Binance has just made an important announcement: from 18 May, all BETH crypto redeems within the exchange will be processed in just 5 days, significantly reducing the wait for users to redeem their ETH. BETH represents a liquid version of Ethereum stakes on Binance, where users can use it as liquidity while waiting to redeem ETH from the Beacon chain.
As previously announced, Binance announced yesterday that as of 18 May at 08:00 UTC, all redemption requests for the BETH crypto, the liquid staking version of Ethereum, will be processed in just 5 days. This is great news for users of the crypto exchange, as the average wait time to redeem stacked ETHs is currently around 15 days.
The decision to shorten the withdrawal processing timeframe is based on a commitment to providing the best end-user experience in a service where wait times are not only dependent on Binance, but also and most importantly on the traffic and participants within the Beacon Chain. It is curious to note that, in fact, new validator activations far outnumber exit requests these days. Specifically, there are 41,455 validators waiting to join the Beacon Chain, in a queue that will be cleared in approximately 23 days, while on the other side there are only 40 validators who will have completed the exit process within the next half hour. In recent days, the number of outgoing validators has also dropped to zero.
This fact, along with the ability of the user side to withdraw their staked ETHs more quickly, either directly on the ETH 2.0 platform or through intermediaries such as Binance, reinforces the narrative of the longevity and resilience of the Ethereum network. At the time of writing, the number of locked coins within the Beacon chain has reached a new all-time high of 19,767,969 ETH, easing selling pressure in the markets and creating scarcity.
The crypto BETH is just one of the liquid versions in circulation to