BETH is a new wrapped token (BToken) issued by Binance which is 1:1 pegged to ETH on the Ethereum blockchain.
With BETH’s launch, Binance aims to support users who trade or hold ETH on Binance platform during the 18-24 months needed to lock in Ethereum on-chain. Users can use BETH to redeem ETH after the formal launch of Ethereum 2.0 (also known as Eth2) and Binance Staking helps keep your tokens safe no matter what happens during the Ethereum 2.0 rollout.
Ethereum 2.0 is an upgrade that aims to improve the scalability, security, and sustainability of the Ethereum network. The Ethereum 2.0 upgrade will be released in three phases: Phase 0, Phase 1/1.5, and Phase 2. The Eth2 deposit contract reached the required minimum assets (524,288 ETH) on December 1, 2020, which launched Phase 0. Phase 1/1.5 is expected to roll out in 2021, followed by Phase 2. After Phase 2, the Ethereum network will transition from a Proof of Work to