Bubble
Wrapped Beacon ETH WBETH
Wrapped Beacon ETH (WBETH) was trading at $2,052.52, ranked #21 by market cap at $6.91B, with 24h volume of $1.04M.
Data snapshot: 2026-08-03 09:00 UTC.
WBETH is Binance's own liquid staking token, representing ETH staked through Binance's validator infrastructure. Holders keep a tradeable, DeFi-compatible token while their underlying ETH continues earning Ethereum staking rewards behind the scenes — one of the largest exchange-issued liquid staking tokens by market cap. wBETH is a liquid staking token issued by an exchange rather than by an on-chain protocol, which changes the risk profile in a specific way: the yield and the redemption both depend on that institution rather than on a set of smart contracts and validators you can inspect. In exchange, redemption is usually simpler and more predictable. It represents staked ETH plus accrued rewards, so like other liquid staking tokens it is a form of ether rather than a separate asset, and its market cap overlaps with ETH's on this map.
Who issues wBETH?
An exchange, rather than a decentralised staking protocol. Redemption and yield therefore depend on that institution rather than on smart contracts alone.
How does it differ from stETH?
The economics are similar — both represent staked ETH plus rewards — but the counterparty differs: an exchange in one case, an on-chain protocol and its validator set in the other.
Does its value grow against ETH?
Yes. Rewards accrue inside the token, so its redemption value in ETH rises over time rather than the balance increasing.
Is it independent of ETH's price?
No. It moves with ETH because it is a claim on ether. Its bubble on this map represents the same underlying asset.
Market cap decides how big a bubble is drawn, so rank is what places WBETH on the map relative to the rest of its sector.
| Rank | Coin | Market cap |
|---|---|---|
| #17 | Wrapped stETH (WSTETH) | $8.50B |
| #19 | Wrapped Bitcoin (WBTC) | $7.40B |
| #21 | Wrapped Beacon ETH (WBETH) | $6.91B |
| #25 | Coinbase Wrapped BTC (CBBTC) | $6.12B |
| #31 | WETH (WETH) | $4.29B |