Whale takes Ethereum staking to Binance: Deposits to skyrocket?

July 22, 2023

By Victor Olanrewaju

How much are 1,10,100 ETHs worth today?

• The whale transfer did not trigger a substantial rise in staked Ether deposits.

• ETH’s supply outside of exchanges was ten times more than the exchange supply.

A whale transferred 16,000 worth of Ethereum [ETH] from Binance to the Binance Beacon Chain on 21 July, Whale Alert revealed.

— Whale Alert (@whale_alert) July 21, 2023

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.

Although not as popular as Lido Finance [LDO] 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 (WBETH) 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 (APR) of ETH staking.

Therefore, this whale 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.

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