Binance is also working with multiple DEFI protocols to expand WBETH use cases.

Deposits and withdrawals for WBETH will open on April 27th, 2023 at 8:00 AM (UTC), while BETH withdrawals will be ceased starting from April 26th, 2023 at 8:00 AM (UTC). BETH deposits, however, will remain open.

For those who only wish to participate in ETH staking on the Binance exchange, they can keep BETH or wrap it to WBETH. Both tokens receive the same staking rewards, but BETH has more use cases within Binance exchange, such as use as loan collateral, trading against ETH, and liquidity farming. To stake ETH and receive BETH, users can go to the ETH Staking page.

If users hold BETH in self-custody wallets/Dapps on the BNB Smart Chain, they can deposit BETH into Binance or keep it in self-custody wallets. An on-chain Smart Contract will be provided to convert BETH to WBETH at a 1:1 fixed rate on BNB Smart Chain in May.

In conclusion, the launch of Wrapped-BETH on the BNB Chain provides an excellent opportunity for crypto investors to participate in ETH staking and DEFI projects seamlessly. By providing a versatile and liquid asset, Binance is making it easier for investors to diversify their crypto portfolios and explore new investment opportunities. For more information on how to wrap BETH and other details, check out the official announcement.

Previously known as the Binance Smart Chain (BSC), BNB Chain is a community-driven, decentralized, and censorship-resistant blockchain that is powered by Binance. It consists of BNB Beacon Chain and BNB Smart Chain, EVM compatible and facilitating a multi-chain ecosystem. Through the concept of MetaFI, BNB Chain aims to build the infrastructure to power the worlds parallel virtual ecosystem.

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