Binance’s staked ether token, BETH, experienced a surge in deposits earlier this month that lifted the total value locked (TVL) more than fourfold to $731 million, according to DefiLlama data.
The exchange rolled out the liquid staking token in April following the Ethereum blockchain’s transition to a proof-of-stake network. TVL fluctuated between $120 million and $170 million until a Sept. 1 influx of $165 million in two transactions and a single transaction of $243 million two weeks later. Aside from these two transactions inflows haven’t exceeded $500,000 on a single day.
Liquid staking tokens are derivative tokens obtained by staking ether (ETH) on services like Lido, Coinbase or