Users stake ETH through Binance and receive wBETH, a liquid ERC-20 token. The token does not rebase: its exchange rate against ETH rises as staking rewards accrue, so each wBETH is redeemable for more than 1 ETH over time.

Wrapped Beacon ETH (wBETH), also called Binance Staked ETH, is a liquid staking token issued by Binance on Ethereum and BNB Chain.

Binance issues and manages wBETH, the liquid staking token for its ETH staking service. Binance takes a service fee from the staking rewards earned by the staked ETH.

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Wrapped Beacon ETH

# Wrapped Beacon ETH Assets staked Methodology

## 1. Overview

Assets staked is defined as the total value of user deposits that have been staked or restaked through Wrapped Beacon ETH. This metric is utilized as a proxy for the revenue-generation capacity of the project, as staking rewards are typically earned on the staked amount. The total outstanding supply of the Wrapped Beacon ETH asset is tracked to represent the total value locked within the liquid staking protocol.

## 2. Data sources

- **Blockchain events**: ERC-20 `Transfer` events from Wrapped Beacon ETH contracts, covering Ethereum and BSC
- **External data**: End-of-day price feeds and asset metadata

## 3. Step-by-step calculation

### Component A: Mint and burn tracking

- **Purpose**: Identify all minting and burning actions of the Wrapped Beacon ETH asset
- **Logic**: ERC-20 `Transfer` events from Wrapped Beacon ETH contracts are parsed. Transactions where the sender address is the null address are classified as mints, representing new deposits. Transactions where the recipient address is the null address are classified as burns, representing withdrawals.
- **Key fields**: `block_timestamp`, `transaction_hash`, `log_index`, `from_address`, `to_address`, and `amount`

### Component B: Decimal normalization and net supply calculation

- **Purpose**: Normalize transfer amounts and calculate daily net changes in supply
- **Logic**: Mint and burn amounts are normalized by the decimal precision of the asset using asset metadata. Daily net supply changes are calculated by subtracting the daily normalized burn amounts from the daily normalized mint amounts. Missing days in the time series are filled with zero values to ensure continuity.
- **Key fields**: `timestamp`, `amount`, and token decimal metadata

### Component C: Cumulative outstanding supply calculation

- **Purpose**: Determine the total outstanding supply of Wrapped Beacon ETH for each day
- **Logic**: A running cumulative sum of the daily net supply changes is calculated over time. This cumulative sum is used to represent the total outstanding supply of Wrapped Beacon ETH on any given day.
- **Key fields**: `timestamp` and `outstanding_supply`

### Component D: USD conversion and final aggregation

- **Purpose**: Convert the outstanding supply into USD value
- **Logic**: The daily outstanding supply of Wrapped Beacon ETH is multiplied by the corresponding end-of-day asset price in USD. The final values are aggregated and formatted to represent the total assets staked in USD.
- **Key fields**: `timestamp`, `outstanding_supply`, and `price_usd`

*This methodology was automatically generated by Token Terminal's methodology analyzer.*

Value of assets staked or restaked through the project.

Wrapped Beacon ETHwBETH

Assets staked

Assets staked

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Chain breakdown